Anthropic reported its second consecutive quarter of adjusted operating profit to investors while maintaining a timeline for a 2026 public listing on the Nasdaq. The startup is pursuing a fundraise of $100 billion at a valuation of approximately $2 trillion, a move that would establish the largest initial public offering in history. Gross margins for the AI developer exceed 80% before accounting for training costs and revenue shared with distribution partners including Amazon.

Nvidia is in talks to act as an anchor investor with a potential contribution of up to $10 billion. The listing targets completion before the November midterm elections and follows a May fundraising round where Anthropic raised $65 billion. The company refuses to delay the offering due to the ongoing debate over AI safety, stating that the transparency of a public listing will strengthen its safety case.