Anthropic annual revenue run rate hits 65 billion dollars ahead of fall IPO
Anthropic’s annual revenue run rate reached 65 billion dollars by the end of July, according to reporting by Bloomberg, a roughly sevenfold jump from about 9 billion dollars at the end of 2025. The figure puts Anthropic on pace to go public in the fall of 2026, ahead of rival OpenAI, whose own run rate sits at 40 billion dollars.
The company’s second quarter revenue came in at more than 11.5 billion dollars, over 14 times the same quarter a year earlier and more than double the 4.73 billion dollars it booked in the first quarter. The IPO, if it lands on schedule, would arrive before either OpenAI or DeepSeek are expected to offer stock on the public markets.
What the run rate number means
A revenue run rate takes the most recent month’s revenue and projects it forward over a full year. It is a snapshot, not a finalized annual result, and it can swing sharply as new contracts land or existing ones churn. Still, the size of the jump for Anthropic is the headline: from roughly 9 billion dollars at the end of 2025 to 65 billion dollars by the end of July 2026, a figure that requires both aggressive enterprise sales and continued expansion of API usage.
How Anthropic got here so fast
Three quarterly data points illustrate the pace. The first quarter closed at 4.73 billion dollars in revenue. The second quarter crossed 11.5 billion dollars, a sequential jump of more than 2x. The run rate at the end of July, annualized, hit 65 billion dollars, well ahead of the 40 billion dollar run rate that OpenAI is reported to be working from.
That trajectory lines up with broader enterprise demand for frontier model APIs and coding assistants, where Anthropic’s Claude family has been a consistent presence in developer tooling and corporate procurement pipelines through 2025 and into 2026.
What the fall 2026 IPO window looks like
The expected fall 2026 timing matters for two reasons. First, being first to market among frontier model labs gives Anthropic a window to set the narrative for how public investors price generative AI companies. Second, it forces OpenAI and DeepSeek to compete not just on model quality or API pricing, but on the public market multiples that come out of that first listing.
How this compares to OpenAI
OpenAI’s reported 40 billion dollar run rate is the closest public benchmark. Anthropic has now pulled ahead on that measure, while both companies are still spending heavily on training compute and inference infrastructure. The two labs are also the most likely candidates to anchor the first wave of generative AI public offerings, with DeepSeek also expected to seek a listing.
What to watch next
The next milestones worth tracking are the formal S-1 filing, the disclosure of customer concentration in the prospectus, and the first earnings report after the IPO lands. Those will convert the 65 billion dollar run rate from a marketing headline into audited financials that public investors can underwrite.
FAQ
What is Anthropic’s current annual revenue run rate?
According to Bloomberg, Anthropic’s annual revenue run rate hit 65 billion dollars by the end of July 2026, up from about 9 billion dollars at the end of 2025.
When is Anthropic expected to go public?
Anthropic is expected to hold its IPO in the fall of 2026, which would put it ahead of OpenAI and DeepSeek, both of which are also expected to seek public listings.
How does Anthropic’s run rate compare to OpenAI’s?
OpenAI’s run rate is reported at 40 billion dollars, leaving Anthropic’s 65 billion dollar run rate meaningfully higher by that measure.
This article summarizes reporting from fortune.com.