Anthropic Preparing for Potential IPO as Annualized Revenue Reportedly Reaches 65 Billion

The new revenue marks an increase of nearly sevenfold in numbers, while being disclosed in a routine update ahead of a listing that could become a new benchmark as the largest IPO in history. And while investors would look forward to the listing, such fast-moving numbers usually indicate two things - genuine excitement of a business scaling faster than anything before or the sense of caution about the genuineness of the number and the strength for the company to sustain it.

Table of Contents

1. What's Being Reported

2. How the Growth Actually Breaks Down

3. The IPO Timeline and Valuation

4. Anthropic vs. OpenAI

5. Why "Run Rate" Needs a Caveat

6. Revenue Trajectory

7. What Comes Next

8. Conclusion

What's Being Reported

According to Bloomberg, Anthropic told investors as part of a regular update that its annualized revenue run rate had surpassed $65 billion by the end of July 2026. An update that was sourced from someone close to the company rather than in an official company statement or filed disclosure, as commonly found about private company financials, but enough to gain traction as the headlines for the market.

Anthropic’s steep incline in revenue is truly substantial at its core. From having begun at $9 billion in late 2025 to reaching rouge estimates of $47 billion in May 2026 and a further spike that enabled it to cross more than $65 billion within the next two months, the company is witnessing growth unprecedented by other frontiers across the global markets.

How the Growth Actually Breaks Down

The run rate figures might only be a projection at the moment, but the underlying numbers provide a more reliable picture. Anthropic’s preliminary revenue for 2026’s second quarter exceeded $11.5 billion, a 14 times greater tally than what it generated in the same quarter of 2025. The figure is also double the first-quarter revenue of roughly $4.73 billion, marking that the company achieved positive adjusted operating profit for the first time during the quarter, a notable feat for a company that is heavily invested in compute and research as most other frontier AI labs as well.

Deeper Analysis has also revealed Anthropic’s Enterprise AI tools and coding-focused tools as primary driving forces behind the recent growth, a greater focus towards consumer subscriptions, a focus contrasting with its competitors.

The IPO Timeline and Valuation

Anthropic, in June 2026, filed its official paperwork for an IPO with the U.S. Securities and Exchange Commission and multiple reports have indicated that the company could be gearing up to make its public market debut as early as late September or October, an earlier release than its rival OpenAI, which has also filed for a listing. It has also been believed that Anthropic is working with Morgan Stanley, Goldman Sachs, and JP Morgan in the process.

With the release assured, several outlets have begun making valuation expectations with Financial Times reporting a rough estimate expectation around the $2 trillion or higher, a value if true, could surpass the record $1.77 trillion valuation of SpaceX set previously in the June 2026 listing. Anthropic’s valuation isn’t also just hyped figures, but a properly curated estimate based on the company’s recent private funding round that valued Anthropic at $965 billion, a value higher than OpenAI’s valuation at the time and also which would make it the largest IPO in history.

Anthropic vs. OpenAI

The Giants leading and competing within the AI Labs markets have recently disclosed their company numbers, and if numbers are to be believed, Anthropic is significantly further than OpenAI. According to an internal message from its co-founder Greg Brockman, OpenAI’s run rate is roughly at $40 billion, a number 1.6 times greater than OpenAI’s.

And while that comparison becomes a new headline, it comes with an important disclaimer as well. The way the two companies may not follow the same approach to calculate or recognize their revenues, particularly how they account for their enterprise contracts. And an honest comparison continues to remain a doubt, especially until their financials are disclosed and them being publicly listed and traded.

Why "Run Rate" Needs a Caveat

An “annualized run rate” is often commonly used to project financials and is the reason companies make headlines, but understanding it is crucial in business terms. A run rate is a rather projection which considers a shorter period of actual revenue (that of a month or a quarter) and extrapolates it forward as if that pace held for an entire year. It runs the risk of not being an actual figure and changing, especially within volatility-prone businesses that grow or contract quickly, with the possibility of one high-performing month being considered as a trend for the entire year. And while this doesn’t make the $65 billion figure meaningless, it depicts the current business momentum along marking something that investors need to look out for!

Revenue Trajectory

What Comes Next

Anthropic’s most crucial time as well as milestone would arrive in the form of its IPO, as soon as late September or October. And once Anthropic files publicly and lists itself, it’s financial figures and statements will be audited, standardized, and subject to ongoing disclosure requirements, making their actual numbers visible to the public and open for actual run-rate calculations making verifications of profitability claims possible for both Anthropic as well as OpenAI.

Conclusion

Anthropic’s final audited numbers and actual profits might vary, but the trajectory that the company has reported, with a sevenfold increase in run rate over the past eight months and quarterly revenue up more than 14-fold year over year, it’s putting the strongest foot down while heading into an IPO. And honestly, the real concern isn’t even whether the growth is real, but if Anthropic is able to sustain the pace of growth once the company is open to quarterly scrutiny of the public while also holding to a valuation north of $2 trillion, a number that many await to test when the financials become public.