According to a report from the Wall Street Journal, Anthropic has informed its investors that it expects to more than double its revenue to approximately $10.9 billion in the second quarter and achieve an operating profit for the very first time. This marks a significant milestone and represents rapid quarter-over-quarter growth, positioning the company favorably against its main rival, OpenAI.

However, the WSJ notes that Anthropic may not remain profitable throughout the year due to the heavy compute costs it is scheduled to incur. These financial projections were recently shared with investors as part of a funding round. Over the past year, the startup has grown increasingly popular as more professionals have shown a preference for its chatbot, Claude. The company has also been working to diversify its customer base, recently announcing a new service tailored for small business owners and new tools aimed at law firms.

Interestingly, news of Anthropic’s reported profitability emerged on the same day that OpenAI is reportedly preparing to file for an initial public offering. Anthropic declined to provide further comment on the matter.