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Anthropic's annualized revenue tops $65B, eyes $2T IPO

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Anthropic's annualized revenue tops $65B, eyes $2T IPO

Anthropic's annualized revenue run rate, a projection of a full year's revenue based on a recent, shorter period, surpassed $65 billion at the end of July, Bloomberg reported. That is up from $47 billion in May and just $9 billion at the end of 2025, meaning the run rate has grown more than sevenfold in about eight months. Anthropic did not respond to a request for comment on the figures.

The company's investors expect growth to continue at roughly the same pace for the rest of the year, with Anthropic finishing 2026 between $100 billion and $120 billion in annualized revenue, according to the Financial Times.

Rival OpenAI has also grown fast: Bloomberg reported the week before that OpenAI's revenue had doubled to $40 billion, up from $20 billion at the end of 2025. The two companies may calculate revenue differently, but investors have been more captivated by Anthropic's growth rate than by OpenAI's.

Both companies have filed confidential paperwork for an initial public offering. Anthropic is expected to reach public markets before OpenAI, possibly as soon as this fall, and will be seeking a public valuation of $2 trillion or more, the Financial Times reported; a debut at that size would be the largest in market history. Anthropic was last valued at $965 billion in late May, when it raised a $65 billion funding round.

Key facts

  • Anthropic's annualized revenue run rate surpassed $65 billion at the end of July, up from $47 billion in May and $9 billion at the end of 2025, Bloomberg reported.
  • Investors expect Anthropic to finish 2026 with annualized revenue between $100 billion and $120 billion, according to the Financial Times.
  • Rival OpenAI's revenue doubled to $40 billion from $20 billion at the end of 2025, Bloomberg reported the week before.
  • Anthropic and OpenAI have both filed confidential IPO paperwork; Anthropic is expected to go public first, possibly this fall, seeking a valuation of $2 trillion or more.
  • Anthropic was last valued at $965 billion in late May, when it raised a $65 billion funding round.

Why it matters

Anthropic's annualized revenue run rate climbed from $9 billion at the end of 2025 to more than $65 billion by the end of July, one of the fastest revenue ramps reported for a private AI company. That trajectory is feeding investor demand ahead of a planned IPO, where Anthropic is said to be seeking a public valuation of $2 trillion or more, which would make it the largest market debut on record.

Who it affects

Anthropic's existing investors and prospective IPO buyers stand to be affected most directly, since the valuation target rests on the growth rate holding up. The comparison also puts pressure on OpenAI, whose revenue doubled to $40 billion but is being read by investors as a slower growth story than Anthropic's. Enterprise customers of both companies have no direct stake in the numbers, but the figures are a proxy for which company's model business is scaling faster.

How to use it

There is no product, price or license change here; the story is a financial data point. Anyone tracking the relative scale of Anthropic and OpenAI, or weighing exposure to either company ahead of a possible IPO, can use the run rate and valuation figures as the current public benchmark, while keeping in mind neither company has confirmed the numbers itself.

How solid is it

The $65 billion, $47 billion and $9 billion run rate figures are attributed to Bloomberg; the $100 billion to $120 billion 2026 estimate and the $2 trillion IPO valuation target are attributed to the Financial Times. Anthropic did not respond to a request for comment, so none of the figures carry a company confirmation. The article also notes Anthropic and OpenAI may calculate their revenue metrics differently, which limits how directly the two numbers can be compared.

Risks and caveats

An annualized run rate is an extrapolation from a recent, shorter period, not audited full-year revenue, and can overstate or understate what a company actually earns over twelve months. The $100 billion to $120 billion figure for 2026 is investors' expectation, not a company forecast, and the $2 trillion IPO valuation is a target Anthropic will be seeking, not a confirmed outcome. No date beyond "possibly as soon as this fall" is given for the IPO, and no breakdown of Anthropic's revenue by product, customer segment or geography is available.