The New York Times/Redux
The Claude maker's annualized revenue has grown more than sevenfold in a year, putting it on a collision course with a landmark public offering
Anthropic has surpassed a $65 billion annualized revenue run rate, according to figures circulating ahead of a potential IPO. That number represents more than a sevenfold increase from roughly $9 to $10 billion at the end of 2025.
The numbers behind the headline #
Anthropic generated $4.73 billion in Q1 2026. Then Q2 arrived and delivered over $11.5 billion, more than doubling Q1 in a single quarter. A year prior, Q2 2025 came in at $787 million, meaning the company roughly multiplied its quarterly revenue by 14 times in twelve months.
Earlier in 2026, the annualized run rate stood at around $30 billion. By late May it had cleared $47 billion. Now it has crossed $65 billion.
Projections from August 2026 suggest annualized revenue could land between $100 billion and $120 billion by year-end, driven primarily by enterprise adoption of Claude’s coding tools.
Claude Code, which became generally available in mid-2025, appears to be the product doing the heaviest lifting. Enterprise customers across industries have folded it into development workflows.
A valuation that requires its own context #
On May 28, 2026, Anthropic closed a $65 billion Series H funding round, landing a post-money valuation of $965 billion. That puts the company within reach of a trillion-dollar figure before it has sold a single public share. Anthropic’s valuation now exceeds OpenAI’s in the private market.
The $100 to $120 billion annualized revenue target for year-end 2026 is an investor projection, not company guidance. The underlying quarterly data has consistently outrun earlier projections over the past year.
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