According to a person familiar with the company’s financials, Anthropic’s revenue nearly doubled in the latest quarter, jumping from $4.8 billion to an anticipated $10.9 billion. But this surge pushes the company toward its first quarterly operating profit, estimated at $559 million. Such profitability stands out in the AI sector, where many companies still struggle with high operational costs that outpace revenue growth.

Driving this growth is the increasing adoption of Anthropic’s Claude models, particularly the advanced Mythos variant, which has strong applications in detecting cybersecurity vulnerabilities. The demand from enterprises for these AI solutions has fueled Anthropic’s rise, leading to a $65 billion funding round that lifted its valuation to approximately $965 billion.

And this figure overtakes OpenAI’s $852 billion valuation reported in March, highlighting Anthropic’s accelerating momentum.

The company’s revenue trajectory reflects this rapid climb, with annualized revenue jumping from $9 billion at the end of 2025 to $30 billion by April 2026, and then further to $47 billion in June 2026. This explosive growth places Anthropic among the world’s largest private AI firms, intensifying competition within the sector.

Strategic Partnerships and Financial Dynamics

Anthropic’s IPO filing comes after similar moves by SpaceX, which is also preparing for a public offering and has expanded into the AI market.

SpaceX’s IPO documents disclose that Anthropic agreed to pay $1.25 billion monthly for access to its Colossus and Colossus II AI training data centers through May 2029. Elon Musk later clarified that this agreement is structured as a six-month lease with mutual 90-day cancellation rights, adding flexibility to the arrangement.

Despite the hefty monthly expenditure, Anthropic’s growing sales have started to offset these costs. This contrasts with SpaceX’s AI segment, which reported a $2.5 billion operational loss on $818 million in revenue during the March quarter. The differing financial outcomes highlight the contrasting stages and strategies of these two high-profile AI players.

The anticipated IPOs of Anthropic, SpaceX, and OpenAI in 2026 are expected to generate rare capital inflows. Collectively, these offerings could raise more funds than all U.S. venture capital-backed IPOs combined over the past decade. This surge of mega-listings is already prompting index providers like Nasdaq and S&P Dow Jones Indices to adjust their inclusion rules, ensuring these large companies can be incorporated into major stock indexes without delay.

Market Impact and Regulatory Challenges

Anthropic’s public debut promises to create significant wealth for investors and company employees alike. It could also produce the world’s first AI-driven trillionaire, with Elon Musk’s stake in SpaceX playing a key role in the broader market dynamics. Both Anthropic and OpenAI have pledged substantial portions of their shares to charitable causes, potentially channeling hundreds of millions of dollars into the nonprofit sector.

However, the company faces notable regulatory and political headwinds. Earlier this year, Anthropic’s AI models were blacklisted by the U.S. Department of Defense following unsuccessful negotiations. This blacklisting led several defense contractors to sever ties with the company. Anthropic has since filed a lawsuit seeking to reverse the ban, and talks to resolve the dispute are still underway.

Despite these setbacks, Anthropic’s adoption in the private sector continues to expand. Its Claude AI app achieved the number one spot on Apple’s free app charts in the U.S., reflecting strong consumer interest and market penetration.

The confidential SEC filing grants Anthropic the flexibility to time its IPO according to market conditions and regulatory reviews. Meanwhile, SpaceX is preparing for its IPO roadshow scheduled for early June 2026, which will likely influence investor appetite for these tech giants. OpenAI is also reportedly preparing its own confidential filing, targeting a public debut by September.

The upcoming SpaceX IPO roadshow will be a critical event, offering insight into the market’s reception of these transformative technology companies. Its outcome will set the tone for Anthropic’s public offering and may shape investor expectations for the sector’s future.

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• Bitcoin Depot Bankruptcy Marks Crisis for Crypto ATM Industry

Lawsuits filed by the attorneys general of Massachusetts and Iowa accuse Bitcoin Depot of facilitating crypto scams and misleading customers. Massachusetts Attorney General Andrea Campbell specifically alleged that Bitcoin Depot knowingly allowed scammers to exploit its machines, resulting in consumer losses exceeding $10 million. She further claimed the company failed to put in place adequate fraud safeguards, a critical lapse given the prevalence of scams targeting vulnerable populations. Similar legal actions have been pursued in Connecticut, Missouri, Nevada, and Maine, leading to fines, license suspensions, and investigations into the company’s anti-money laundering controls.

These regulatory challenges have come alongside increasingly stringent compliance rules, including transaction limits and outright bans in some jurisdictions. Bitcoin Depot’s quarterly revenue fell nearly 50 percent year on year in the first quarter of 2026, according to its filings with the Securities and Exchange Commission.

With legal costs mounting and multiple ongoing lawsuits alleging failure to prevent scam-related transactions, the company’s financial position deteriorated rapidly, culminating in the Chapter 11 filing.

The broader crypto ATM sector is also facing a growing crisis. The FBI’s 2025 annual cybercrime report revealed that it received more than 13,400 complaints related to scams involving cryptocurrency kiosks. These complaints represented a 23 percent increase from 2024, with total losses soaring 58 percent to over $388 million. Crypto ATMs, which allow users to convert cash into cryptocurrencies like Bitcoin, have become a favored tool for fraudsters. Scammers typically impersonate government officials, bank representatives, or tech support agents to pressure victims, especially older adults, into withdrawing cash and depositing it into crypto ATMs.

More than half of these complaints came from individuals aged 50 and older, reporting losses totaling over $302 million. The FBI warned that cryptocurrency transactions via these machines are difficult to reverse, enabling criminals to quickly move illicit funds across borders. This irreversible nature of crypto ATM transactions contributes to the challenge of combating fraud in this space.

Despite the crackdown on Bitcoin Depot and other operators, major cryptocurrency exchanges and trading firms have continued to supply billions of dollars worth of bitcoin to ATM companies. The U.S.-based exchange Kraken, for example, transferred at least $1.1 billion in bitcoin to crypto ATM operators over recent years. Among the recipients was Athena Bitcoin, an operator singled out for enabling scams in the District of Columbia, which received $17 million. Other major bitcoin suppliers include Gemini and Cumberland DRW, a trading firm founded by billionaire Don Wilson. These firms’ continued business relationships with crypto ATM operators under investigation have drawn criticism from regulators, who argue the crypto giants have indirectly enabled criminal activity by maintaining such partnerships.

Bitcoin Depot’s CEO Alex Holmes acknowledged that the increasingly hostile regulatory environment made the company’s business model unsustainable. He pointed to state-imposed transaction limits, operational bans, and rising litigation as key challenges. Although Bitcoin Depot implemented enhanced identity verification and lowered transaction limits in an effort to curb fraud, these measures failed to offset the impact of tightening regulations and ongoing legal battles.

The FBI’s 2025 cybercrime report highlighted investment fraud, business email compromise, and tech support scams as continuing major cyber-enabled threats. Cryptocurrency-related scams account for billions in losses annually, with crypto ATM scams representing a big portion. Law enforcement agencies continue to urge consumers to exercise caution, independently verify requests for funds, and avoid sending cryptocurrency to unknown parties.

The fallout from Bitcoin Depot’s shutdown shows the tension between innovation in cryptocurrency access and the risks posed by not enough oversight. As more states enact bans or impose stringent regulations on crypto ATMs, the industry faces significant contraction. Upcoming regulatory developments are expected from ongoing investigations and potential legislative action in states that have yet to impose full bans but are exploring tighter controls.