ChainCatcher report: In its IPO roadshow video released on November 10, AI company Anthropic disclosed that it believes it can achieve a long-term adjusted operating profit margin of 35% or higher, above the 15% recorded in the third quarter of 2026, though it did not provide a specific timeline for achieving this target. Chief Financial Officer Krishna Rao stated that the company plans to improve its long-term cost structure by increasing compute efficiency, raising the proportion of chips and data centers acquired through direct leasing, and expanding the share of inference business. The company aims to reduce the ratio of compute and infrastructure expenses to revenue from 58% in the third quarter to 45%–50%; sales, marketing, and partner expenses as a percentage of revenue are targeted to decline from 14% to 7%–10%; and adjusted personnel and other operating expenses as a percentage of revenue are expected to fall from 13% to 7%–10%. As of the end of September, more than 11,900 enterprise customers generated over $100,000 in revenue for Anthropic over the past 12 months, including over 1,900 customers contributing more than $1 million and approximately 250 customers contributing over $10 million. The enterprise customer net revenue retention rate is approximately 900%, with more than half of enterprise customers using both the Claude Platform and at least one Anthropic proprietary application. The roadshow also showcased use cases from clients including Eli Lilly, Rakuten, Salesforce, and Walmart. The company measures compute efficiency by the ratio of revenue to compute and infrastructure expenses, which increased from 0.40x in the first quarter of 2025 to 1.72x in the third quarter of 2026—about 4.3 times higher than before—but remains below the 2.08x recorded in the second quarter. The company noted that during the third quarter, it utilized approximately $50 billion in short-term compute capacity, which carried significantly higher costs than compute procured under multi-year agreements. Actual results for the third quarter showed revenue of $16.956 billion and adjusted operating profit of $2.463 billion, yielding an adjusted operating profit margin of 15%, down from 19% in the second quarter. On a GAAP basis, the company still reported an operating loss of $567 million for the third quarter. Adjusted metrics exclude expenses such as stock-based compensation and non-cash charitable donations and are not equivalent to GAAP profitability. As of the end of October, the company’s annualized revenue run rate was approximately $81 billion—not actual full-year revenue realized. Additionally, Anthropic disclosed long-term commitments for compute and infrastructure totaling approximately $900 billion, with about $451.6 billion expected to occur by the end of 2030 and approximately $70.7 billion in commitments maturing within the next 12 months. As of the end of the third quarter, the company held approximately $96 billion in cash and cash equivalents and approximately $36 billion in short-term investments.
Anthropic Aims for a Long-Term Adjusted Operating Margin of 35% or Higher
ChaincatcherShare
Summary
During its IPO roadshow on November 10, Anthropic outlined a long-term investing target of a 35%+ adjusted operating margin, up from 15% in Q3 2026. CFO Krishna Rao highlighted cost improvements driven by compute efficiency, direct chip leasing, and inference growth. The company serves 11,900 enterprise clients generating over $100,000 in annual revenue each, achieving a 900% net revenue retention rate. Value investing in crypto remains relevant as AI companies refine their margins and scale operations.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.