Anthropic reached an annualized revenue run rate of $65 billion by the end of July 2026, more than seven times its $9 billion figure from the end of 2025 [1, 2, 3, 4, 5, 6, 7]. The $65 billion run rate reflects rapid growth, following a milestone of $47 billion in May 2026 [1, 2, 4, 5, 6, 7].
The company disclosed preliminary revenue of about $11.5 billion in the second quarter of 2026, a fourteenfold increase year-over-year [2, 3, 6, 7]. This surge surpasses rival OpenAI’s recent annualized revenue of approximately $40 billion, which doubled from around $20 billion at the end of 2025 [2, 3, 5, 6, 7].
Anthropic’s valuation is estimated at roughly $965 billion after a funding round in May 2026 [2, 4, 5, 6, 7]. The company confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission in June 2026 and is expected to go public as soon as fall 2026, aiming to lead ahead of OpenAI [2, 3, 4, 5, 6, 7]. Morgan Stanley, Goldman Sachs, and JPMorgan Chase are reported to be working with Anthropic on the IPO process [2].
Revenue projections for 2028 range between $190 billion and $200 billion, illustrating continued aggressive expansion [4, 6, 7].
Timeline
At year-end 2025, Anthropic’s annualized revenue was about $9 billion [1, 4, 5]. By May 2026, it climbed to $47 billion [1, 2, 4, 5, 6, 7]. The company filed its IPO prospectus confidentially in June 2026 [3, 5, 6, 7]. By July 31, 2026, revenue run rate reached $65 billion[s1-s7]. On August 17-18, 2026, Anthropic revealed its Q2 preliminary revenue figure of $11.5 billion [2, 3, 6, 7].
Anthropic’s expected IPO debut in fall 2026 will position it ahead of OpenAI in the public markets [2, 3, 4, 5, 6, 7].
