Anthropic’s Revenue Surges to $65B as IPO Looms
Anthropic just hit a massive revenue milestone. And they’re growing faster than anyone expected.
Let me break down the numbers.
The Numbers
Anthropic’s annualized revenue run rate surpassed $65 billion at the end of July. That’s up from $47 billion in May. And just $9 billion at the end of last year.
Let that sink in. They went from $9 billion to $65 billion in about seven months.
Investors expect them to finish 2026 between $100 billion and $120 billion. That would be more than 10x growth in a single year.
How This Compares to OpenAI
OpenAI doubled its revenue to $40 billion, up from $20 billion at the end of 2025.
So Anthropic is now significantly ahead of OpenAI in revenue.
The two companies may calculate their revenue metrics differently. But Anthropic’s growth rate has captivated investors far more than OpenAI’s has.
The IPO is Coming
Both companies have filed confidential IPO paperwork.
Anthropic is expected to hit the public markets ahead of OpenAI, possibly as soon as this fall.
The valuation they’re seeking? $2 trillion or more. That would make it the largest market debut on record.
Anthropic was last valued at $965 billion in late May, when they raised a $65 billion round.
The Bottom Line
Anthropic’s revenue hit $65 billion in July, up from $9 billion at the end of last year. They’re growing faster than OpenAI. And they’re planning an IPO this fall at a valuation of $2 trillion or more.
This is one of the fastest-growing companies in tech history.
I wrote recently about Anthropic CEO Dario Amodei pushing back against claims that his AI warnings were fueling backlash. He called it a “crisis of trust.” Well, with revenue hitting $65 billion and an IPO looming, trust doesn’t seem to be hurting their bottom line. If you missed that piece, you can check it out here: Anthropic CEO Says AI Backlash Is a Crisis of Trust, Not His Fault. It’s worth a read to understand where Amodei is coming from.
