Anthropic told investors its annualized revenue run rate climbed to $65 billion by the end of July, TechCrunch reported, citing Bloomberg. CNBC separately reported the same figures from the investor update.
The run rate rose from $47 billion in May and $9 billion at the end of 2025, according to TechCrunch. Anthropic's preliminary second quarter revenue reached $11.5 billion, a 14-fold jump from the same period a year earlier, CNBC reported.
The growth puts Anthropic well ahead of rival OpenAI, whose annualized revenue run rate has reached $40 billion, according to TechCrunch. Investors expect Anthropic's run rate to reach $100 billion to $120 billion in annualized revenue by the end of 2026, TechCrunch reported.
Both companies have filed confidential paperwork for initial public offerings, according to TechCrunch. Anthropic could go public as soon as this fall at a valuation exceeding $2 trillion, which would be a record for a market debut, TechCrunch reported. Anthropic did not respond to a request for comment, according to TechCrunch.
For companies building on Claude, revenue at that scale funds the compute and research budget behind future model releases. It also raises the stakes of an IPO roadshow: expect enterprise contract terms and pricing to firm up as Anthropic prepares its numbers for public markets.