Anthropic's revenue hits $65B run rate, IPO could top $2T

Anthropic's revenue growth is accelerating at a historic pace, with the AI model maker's annualized revenue run rate surpassing $65 billion at the end of July, Bloomberg reported Monday. That's a jump from $47 billion in May and just $9 billion at the end of last year — roughly a 7x increase in seven months. Anthropic did not immediately respond to a request for comment. Investors reportedly expect the company to maintain this trajectory and finish 2026 with annualized revenue between $100 billion and $120 billion, according to the Financial Times.

Meanwhile, rival OpenAI has doubled its revenue to $40 billion, up from $20 billion at the end of 2025. While the two companies may calculate revenue metrics differently, Anthropic's growth rate has excited investors far more. Both firms have filed confidential IPO paperwork, but Anthropic is expected to go public first — possibly this fall — at a valuation of $2 trillion or more, 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.