Anthropic's revenue run rate hits $65B, signaling stratospheric growth ahead of IPO

Anthropic's commercial momentum is accelerating sharply. The AI company's annualized revenue—a forward projection based on recent performance—surpassed $65 billion by late July, climbing steeply from $47 billion just two months earlier and $9 billion to end 2025.

Growth trajectory outpaces rivals#

The rate of expansion has caught investor attention more than its competitor's trajectory. OpenAI, by contrast, has doubled its annualized revenue to $40 billion from $20 billion a year earlier. While the companies may employ different accounting methods, Anthropic's velocity has proved more compelling to capital markets so far.

Path to a historic IPO#

Anthropic and OpenAI have both submitted confidential registration documents with securities regulators, with Anthropic positioned to debut on public markets ahead of its rival—potentially as early as autumn. The AI maker is targeting a public-market valuation of $2 trillion or higher, which would mark the largest initial public offering in history.

2026 finish line#

Backing Anthropic's ambitions, its investor base has forecast the company will maintain its growth momentum through year-end, landing between $100 billion and $120 billion in annualized revenue by December. The company was most recently valued at $965 billion during a $65 billion funding round in May.