Anthropic's annualized revenue run rate surges past $65B

Anthropic’s revenue continues to not only grow at a historic pace but also to accelerate. The AI model maker’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 Monday, up from $47 billion in May and just $9 billion at the end of last year. Anthropic didn’t immediately respond to a request for comment.

The company’s investors expect it to continue growing at approximately the same rate for the rest of the year, finishing 2026 between $100 billion and $120 billion, the Financial Times reported.

Meanwhile, rival OpenAI has doubled its revenue to $40 billion, up from $20 billion at the end of 2025, Bloomberg reported last week. The two companies may calculate their revenue metrics differently, but Anthropic’s growth rate has captivated investors far more than OpenAI’s has.

Both companies have filed confidential IPO paperwork. Anthropic is expected to hit the public markets ahead of OpenAI — possibly as soon as this fall. Anthropic will be seeking a public valuation of $2 trillion or more, according to the Financial Times, which would make it the largest market debut on record. Anthropic was last valued at $965 billion in late May, when it raised a $65 billion round.

Why it matters

Anthropic’s accelerating run rate is shaping investor expectations for what would be the largest IPO ever, setting a valuation bar OpenAI’s own public debut will be measured against.