Anthropic's revenue run rate jumped to $65 billion in late July, nearly tripling since the start of the year and far outpacing rival OpenAI's $40 billion.
The surge has positioned the AI model maker as a likely near-term IPO candidate seeking a $2 trillion-or-higher valuation, what would be a record public market debut.
What happened
Anthropic's annualized revenue run rate surpassed $65 billion at the end of July, up from $47 billion in May and $9 billion at the end of last year, according to Bloomberg.
Why it matters
The company's revenue acceleration has drawn investor attention as it outpaces OpenAI's doubling to $40 billion (up from $20 billion at end of 2025). Anthropic expects to finish 2026 between $100 billion and $120 billion—growth that positions it for what could be a record IPO.
What to watch
Anthropic has filed confidential IPO paperwork and is expected to reach public markets as soon as this fall, seeking a valuation of $2 trillion or more according to the Financial Times. The company was last valued at $965 billion in late May when it raised a $65 billion round.
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Anthropic's explosive revenue growth—from $9 billion at the end of 2025 to $65 billion annualized by late July 2026—represents a business scaling far beyond historical norms for software or services companies. The acceleration itself (from $47 billion to $65 billion in just two months) suggests sustained or growing demand for its AI models. While OpenAI has also grown substantially, doubling to $40 billion, the Financial Times reports that Anthropic's growth rate has captured investor attention more intensely, likely because the pace and projected year-end run rate ($100 billion to $120 billion) signal momentum that could justify a historic valuation.
Both firms have filed confidential IPO paperwork, but Anthropic is positioned to go public first and at a substantially larger scale. A $2 trillion-or-higher valuation target would mark an unprecedented market debut, reflecting investor confidence that the company's revenue trajectory will persist and that its underlying business model (primarily API access to large language models) can sustain high margins at scale.
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