Anthropic’s annualized revenue tops $65 billion, ahead of OpenAI’s latest run rate

Anthropic's annualized revenue run rate topped $65 billion by the end of July, up from $47 billion in May and about $9 billion at the end of 2025, according to a person familiar with the company's financial updates, putting the Claude maker ahead of OpenAI's latest run rate of over $40 billion. Anthropic's preliminary second-quarter revenue exceeded $11.5 billion, compared with $4.73 billion in the first quarter, driven by enterprise deployments and Claude Code, as the company prepares for a possible public offering later in 2026.

Anthropic’s annualized revenue tops $65 billion, ahead of OpenAI’s latest run rate - Anthropic’s annualized revenue run rate exceeded $65 billion at the end of July, up from $47 billion in May and about $9 billion at the end of 2025. 1 https://theduke.fm/2026/08/17/anthropic-revenue-run-rate-tops-65-billion-source-says/ - Anthropic’s preliminary second-quarter revenue exceeded $11.5 billion, compared with $4.73 billion in the first quarter. 2 https://www.axios.com/2026/08/17/anthropic-revenue-run-rate-ipo-openai - OpenAI’s latest annualized revenue run rate exceeded $40 billion, according to Bloomberg reporting cited by Axios, but the companies may not calculate the metric on the same basis. 3 https://finance.yahoo.com/technology/ai/articles/openai-revenue-run-rate-tops-213604019.html - Enterprise deployments and Claude Code are central to Anthropic’s reported growth, while the company prepares for a possible public offering later in 2026. 4 https://theduke.fm/2026/08/17/anthropic-revenue-run-rate-tops-65-billion-source-says/ Anthropic’s annual revenue run rate topped $65 billion by the end of July, according to a person familiar with the company’s financial updates, putting the Claude maker ahead of OpenAI on the latest public estimates. 1 https://theduke.fm/2026/08/17/anthropic-revenue-run-rate-tops-65-billion-source-says/ That is an annualized projection based on recent sales, not revenue recognized over a full year. Anthropic’s preliminary second-quarter revenue exceeded $11.5 billion, according to documents seen by Bloomberg, while its first-quarter revenue was $4.73 billion. 2 https://www.axios.com/2026/08/17/anthropic-revenue-run-rate-ipo-openai Run rate is not recognized revenue Reuters reported that Anthropic’s latest run rate rose from $47 billion in May and about $9 billion at the end of 2025. The company shared the latest figure with investors as part of ongoing financial updates, according to the person familiar with the matter. 1 https://theduke.fm/2026/08/17/anthropic-revenue-run-rate-tops-65-billion-source-says/ The second-quarter figure is a different measure. Bloomberg-reported documents put Anthropic’s preliminary revenue above $11.5 billion for the quarter, more than twice the $4.73 billion recorded in the first quarter. The preliminary result also included positive adjusted operating income, according to Bloomberg’s report, but that is not the same as generally accepted accounting profit. 2 https://www.axios.com/2026/08/17/anthropic-revenue-run-rate-ipo-openai The distinction matters because a run rate extrapolates a recent sales pace across 12 months. It can rise sharply after a product launch or a large contract and can fall just as quickly if usage or bookings slow. Neither company has publicly provided a standardized, audited quarterly comparison covering the same period in the material cited here. Enterprise and coding products are driving the comparison Anthropic has attributed its expansion to enterprise and developer adoption. In its May 28 funding announcement, the company said more than 500 customers were spending at least $1 million annually on Claude on a run-rate basis, compared with a dozen two years earlier. It also said eight of the Fortune 10 were Claude customers. 5 https://www.anthropic.com/news/series-h Anthropic has separately highlighted Claude Code, its coding assistant, as a fast-growing product. The company’s May announcement said Claude Code had surpassed $2.5 billion in run-rate revenue and that enterprise use represented more than half of Claude Code revenue. Those are company-reported figures, not independent estimates. 6 https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation?pubDate=20250818 OpenAI’s latest annualized revenue run rate exceeded $40 billion, according to Bloomberg reporting cited by Axios. OpenAI co-founder Greg Brockman also said in an internal announcement that annualized revenue rose more than 20% month over month in July. 3 finance.yahoo.com https://finance.yahoo.com/technology/ai/articles/openai-revenue-run-rate-tops-213604019.html?utm source=openai The available figures therefore support a lead for Anthropic on the latest reported run-rate estimates, not a definitive ranking by recognized revenue. The accounting basis is not identical The Wall Street Journal reported that Anthropic counts sales of its technology through cloud partners as revenue, while OpenAI does not. That difference can affect the size and timing of reported sales when customers access models through Amazon Web Services, Google Cloud or other intermediaries. 7 archive.md https://archive.md/BoY3H?utm source=openai Anthropic said in May that Claude was available through Amazon Web Services, Google Cloud and Microsoft Azure. The company’s official announcement also said its $47 billion run rate had been reached earlier that month. 5 https://www.anthropic.com/news/series-h The result is a meaningful commercial milestone, but not an apples-to-apples financial statement. Anthropic’s reported lead reflects current annualized sales estimates assembled from different sources and accounting treatments. It does not by itself show which company has higher margins, lower inference costs or more durable customer spending. IPO scrutiny will make the definitions more important Anthropic confidentially filed for an IPO earlier this year and has been meeting prospective investors ahead of a possible autumn listing, Reuters and Axios reported. Reuters also reported that investor materials project roughly $190 billion to $200 billion in revenue for 2028. 1 https://theduke.fm/2026/08/17/anthropic-revenue-run-rate-tops-65-billion-source-says/ The company was valued at $965 billion in May after announcing a $65 billion Series H financing. Anthropic’s official announcement said the capital would fund additional compute, research and product expansion. 5 https://www.anthropic.com/news/series-h For investors, the relevant questions will be how much of the run rate becomes recognized revenue, how much is generated through cloud partners, and whether the growth can outpace the cost of training and serving increasingly capable models. The latest numbers answer none of those questions on their own. Companies mentioned Further sources 1 Reuters reported that Anthropic’s annual revenue run rate topped $65 billion by… ↗ https://theduke.fm/2026/08/17/anthropic-revenue-run-rate-tops-65-billion-source-says/ 2 Axios, citing Bloomberg, reported that Anthropic generated more than $11.5 bill… ↗ https://www.axios.com/2026/08/17/anthropic-revenue-run-rate-ipo-openai 3 Bloomberg reported that OpenAI was on track to generate annualized revenue abov… ↗ https://finance.yahoo.com/technology/ai/articles/openai-revenue-run-rate-tops-213604019.html 4 Reuters and Axios reported that Anthropic’s growth was tied to Claude, Claude C… ↗ https://theduke.fm/2026/08/17/anthropic-revenue-run-rate-tops-65-billion-source-says/ 5 Anthropic’s May 28, 2026 Series H announcement said its run-rate revenue had cr… ↗ https://www.anthropic.com/news/series-h 6 Anthropic’s Series G announcement said Claude Code’s run-rate revenue had excee… ↗ https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation?pubDate=20250818 +1 more The stories that matter, in one email. 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