Anthropic Q2营收超115亿美元，同比增14倍

[music]

Bloomberg Audio Studios. Podcasts, radio, news.

[music]

Bloomberg Tech is live from the heart of Silicon Valley with Ed Ludlow in San Francisco.

[music]

This is Bloomberg Tech coming up. Anthropic's second quarter revenue jumps to more than 11.5 [music] billion dollars, 14 times more compared to the same period a year ago. Plus, family offices around the world have built up billions of dollars of exposure [music] to SpaceX. We'll have the details. And Bedrock Robotics launches the first fully autonomous excavator in the US. We're going to sit down with the CEO to discuss how the AI build out is spurring demand for construction and AI is answering the call.

Um good morning. There is lots of technology news this Monday, but there are other things happening that are impacting the [music] tech sector. The president has made two statements this morning. The first, on Truth Social, that the absolute red line for the president is that Iran must not have a nuclear weapon. [music] He also went on Fox News and said that if Oman gets in the United States' way, they will be subject [music] to bombing.

Both of those are impacting equities and Brent crude hovering around $89 a barrel. As I said, there is a lot of technology news. Let's take a look at today's big number. $11.5 billion. That's how much Anthropic's reporting for their second quarter 2026 revenue. Based on documents seen by Bloomberg, it's a 14-times increase [music] from the same period 1 year ago. Let's get the latest. Bloomberg AI reporter Rachel Mets broke the story with the team.

Let's get into all the numbers, right? These are data points presented in documents seen by Bloomberg and shown to prospective investors, right? In what is an interesting period of the year. There are several of them. Just take us through the numbers.

Yeah, so we have this revenue number which is many times what the company had reported um just a year earlier, which indicates that what it is doing is trying to sell its services um especially to companies, but also consumers are buying its services as well for its chatbot Claude is working. Um I mean it's up about like a gosh, at least 14 uh fold from last time. Um it also is clear that the company had um their their annualized revenue um a run rate crossed 47 billion in May.

Um from what we know OpenAI has an annual run rate of over 40 billion, um but it's important to remember that companies calculate things differently.

I'll point out that there's a number of AI stocks on the move to the upside this morning. The other data point that's interesting is positive adjusted operating income, which in Anthropic's case I guess is making everyone feel good that losses won't be infinite and forever. But the comparison to OpenAI on ARR is really interesting because we put this in the context of two potential IPOs, if not this year, then maybe next year as well.

What's the kind of reporting on the timeline for that?

Ooh, I for me that it feels like it's still a little tricky to predict that one, but what I will say is that these two um these two reports that we've done recently, this most recent one on Anthropic and then the other recent one we had on OpenAI and how their revenue is increasing. If we look at them individually and don't try to compare them to each other because as I said um with ARR at least that they're calculating them in different ways.

So it's certainly not an apples-to-apples comparison. It looks like each company is showing investors and potential investors better information than it could have just a month or two ago. And so that could be a really positive sign for an IPO.

What about the technology side? Where do we stand with Anthropic and OpenAI and sort of the cadence of them releasing the latest frontier models and where their their business focuses are.

Yeah, it's been kind of interesting to watch that unfold over like the last 6 months or so. As these companies move closer to a potential IPO, you're seeing them sort of refocus or or focus, you know, more intently on certain aspects of the business. I think with Open AI, I mean, we're still seeing a a cadence of releases, but we're seeing less of an array of things, which is interesting and it'll it'll be even, I think, more clear as we go forward more this year, but we're also going to see the company continue to focus on things that it thinks are important both on the consumer and the uh enterprise side because those are both really big businesses for it.

Um with Anthropic, I bet we can expect to see a lot more on the like coding side, probably science side as well. We may see that at at both companies, both of those two things. Um but I think we're going to see a lot of that sort of stuff happening, the sort of coding coding, perhaps science, and maybe some other sort of work-related applications that we haven't seen too much of yet for these chatbots that they are hoping to sell to people.

That was Rachel Metz, who broke the story on Anthropic's second-quarter revenue Friday, but is now moving markets after that report this Monday. Thank you very much. Our next guest believes markets are still digesting the largest capex surge in history driven by demand for AI compute. Tod Olson, Parnassus Investments chief investment officer and portfolio manager, is with us here in San Francisco on set. Um I want to start with with the signal, I suppose, that comes from that report Rachel just gave.

Anthropic has a real revenue number and an updated ARR number, and lots of different names are moving this morning. Chip names, those that are invested in it, other software names. Why do you think that is?

Well, thanks for having me, Ed. And after 31 years of being in the business, we're just at a stage now where the the physical world just can't keep up with the digital world. That's creating incredible bottlenecks and that's widely known. And I think now you're seeing this wave of liquidity. I mean, we saw Nvidia last week with the 500 billion announcement, Anthropic, SpaceX, OpenAI. So, we're basically hitting the stage where a wave of liquidity is stoking demand into these shortages and bottlenecks and that's creating incredible excitement.

But for investors, we have to be careful to not get too swept up in that and then look at the second and third order winners down the road to make sure we're balanced and not getting ahead of our skis on beta in this in this investment landscape.

Uh I've got questions about the Nvidia news from last week. 500 billion dollars where six Wall Street firms go and find third-party capital. And what I wrote [snorts] about in my column this morning is there is a difference between depreciation and the economic life of a GPU. Now, as an investor, how do you model the economic life of a GPU and decide how to raise money against that?

Well, clearly they're causing an asset class to be built and financed again with that wave of liquidity.

believe that that it can be an asset class of its own?

I think it can, but one of the things will be the duration of the innovation. We're going to see incredible new architectures. We know that memory is in an incredible bottleneck right now. And so, I believe that people are racing so hard today, it's hard to re-engineer these networks. But Ed, we have to think about three, four, five years from now. We could be re-architecting and compressing memory and having new structures that what's the durability of these asset classes?

The next two to three years, I think it's very in the potentially in the bag. Five to 10 years, there's going to be tremendous change. And so, I think we have to be a little careful on the risk in the adjusted return you're going to need to participate in these markets if you're a longer term investor.

Alphabet has looked to the equity market and it's looked to the bond market. And so far everyone seems pretty sanguine about that. How do you feel about the the