Key Takeaways
Anthropic expects a second consecutive quarter of positive adjusted operating income, with annualized revenue of $65 billion at the end of July, per the FT via Investing.com.
Anthropic's $65 billion Series H in May valued it at $965 billion, above the $852 billion OpenAI reached after its $122 billion round, according to TechCrunch.
Nvidia, SoftBank and Amazon are funding both the labs and the power and data-center layer beneath them, including a $105 billion Nvidia credit line for SB Energy.
Gotrade News - Anthropic has told shareholders it expects positive adjusted operating income for a second straight quarter, the Financial Times reported on Sunday, according to Investing.com. The update lands as the AI lab financing race between Anthropic, OpenAI and their backers Nvidia, SoftBank and Amazon pushes private valuations toward the trillion-dollar mark and, on the FT's account, toward a Nasdaq listing that could value Anthropic at $2 trillion or more.
The profit signal matters because it changes the question investors are asking. For two years the race was about who could raise the most; per the FT report relayed by Investing.com, Anthropic's second-quarter revenue surged 14-fold from a year earlier to $11.5 billion, which turns the debate toward who can fund the next wave of compute from cash flow rather than from ever-larger rounds.
Anthropic's $11.5 Billion Quarter and the $2 Trillion IPO Question
According to the FT report carried by Investing.com, Anthropic's annualized revenue reached $65 billion at the end of July, up from $9 billion at the end of 2025. The same report said gross margins are above 80% before accounting for revenue shared with distribution partners such as Amazon (AMZN) and the cost of training its models, citing two people familiar with the figures.
The FT also reported that Anthropic has chosen Nasdaq for its IPO, which could value the company at $2 trillion or more, according to a person cited by the paper. Reuters noted it could not immediately verify the report and that Anthropic did not respond to a request for comment outside business hours, so the figures remain unconfirmed by the company itself.
The profitability claim builds on a run-rate that was already accelerating at the last private round. According to Anthropic's own Series H announcement, the company had crossed $47 billion in run-rate revenue earlier in May, and the $65 billion round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.
"Claude is increasingly indispensable to our growing global community of customers," Anthropic Chief Financial Officer Krishna Rao said in the company's Series H release.
There is a counter-current in the same story. Per the FT report on Investing.com, Chief Executive Dario Amodei called on the industry on Saturday to slow the pace of AI development, a position echoed by OpenAI's Sam Altman and SpaceX's Elon Musk, even as their companies keep raising capital at record scale.
OpenAI's $122 Billion Round: Amazon, Nvidia and SoftBank Tranches
OpenAI set the previous high-water mark. As reported by Reuters via Investing.com in March, OpenAI announced $110 billion in new investment at an $840 billion valuation, with Amazon committing $50 billion, Nvidia (NVDA) $30 billion and SoftBank $30 billion. According to TechCrunch, the round was later completed at $122 billion for an $852 billion post-money valuation.
The structure of that money is as telling as its size. Per the Reuters report, Amazon's $50 billion is split into a $15 billion initial payment and $35 billion contingent on conditions, while SoftBank's $30 billion is disbursed in three phases across 2026, with the first $10 billion expected by April 1. The same report put SoftBank's total commitment to OpenAI at $64.6 billion for a stake of about 13%.
Capital is arriving bundled with compute. According to Reuters via Investing.com, Nvidia is providing five gigawatts of capacity through its Rubin systems and Amazon two gigawatts through Trainium chips, OpenAI agreed to spend $100 billion on Amazon Web Services over eight years, and the company is targeting roughly $600 billion in total compute spending through 2030. The ChatGPT maker cited more than 900 million weekly active users and over 50 million consumer subscribers at the time.
Company | Round | Size | Post-money valuation | Named backers |
|---|
Anthropic | Series H (May 2026) | $65 billion | $965 billion | Altimeter, Dragoneer, Greenoaks, Sequoia; $15 billion hyperscaler commitments incl. $5 billion Amazon |
OpenAI | March 2026 round | $122 billion (announced at $110 billion) | $852 billion (announced at $840 billion) | Amazon $50 billion, Nvidia $30 billion, SoftBank $30 billion |
Sources for the table: Anthropic's Series H release, TechCrunch, and Reuters via Investing.com.
Nvidia's $105 Billion Credit Line Behind SB Energy
The financing race has moved down the stack into power and real estate. According to TechCrunch, Nvidia is investing $1.5 billion in SB Energy, a data-center developer and power company backed by SoftBank and OpenAI, and will provide up to $105 billion in credit to help build OpenAI's Ports-Pike data center near Cincinnati, Ohio.
Per TechCrunch, the site starts at 4.25 gigawatts with potential expansion to 8 gigawatts, paired with a 9.2 gigawatt natural gas plant estimated at $33 billion on land owned by the U.S. Department of Energy. The investment ensures Nvidia will be the sole supplier of compute infrastructure at that site, which is the strategic point: a chip vendor is now underwriting the demand for its own chips.
The same TechCrunch report noted SoftBank previously held $5.8 billion in Nvidia stock and sold it in November 2025, recycling public-market gains into private AI bets. That circular flow, where the supplier funds the customer and the customer's backer exits the supplier, is the pattern investors are now trying to price.
What the Financing Race Means for NVDA, AMZN and MU
For US stock investors the labs themselves are still private, so the listed exposure runs through their suppliers and distributors. Nvidia sits on both sides of the largest rounds, as an equity investor in OpenAI and as the compute vendor whose Rubin systems and credit lines are written into the deals, according to Reuters via Investing.com and TechCrunch.
Amazon is the distribution partner whose revenue share sits above Anthropic's 80%-plus gross margin line, per the FT report, and the $100 billion AWS commitment from OpenAI, per Reuters. Memory is the third leg: Anthropic's Series H release names Micron (MU), alongside Samsung and SK hynix, as strategic infrastructure partners in the round.
The risk case is the one Amodei, Altman and Musk themselves raised over the weekend. If the industry slows model development, the compute commitments above were sized for a faster curve, and a $2 trillion IPO valuation would be tested against the profit figures the FT says Anthropic is now reporting. Until Anthropic's S-1 puts audited numbers on the record, the second-quarter profit and the $65 billion run-rate remain reported, not filed.
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