Anthropic told investors its third-quarter revenue stands at $16.8 billion as it prepares for a highly anticipated initial public offering reportedly slated for November, according to people familiar with the matter.

Revenue rose from $11.6 billion in the second quarter, with first-quarter revenue at $4.7 billion, the people said, adding that Anthropic said it was profitable on an adjusted basis in the third quarter.

The company also told investors it was cash-flow positive, generating $1.70 in revenue for every dollar spent on computing power during the third quarter, according to the Financial Times. Investors expect Anthropic to reach $110 billion in annualized revenue by year-end, according to The Wall Street Journal.

CNBC previously reported that the Claude maker planned to disclose its third-quarter financial results for the first time at a meeting with potential investors, including institutional investors, citing two people familiar with the matter.