Key Highlights

  • Anthropic's annualized Revenue run rate surpassed $65 billion at the end of July, up from $47 billion in May and $9 billion at the end of last year.
  • Anthropic's investors expect the company to finish 2026 with a run rate between $100 billion and $120 billion.
  • Rival OpenAI has doubled its revenue run rate to $40 billion, up from $20 billion at the end of 2025.
  • Anthropic is expected to go public ahead of OpenAI, possibly as soon as this fall, seeking a valuation of $2 trillion or more.

Anthropic's (ANTH.PVT) revenue continues to grow at a historic pace while also accelerating, with its annualized revenue run rate surpassing $65 billion at the end of July, up from $47 billion in May and just $9 billion at the end of last year.

What Happened

Anthropic did not immediately respond to a request for comment on the figures. The company's investors expect it to continue growing at approximately the same rate for the remainder of the year, finishing 2026 with a run rate between $100 billion and $120 billion.

Rival OpenAI (OPAI.PVT) has doubled its revenue run rate to $40 billion, up from $20 billion at the end of 2025. The two companies may calculate their revenue metrics differently, but Anthropic's growth rate has captivated investors far more than OpenAI's has.

The progression from $9 billion at the end of last year to $47 billion in May and now past $65 billion illustrates just how compressed Anthropic's growth timeline has become, with each milestone arriving only a few months after the last.

Market Reaction

Both companies have filed confidential IPO paperwork, with Anthropic expected to reach the public markets ahead of OpenAI, possibly as soon as this fall. Anthropic will reportedly be seeking a public valuation of $2 trillion or more, which would make it the largest market debut on record.

Anthropic was last valued at $965 billion in late May, when it raised a $65 billion funding round, meaning a $2 trillion IPO valuation target would represent more than a doubling from that mark in a matter of months.

Outlook

Whether Anthropic can sustain its current growth rate through year-end, reaching the $100 billion to $120 billion run-rate range its investors are anticipating, is likely to be a key Factor shaping how the market ultimately prices its IPO later this year.