FT reports ANTHROPIC expects adjusted operating profit for a second consecutive quarter. Preliminary Q2 revenue exceeded $11.5 bln, up ~14x YoY from $787 mln and ~2.4x vs Q1; end‑July annualized revenue reached $65 bln. More than 80% of reported gross margin is calculated before deducting model‑training costs and revenue shares paid to distributors such as Amazon, and so is not directly comparable with mature software peers. Prior estimates put Q2 operating margin at roughly 5%; the gap between

FT reports ANTHROPIC expects adjusted operating profit for a second consecutive quarter. Preliminary Q2 revenue exceeded $11.5 bln, up ~14x YoY from $787 mln and ~2.4x vs Q1; end‑July annualized revenue reached $65 bln. More than 80% of reported gross margin is calculated before deducting model‑training costs and revenue shares paid to distributors such as Amazon, and so is not directly comparable with mature software peers. Prior estimates put Q2 operating margin at roughly 5%; the gap between headline gross margins and underlying operating profitability is central to assessments of AI economics.