Business · Companies · 2 hrs ago
Anthropic Listing Could Test Whether AI Models Can Make Money
Anthropic is pursuing a stock market listing, which could offer a clearer test of whether an AI model business can make money.
The South Korean asset manager NH-Amundi says this would be easier to assess than at major technology firms, whose results combine AI with older businesses.
Anthropic reported about $16.3 billion in revenue in the first half of this year, around 14 times its level a year earlier, according to the report.
The company also said revenue per dollar spent on computing rose from about 60 cents last year to $1.70 in the third quarter.
That points to improving returns from AI models, but NH-Amundi says cash generation matters as well as revenue growth.
It contrasted Alphabet’s fast-growing cloud sales with negative free cash flow, while noting Microsoft kept free cash flow positive as it expanded AI investment.
Investors will need to watch growth and computing costs after a listing, including spending tied to large commitments for AI computing resources.
NH-Amundi Asset Management said a possible Anthropic listing could provide a clearer test of whether AI models can make money.
The investment firm said Anthropic’s revenue comes entirely from AI, unlike technology giants whose results mix AI and other businesses.
Anthropic’s revenue in the first half of the year was about $16.3 billion, roughly 14 times the level a year earlier, the report said.
The firm said revenue per dollar of computing costs rose to $1.70 in the third quarter, from about 60 cents last year.
It said investors should also watch for slower growth and spending commitments for large amounts of AI computing capacity.
- Who
- Anthropic, an AI model developer, and NH-Amundi Asset Management, which assessed its potential listing.
- What
- NH-Amundi said a possible Anthropic listing could help test the profitability of AI models.
- When
- NH-Amundi published its report on November 4, 2026.
- Where
- Not stated
- Why
- Anthropic earns all its revenue from AI, which NH-Amundi said could make its model business economics easier to assess.
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Anthropic’s revenue was about $16.3 billion, roughly 14 times its revenue in the first half of the previous year, according to the report.
Anthropic said revenue per dollar of computing costs reached $1.70, up from about $0.60 last year.
NH-Amundi published its report assessing the possible significance of an Anthropic listing.
- First-half revenue
- About $16.3 billion
- Year-on-year revenue growth
- About 14 times in the first half
- Revenue per dollar of computing costs
- $1.70 in the third quarter, compared with about $0.60 last year
- Report date
- November 4, 2026
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What people are saying
Revenue per dollar of computing costs rose from about $0.60 last year to $1.70 in the third quarter of this year.