Anthropic revenue run rate hits $65 billion as IPO valuation targets $2 trillion
Investors project the firm will close 2026 with revenues between $100 billion and $120 billion, positioning it for a historic market launch that could surpass all previous records.
Anthropic’s annualised revenue run rate has surged past $65 billion at the end of July, marking a significant acceleration in the artificial intelligence firm’s financial performance. According to reports from Bloomberg, the figure represents an $18 billion increase over a two-month period, rising sharply from $47 billion in May and just $9 billion at the end of the previous year. The company did not immediately respond to requests for comment regarding the latest figures.
The rapid expansion has led investors to project that Anthropic will conclude 2026 with revenues ranging between $100 billion and $120 billion, as reported by the Financial Times. This growth trajectory has captivated the market more intensely than that of its primary rival, OpenAI. Bloomberg reported last week that OpenAI’s revenue has doubled to $40 billion, up from $20 billion at the end of 2025, though the two companies may employ different methods for calculating their revenue metrics.
Anthropic is preparing to transition from a private entity to a public company, with an initial public offering expected as early as this autumn. The firm is reportedly seeking a public valuation of $2 trillion or more, a move that would establish the largest market debut in history. This timeline suggests Anthropic may precede OpenAI in accessing public markets, as both firms have filed confidential IPO paperwork.
The company’s valuation has climbed dramatically in recent months. In late May, Anthropic completed a $65 billion funding round that valued the business at $965 billion. The subsequent jump in annualised revenue run rate indicates that the firm’s growth rate has continued to outpace initial expectations, reinforcing investor confidence in its financial prospects.
The announcement comes amidst a broader period of regulatory scrutiny and market activity in the technology sector. On 13 August 2026, US District Judge James Donato ordered Google to remove anticompetitive friction from rival app store installs on Android, highlighting the intense regulatory environment facing major tech firms. Meanwhile, other industry players such as SpaceX have continued to expand their AI capabilities through acquisitions, such as the recent purchase of coding startup Cursor.
As Anthropic moves toward its anticipated public listing, the focus remains on whether it can sustain its current growth momentum to meet investor projections. The firm’s ability to maintain this trajectory will be critical in determining the final valuation of its public debut and its standing relative to competitors like OpenAI in the evolving AI landscape.
