Anthropic to Disclose Q3 Financials to Investors; Epic Games Uses AI for Disney Game

Bloomberg first reported the meeting. Anthropic declined to comment. The meeting comes as revenue figures from private AI giants have shown an outsized impact on broader markets.

Last week, confusion around a report detailing OpenAI's revenue and updated accounting dragged down major semiconductor stocks and the broader Nasdaq. OpenAI shared an updated revenue number of $50 billion with current investors as part of an ongoing fundraise, lower than the $70 billion that had been widely reported. The updated number stripped out revenue from cloud partners and was not an indication of changing demand, according to a person familiar with the matter.

It is unclear whether Anthropic will account for sales in the same manner and include partner revenue. The numbers this week are expected to give investors a more accurate snapshot of Anthropic's growth and profitability as they look to value the company ahead of an IPO. They will also help Anthropic senior executives and bankers gauge investor interest and weigh the reaction to the updated financials.

Anthropic is moving ahead with what could be a $2 trillion listing based on its latest reported revenue numbers, which could top $100 billion by the end of this year, according to people familiar with the plans. That valuation would put it ahead of SpaceX's historic debut.

Anthropic filed confidentially with the Securities and Exchange Commission earlier this year but has not made its S-1 financials public. Reuters reported that the company will list in November, but people familiar with the plans could not confirm a listing date. If it proceeds, Anthropic will list at a time when climbing interest rates are shaking parts of the AI trade.

Comments from Broadcom CEO Hock Tan this week further rattled AI names. Tan said at a conference on Monday that with rates climbing, access to capital could be the biggest constraint on AI companies. Chip stocks were lower Tuesday, extending an overnight sell-off sparked by worries over the durability of AI financing. Market conditions are one of the biggest factors in Anthropic's upcoming IPO, and bankers are closely watching investor appetite for growth and AI stocks.

In a separate development, Epic Games plans to use AI to generate code and art for an unannounced Disney game, which has been delayed from its original March release window, according to a Bloomberg report. Developers on the project were given an 'AI-first' mandate directing them to use tools such as Anthropic's Claude more to finish the game.

One of the game's directors said in a message to staff, 'No more hand-written code.' Staff were also told that all of the game's art will be 'generated with full AI workflows.' Epic Games spokesperson Jake Jones told Bloomberg that the company is 'embracing AI-accelerated development.' Epic Games and Disney did not immediately respond to a request for comment.

The upcoming game is reportedly a shooter featuring characters from Marvel and Star Wars. It is part of a multiyear collaboration between Epic and Disney, which invested $1.5 billion in Epic in 2024. Epic already uses AI in Fortnite, which has previously featured Disney characters like an AI Darth Vader.

AI game development tools have been popping up from other large companies, such as Meta and Google. Epic CEO Tim Sweeney has pushed for Steam to drop its 'made with AI' tag, arguing that 'AI will be involved in nearly all future production.' Earlier this year, Epic laid off more than 1,000 employees, following a 'downturn' in Fortnite engagement since 2025.

Editor's Summary

Anthropic is set to give institutional investors its first look at third-quarter financials ahead of a possible record IPO, as AI revenue accounting and rising rates weigh on markets. Separately, Epic Games has directed staff to use AI tools, including Anthropic's Claude, to finish a delayed Disney shooter, showing AI's expanding role in game development.