Anthropic PBC is on track to generate an annualized revenue run rate of more than $65 billion as of July, according to people familiar with the matter. The AI company reported preliminary second-quarter revenue of over $11.5 billion, signaling rapid growth as it prepares for a potential initial public offering this fall.
The scale of Anthropic’s growth is most evident in its quarterly trajectory. The company’s preliminary revenue for the latest completed quarter topped $11.5 billion, a surge of more than 14-fold compared to the $787 million reported in the same period in 2025, according to documents viewed by Bloomberg News and reported by CNBC.
This figure also represents a significant jump from the $4.73 billion Anthropic reported in the first quarter of 2026. Alongside the revenue spike, the company posted positive adjusted operating income for the quarter, according to the same documents.
$65 Billion Run Rate and Market Traction
Anthropic’s current performance has pushed its revenue run rate—a metric used to project full-year revenue based on a shorter window—to $65 billion by the end of July, according to people familiar with the matter. This pace is more than seven times faster than the company’s trajectory at the end of last year.
The acceleration follows a steady climb in the company’s run rate: it topped $9 billion in late 2025 and crossed $47 billion in May. Much of this momentum is attributed to the adoption of the Claude chatbot by corporate customers and professionals who use the software to streamline complex tasks, including coding.
This growth places Anthropic in direct competition with OpenAI. While Bloomberg News has reported that OpenAI’s revenue run rate recently exceeded $40 billion, the two firms may not utilize the same measurement methods.
Fall IPO Timeline and Capital Requirements
The surge in revenue strengthens Anthropic’s plans for a public listing. Both Anthropic and OpenAI have filed confidential paperwork to go public, with expectations that Anthropic will make its Wall Street debut as soon as this fall, potentially ahead of OpenAI.
A public offering would provide the massive financial runway necessary to sustain the AI industry’s high overhead. Specifically, the company needs billions of dollars in additional capital to fund escalating compute infrastructure costs, secure advanced hardware, and build specialized data centers, according to CNBC.
Sources told CNBC that early meetings with prospective investors, led by CFO Krishna Rao, have been high-level and have not yet involved discussions regarding specific valuations or financials.
Revenue Growth Comparison (2025–2026)
The company’s financial shift from 2025 to 2026 shows a transition from an emerging player to a massive revenue generator.
| Metric | 2025 / Early 2026 | Latest Reported (2026) |
|---|---|---|
| Annual Revenue (2025 Total) | Roughly $10 billion | — |
| Quarterly Revenue (Q2) | $787 million (2025) | Over $11.5 billion |
| Revenue Run Rate | $9 billion (late 2025) | Over $65 billion (July) |
While the company has declined to comment on these figures, the reported data suggests a dramatic shift in its competitive standing. Once viewed as an underdog, the company’s ability to generate positive adjusted operating income while scaling revenue suggests a more sustainable financial model than many early-stage AI ventures.
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