Anthropic’s revenue run rate surpassed $65 billion on an annualised basis at the end of July, the company shared with investors in a regular update, according to people familiar with the matter who spoke to Bloomberg on condition of anonymity. The Anthropic revenue run rate figure represents roughly seven times what the company was generating a year earlier, according to CNBC, and it has arrived ahead of what is shaping up to be the largest market debut in history.
From $9bn to $65bn in Seven Months
The acceleration is hard to overstate. The Anthropic revenue run rate stood at just $9 billion at the end of 2025, climbed to $47 billion in May, and crossed $65 billion by the end of July. CNBC also reported that Anthropic generated roughly $10 billion in total revenue across the whole of 2025, which means the company is now running at roughly six-and-a-half times its full-year performance from twelve months ago.
Investors close to the company expect that pace to hold. Their projections put full-year 2026 revenue somewhere between $100 billion and $120 billion, the Financial Times reported, implying the annualised run rate may still have considerable room to climb before December.
Part of what is driving the numbers is demand that Anthropic is struggling to keep up with. NBC News reported that the company has been forced to institute usage limits during peak hours, and has tried to ease the strain by offering users more compute capacity during off-peak periods.
For context, rival OpenAI has doubled its own revenue to $40 billion, up from $20 billion at the end of 2025, according to Bloomberg. The two companies may calculate their metrics differently, but on Anthropic’s figures, its run rate is now more than 60 per cent larger than OpenAI’s.
The IPO and the Anthropic Revenue Run Rate That Will Price It
The revenue trajectory has sharpened the focus on what comes next. Anthropic confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission on 1 June 2026 for a proposed initial public offering of its common stock. OpenAI has also filed confidential IPO paperwork, but Anthropic is expected to reach the public markets first, possibly as soon as this autumn.
The valuation Anthropic is seeking is $2 trillion or more, according to the Financial Times. If achieved, that would constitute the largest market debut on record.
To understand how the company arrived at this point, it helps to look at the fundraising round that preceded the IPO push. Anthropic closed its Series H on 28 May 2026, raising $65 billion at a valuation of $965 billion. That round was co-led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN as additional co-leads. Strategic infrastructure partners Micron, Samsung, and SK Hynix also participated. Embedded within the $65 billion total was $15 billion of previously committed investment from hyperscalers, including $5 billion from Amazon.
The $965 billion valuation at Series H nearly tripled Anthropic’s prior mark of $380 billion, set just three months earlier in February 2026, and briefly made it more valuable than OpenAI, according to TechCrunch. That prior valuation was set in February 2026.
The Series H closed on the same day Anthropic released Claude Opus 4.8, a model designed for agentic tasks, advanced coding, and self-correction, giving the fundraise a product moment to anchor it.
The pace of Anthropic’s growth has made the company’s enterprise tools a focal point for corporate AI spending. CNBC credited the surge specifically to the popularity of those tools, though usage constraints suggest supply remains the binding constraint, not demand. Whether the company can expand capacity fast enough to sustain the trajectory between now and a public listing is the question its prospective shareholders will be scrutinising most closely.
With a $2 trillion target valuation and a revenue run rate already at $65 billion, the multiple Anthropic will need to justify is steep: somewhere around 17 to 20 times annualised revenue on current figures, depending on where the run rate lands by the time the S-1 goes effective. That ratio will tighten or widen with every monthly update between now and the roadshow.
