AI assistant developer Claude—Anthropic—is preparing to list on Nasdaq under the ticker ANT. Analysts at Freedom Broker highlight the company’s rapid revenue growth and expansion of its corporate client base. At the same time, for the first nine months of 2026 its operating margin remained negative: scaling the business has not yet delivered sustainable operating profit.
More about the company’s business and metrics—in Freedom Broker’s Anthropic IPO review.
About the company
Anthropic filed a registration statement for an IPO with the U.S. Securities and Exchange Commission on October 26. The offering’s underwriters include Goldman Sachs, Morgan Stanley, and J.P. Morgan. In its investment review, Freedom views the company as one of the notable players in the enterprise AI market.
Anthropic was founded in 2021 and develops the Claude family of models. Customers use them for writing code, analyzing information, automating workflows, and creating their own products. The company provides access via Claude.ai, Claude Code, and Claude Cowork, as well as through cloud platforms Amazon Web Services, Google Cloud, and Microsoft Azure.
The bulk of Anthropic’s revenue comes from actual model usage. In addition, the company earns from subscriptions. This approach makes it possible to serve both individual users and large organizations that integrate Claude into their operational systems.
Large companies are expanding the client base
As of September 30, 2026, Anthropic had more than 11.9 thousand customers with contracts exceeding $100 thousand. Its clients include all Fortune 10 companies and more than half of Fortune 500 members, Freedom analysts note.
For enterprise users, different combinations of capabilities, speed, and model cost matter. Anthropic is developing several solution families so clients can choose a tool for a specific task—from everyday request processing to complex development and analysis.
The company also intends to expand the use of its technologies in scientific research, drug development, and robotics. These areas may complement existing demand for automating office and technical tasks.
Revenue is growing, but profitability remains a question
According to the metrics cited by analysts, in 2024 Anthropic’s revenue increased by 841%, in 2025—by 1088%, and for January–September 2026—by 1206% versus the same period a year earlier.
However, rapid sales growth does not mean the company is already consistently earning from its core operations. For the first nine months of 2026, operating margin was minus 4%: expenses exceeded revenue. At the end of the latest reporting quarter, there was no debt on the balance sheet.
To assess Anthropic’s outlook, it is important to compare the expansion of the client base with the expenses required to serve rising demand. Revenue figures show the scale of Claude’s adoption, while operating margin indicates how efficiently the company converts that demand into financial results.
Not an individual investment recommendation.