Anthropic's annualized revenue run rate hit $65 billion by the end of July 2026, a sevenfold increase from approximately $9 billion at the end of 2025, according to Bloomberg reporting confirmed by CNBC. The figure, disclosed to investors as part of a regular update, positions the Claude developer ahead of OpenAI's estimated $40 billion run rate and puts the company on track for a blockbuster initial public offering as early as this fall.
The revenue trajectory through 2026 has been relentless. Anthropic reported a $14 billion run rate in February when it closed a $30 billion Series G round at a $380 billion valuation. By April, alongside an expanded compute partnership with Google and Broadcom for next-generation TPU chips, the figure had crossed $30 billion. In May, when the company raised $65 billion in Series H funding at a $965 billion post-money valuation, run rate stood at $47 billion. The leap to $65 billion in just two months reflects surging enterprise adoption of Claude across industries.
Quarterly revenue tells the same story of explosive growth. Bloomberg estimated Anthropic's actual revenue for the second quarter of 2026 at more than $11.5 billion, up from $787 million in the same period a year earlier — a year-over-year increase of at least 14 times. The company also reported its first adjusted operating profit in the quarter, according to investor disclosures cited by the lead summary, though Anthropic has not officially confirmed that milestone.
The IPO Machine
Anthropic confidentially filed paperwork for an IPO with the U.S. Securities and Exchange Commission on June 1, 2026, according to Bloomberg. Goldman Sachs, JPMorgan Chase, and Morgan Stanley are underwriting the offering, which could take place as early as this fall if market conditions permit. The company has not disclosed a target valuation for the listing, though its most recent private round valued it at $965 billion — nearly a trillion dollars.
The filing places Anthropic in a race with OpenAI, which is also preparing for a public market debut. The two companies have traded places in the revenue rankings over the past year, with Anthropic's growth rate outpacing OpenAI's in recent quarters thanks to strong enterprise demand for Claude's coding, analysis, and agentic capabilities.
What Drives the Numbers
CFO Krishna Rao attributed the growth to accelerating enterprise deployment of Claude across global industries. In the Series H announcement, the company said a growing number of organizations are using Claude for core business operations, with demand for products like Claude Code and Cowork — tools that automate complex workflows — growing particularly fast.
Anthropic has expanded its compute capacity aggressively to meet the demand surge. The company signed agreements with Amazon for up to five gigawatts of new capacity, with Google and Broadcom for five gigawatts of TPU capacity, and with SpaceX for GPU access. Claude is now available on all three major cloud platforms: Amazon Web Services, Google Cloud, and Microsoft Azure.
The $965 billion valuation already makes Anthropic one of the most valuable private companies in the world. A successful IPO would cement its status as the leading pure-play AI company in public markets, though questions remain about the sustainability of such a rapid growth rate and the path to broader profitability across the full cost structure.
Limits and Uncertainties
The $65 billion run rate is a projection — last month's revenue annualized — not a guarantee of sustained annual revenue. Run rates can fluctuate significantly as enterprise contracts ramp and seasonal patterns emerge. Anthropic's profitability is still adjusted, meaning it excludes significant stock-based compensation and infrastructure costs that are real economic expenses.
The competitive landscape is also intensifying: Google's Gemini, Meta's Llama, and Microsoft-backed OpenAI all have substantial resources and growing enterprise traction. Whether Anthropic can maintain its growth trajectory as it scales from a $65 billion run rate to the figures it has projected for 2028 is an open question.
Still, the numbers are striking. Going from $9 billion to $65 billion in run rate in seven months represents one of the fastest revenue scaling stories in technology history, and the IPO will be among the most closely watched listings in years.
Sources
- Bloomberg, "Anthropic Revenue Run Rate Surpasses $65 Billion Ahead of IPO," August 17, 2026 (https://www.bloomberg.com/news/articles/2026-08-17/anthropic-revenue-run-rate-surpasses-65-billion-ahead-of-ipo)
- Bloomberg, "Anthropic Revenue Ahead of IPO Surges Over 14-Fold in Second Quarter," August 14, 2026 (https://www.bloomberg.com/news/articles/2026-08-14/anthropic-revenue-ahead-of-ipo-surges-over-14-fold-in-second-quarter)
- Anthropic, "Anthropic raises $65B in Series H funding at $965B post-money valuation," May 28, 2026 (https://www.anthropic.com/news/series-h)
- LEAP News, "Anthropic's Revenue Run Rate Tops $65 Billion Ahead of IPO," August 18, 2026 (https://leap.uz/en/2026/08/18/anthropic-revenue-ipo-2026-08)
