Anthropic’s investor meeting comes a week after OpenAI’s revenue number spooked markets

Anthropic plans to disclose its third-quarter financials to a group of institutional investors at a meeting on Wednesday as the San Francisco-based company prepares for a potential initial public offering, according to CNBC, citing unnamed sources.

The session is designed to give investors a clearer picture of Anthropic's growth and profitability as bankers and executives gauge interest ahead of a potential listing, according to CNBC. The company declined to comment to CNBC.

A public offering is under consideration that would peg Anthropic’s valuation at $2 trillion, based on revenue that people familiar with the plans told CNBC could reach $100 billion before the year is out. That valuation would surpass SpaceX’s public debut if realized, according to CNBC. The company submitted a confidential registration with the SEC earlier this year, though its S-1 filing has yet to be made available to the public. The company is targeting a November listing, according to a Reuters report cited by CNBC, though people familiar with the plans were unable to confirm a specific date.

The Wednesday meeting will also help determine how Anthropic accounts for its sales — specifically whether it will include revenue from cloud partners — according to CNBC, a distinction that has taken on added weight after confusion surrounding a similar question about OpenAI’s figures rattled markets last week.

According to CNBC, OpenAI disclosed a $50 billion revenue figure to current investors during an active fundraising round, a number that fell short of the previously reported $70 billion. The lower figure reflected the removal of cloud partner revenue from the total and did not indicate any deterioration in demand, CNBC reported, citing a person who requested anonymity. The divergence contributed to a sell-off in major semiconductor stocks and the Nasdaq $NDAQ +0.68%.

Market conditions represent one of the biggest variables surrounding any Anthropic listing. Semiconductor stocks retreated on Tuesday, continuing a slide that began overnight amid investor unease about how long the AI spending boom can last. Broadcom $AVGO -1.88% CEO Hock Tan warned at a Monday conference that higher borrowing costs may ultimately limit AI companies' ability to secure funding.