Anthropic Reaches First Profitable Quarter With $10.9B Revenue Forecast

Quick Facts

• Anthropic projects $10.9 billion revenue and $559 million operating profit for Q2 2026, marking its first profitable quarter
• Revenue more than doubled from Q1’s $4.8 billion, with enterprise customers growing to over 300,000
• Claude Code generates $2.5 billion in annualized revenue, while compute costs dropped from 71 cents to 56 cents per revenue dollar

Anthropic expects to post its first profitable quarter in company history, projecting $10.9 billion in revenue and $559 million in operating profit for the second quarter of 2026.

The AI company’s revenue more than doubled from the $4.8 billion generated in the first quarter. CEO Dario Amodei said the growth outstripped internal forecasts by a factor of eight, describing it as “80x growth per year in revenue and usage” when the company had planned for 10x growth.

Enterprise adoption drives the revenue surge. Anthropic now serves more than 300,000 business customers, with eight of the Fortune 10 and 70% of the Fortune 100 as paying customers. Around 80% of revenue comes from enterprise and developer workloads.

Over 1,000 customers spend more than $1 million annually, doubling from 500 customers in under two months as of April 2026. Customers spending over $100,000 annually grew seven times in the past year.

Claude Code, the company’s AI coding assistant, became a major growth engine. The product hit $1 billion in annualized revenue within six months of launch and now generates over $2.5 billion in run-rate revenue. Business subscriptions quadrupled since the start of 2026, with enterprise use representing over half of all Claude Code revenue.

Operational efficiency improved significantly. In the first quarter, Anthropic spent 71 cents on compute for every dollar of revenue. That ratio is expected to fall to 56 cents in the current quarter.

The company secured major infrastructure deals to support growth. Anthropic struck a $1.25 billion monthly agreement with SpaceX through May 2029 for compute capacity at the Colossus 1 data center in Memphis. The deal provides access to more than 300 megawatts of compute capacity.

Additional infrastructure partnerships include agreements with Amazon for up to 5 gigawatts, a 5-gigawatt deal with Alphabet and Broadcom, and a $30 billion strategic partnership with Microsoft and Nvidia.

Profitability may prove challenging to sustain. The Wall Street Journal reports Anthropic may not remain profitable throughout the year due to large scheduled compute costs. The company’s previous guidance suggested full-year profitability would not arrive until at least 2028.

Anthropic is in talks with investors to raise money at a $900 billion valuation and plans a 2026 IPO. This represents a 22-fold value increase in 18 months from previous valuations.

Read more: Anthropic says it’s about to have its first profitable quarter