Anthropic submitted an IPO application to the SEC in July 2026, revealing a third-quarter GAAP operating profit (EBIT) exceeding $1 billion with an operating profit margin of 6%, and annual recurring revenue (ARR) skyrocketing from $9 billion at the end of 2025 to over $60 billion. This contrasts with rival OpenAI, which had a second-quarter EBIT profit margin of about -100%. Anthropic has raised over $100 billion since its establishment and achieved profitability on a non-GAAP basis. The IPO is driven by a computing power shortage; SemiAnalysis predicts combined computing power demand for OpenAI and Anthropic will exceed 100GW by the end of 2030, requiring approximately 90GW of net new supply over five years, while only 2.5GW was added in 2025 and 5GW is expected in 2026, with total available computing power for both companies just over 6GW. CFO Krishna Rao admitted demand far exceeded supply. Going public opens equity and debt financing channels for capital investments measured in "billions of dollars," alleviates corporate concerns about large contracts with audited public financial reports, and helps win the talent war by allowing employees to cash out equity at any time.