Anthropic's annualized revenue run rate hit $65 billion at the end of July, CNBC confirmed on Monday, marking a roughly sevenfold increase from a year earlier and cementing the Claude maker's position as the fastest-scaling business in the history of enterprise software. Bloomberg was first to report the figure, which Anthropic shared in an update to investors over the weekend, according to two sources familiar with the matter who asked not to be named because the details are confidential.
The number lands at a pivotal moment for the San Francisco-based company. Anthropic confidentially filed its IPO prospectus with the Securities and Exchange Commission in June and has been holding preliminary meetings with potential investors, though it has not officially provided a timeline for its market debut. For readers following AI industry coverage, the new figure offers the clearest evidence yet of the revenue trajectory underpinning what is expected to be one of the largest public offerings on record.
From $10 Billion to $65 Billion in Eighteen Months
The pace of Anthropic's growth is difficult to overstate. The company generated roughly $10 billion in revenue for all of 2025, according to CNBC. By May of this year, its annualized run rate had topped $47 billion. The end-of-July figure of $65 billion means the company added roughly $18 billion in annualized revenue in about two months.
Anthropic also shared a preliminary revenue figure of $11.5 billion for the second quarter with investors, a 14-fold jump from a year ago — a figure first reported last week and consistent with Monday's run-rate disclosure. Forbes characterized the quarter as groundbreaking for the company.
The surge has been driven largely by enterprise adoption of Claude, Anthropic's family of AI models, particularly among businesses embedding AI into coding, customer service and document-heavy workflows. It also reflects a broader concentration of capital in the sector: recent analyses of venture funding found that roughly two-thirds of all venture dollars now flow to AI startups, with OpenAI and Anthropic alone absorbing the majority of that total. Anthropic's ability to keep converting that demand into recognized revenue — rather than committed contracts alone — is what separates the $65 billion figure from the sector's more speculative markers.
How Anthropic Stacks Up Against OpenAI
The comparison with chief rival OpenAI is now a central question for investors. OpenAI's annualized revenue run rate recently hit $40 billion, as CNBC reported last week — meaning Anthropic's $65 billion run rate is more than 60 percent higher than OpenAI's, despite OpenAI having long been assumed to hold the commercial lead in consumer AI.
That inversion matters for the IPO narrative. Reports in recent weeks have suggested Anthropic is weighing a valuation that could reach as high as $2 trillion, with internal projections of $190 billion to $200 billion in revenue for 2028. Those figures make the monthly run-rate updates a closely watched proxy for whether the company is tracking against the aggressive forecasts embedded in its prospective valuation.
The Valuation Question
The run-rate milestone feeds directly into the most consequential unknown of the offering: what the company is worth. Reports in recent weeks have described secondary share transactions that valued Anthropic at roughly $965 billion, while Forbes reported the company is eyeing a valuation of as much as $2 trillion in an October listing — a figure that would rank among the largest IPOs ever attempted. Internal projections reported by multiple outlets put 2028 revenue at $190 billion to $200 billion, implying investors are being asked to underwrite roughly a tripling of the current run rate over two years.
Whether that trajectory holds depends on the durability of enterprise demand. Anthropic's growth has been concentrated in business customers, where Claude-based coding assistants and agentic tools have become a line item in software budgets rather than an experiment. The $65 billion figure suggests that spending is compounding rather than plateauing — but it also raises the stakes for any slowdown, since publicly reported run-rate updates will now function as quarterly earnings guidance in all but name.
What Comes Next
Anthropic declined to comment on the investor update. The company has not officially confirmed a listing date, though Bloomberg reported the milestone under the headline of a run rate surpassing $65 billion "ahead of IPO," and prior reporting has pointed toward a possible October debut.
For the broader AI economy, the figure is the latest signal that spending on frontier models is converting into revenue at a scale few industries have ever achieved. It also intensifies scrutiny of the sector's sustainability: Anthropic reportedly neared $1 billion in quarterly profit earlier this year, but the capital requirements of training and serving frontier models — including multibillion-dollar data center commitments — remain enormous.
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