Anthropic's revenue run rate surges past $65 billion
A sevenfold jump in one year: Anthropic tells investors its annualized rate hit $65B – and its Wall Street debut may come as soon as this fall.
Illustration · AI-generated (AI IN LIFE)
At a glance
- Run rate at end of July 2026: over $65B (end of 2025: about $9B)
- Preliminary quarterly revenue of $11.5B – up from $787M a year earlier
- Adjusted operating income positive for the first time, per Bloomberg
- Confidential IPO filing – debut possibly as soon as fall 2026
- Valuation target: $2 trillion or more (last private mark: $965B)
Anthropic's annualized revenue run rate surpassed $65 billion at the end of July – more than seven times its pace at the end of 2025, when the figure stood at roughly $9 billion. Bloomberg first reported the numbers, citing people familiar with the matter; TechCrunch and CNBC confirmed them.
The pace stands out even against the competition: Anthropic had crossed $47 billion as recently as May. Over the same period, OpenAI doubled its run rate from $20 billion to about $40 billion – yet now trails the company once seen as the underdog.
In its latest completed quarter, Anthropic booked preliminary revenue of $11.5 billion, up from $787 million in the same quarter of 2025, according to Bloomberg. The company also reported positive adjusted operating income – a signal investors read as a turning point in the debate over AI model economics.
Per Bloomberg, Anthropic is "on track to generate annualized revenue of more than $65 billion... up more than sevenfold from its pace at the end of last year." Growth is driven primarily by enterprise subscriptions and coding products built around Claude.
Both AI heavyweights have filed confidential IPO paperwork. Anthropic is expected to debut on Wall Street as soon as this fall – ahead of OpenAI – reportedly targeting a valuation of $2 trillion or more. That would make it the largest market debut on record; its last private valuation was $965 billion in late May.
According to TechCrunch, investors anticipate Anthropic could close 2026 with revenue between $100 billion and $120 billion – if the pace holds.
FAQ
How fast is Anthropic growing?
The annualized run rate climbed from about $9B at the end of 2025 to $47B in May and past $65B by late July 2026 – more than sevenfold in a year.
When will Anthropic go public?
IPO paperwork has been filed confidentially; per Bloomberg, the Wall Street debut is expected as soon as fall 2026 – ahead of OpenAI.
How does OpenAI compare?
OpenAI doubled its run rate to about $40B, but now sits well behind Anthropic's $65B.
