Anthropic says it will post a second straight profitable quarter

Anthropic told shareholders it expects adjusted operating income to stay positive for a second consecutive quarter, according to the Financial Times. The claim arrives as investors weigh what the company is worth. It comes from a business now generating $65 billion in annualized revenue, up from $9 billion at the end of 2025.

Gross margins run above 80% by that measure. The figure excludes revenue shared with distribution partners including Amazon. It also leaves out the cost of training models. Q2 revenue alone passed $11.5 billion, 14 times what it was a year earlier.

The catch showed up fast in a 250-upvote r/singularity thread reacting to the report, corroborated separately by Reuters. Its top comment points out that the adjusted figure strips out stock-based compensation. For a company Anthropic's size, that's a real cost, not a rounding error, and it doesn't show up in the number investors are seeing.

Reporting the flattering metric while leaving out stock comp, revenue splits, and training cost is a familiar move for software companies chasing valuation multiples. None of it makes the revenue growth fake. Anthropic's business is expanding fast by any measure. But "profitable" and "profitable before stock comp, distribution costs, and training spend" are different claims, and only one of them is what most readers hear. Watch for whether Anthropic ever reports the unadjusted number on its own, or whether it only surfaces later in a filing.