Anthropic Revenue Surges to $65 Billion Run Rate Ahead of Expected Fall IPO

Anthropic's annualized revenue run rate hit $65 billion at the end of July, a sevenfold surge from $9 billion at the end of 2025, setting the stage for an IPO expected as soon as September or October. The San Francisco-based AI company reported preliminary Q2 revenue exceeding $11.5 billion, a 14-fold increase from $787 million a year earlier, and posted positive adjusted operating income. Anthropic, valued at $965 billion after a $65 billion Series H round in May, is working with Morgan Stanley, Goldman Sachs, and JPMorgan Chase on the offering, and its run rate now exceeds OpenAI's $40 billion.

Anthropic’s annualized revenue run rate hit $65 billion at the end of July, a dramatic sevenfold surge since late last year that sets the stage for a high-stakes initial public offering IPO expected as soon as this fall. The newly disclosed milestone — up sharply from a $47 billion run rate reported in May and $9 billion at the end of 2025 — was shared during a routine financial update with investors, according to published reports. The figure extrapolates full-year performance based on short-term sales velocity, reflecting an unprecedented commercial acceleration for the San Francisco-based artificial intelligence AI pioneer. The financial surge is backed by strong underlying quarterly fundamentals. Internal documents reviewed by Bloomberg News reveal that Anthropic generated preliminary revenue exceeding $11.5 billion in its most recently completed second quarter. That marks a 14-fold surge over the $787 million recorded during the same period in 2025, as well as a sequential jump of more than 140% from the first quarter’s $4.73 billion. Critically, the company also posted positive adjusted operating income for the quarter, demonstrating rare fiscal discipline alongside hypergrowth. Anthropic declined to comment on its financial figures or upcoming listing plans. Once regarded as an underdog beside higher-profile competitors, the Claude creator has successfully carved out a lucrative niche among enterprise clients and software developers. Demand for its flagship Claude coding models has driven consistent enterprise spending, transforming technical capabilities into lucrative enterprise contracts. The extraordinary growth trajectory bolsters Anthropic’s preparations to go public. Having filed confidential S-1 paperwork alongside main rival OpenAI, Anthropic is widely expected to make its Wall Street debut first, targeting a listing as early as September or October. Investment banking heavyweights Morgan Stanley, Goldman Sachs, and JPMorgan Chase are currently working with the startup to execute the offering. Anthropic was valued at $965 billion following a massive $65 billion Series H funding round in May, more than double its $380 billion valuation just three months earlier. Long-term internal projections shared with potential investors reportedly forecast annual revenue reaching between $190 billion and $200 billion by 2028. Crossing the $65 billion run-rate threshold puts Anthropic comfortably ahead of OpenAI, whose own revenue run rate recently crossed $40 billion, according to an internal memo from co-founder Greg Brockman. While accounting methods between the two generative AI leaders may differ, Anthropic’s early push to enter the public market could provide a distinct first-mover advantage, offering fresh pools of public capital to fund the immense compute infrastructure required to train next-generation AI models.