Anthropic's revenue run rate tops $65 billion ahead of IPO

Anthropic's annualized revenue run rate surpassed $65 billion at the end of July, up from $47 billion in May and about $9 billion at the end of 2025, according to a person familiar with the matter Source: CNA. The figure, first reported by Bloomberg, underscores the Claude creator's rapid growth as it prepares for a potential public listing Source: CNBC. The company also reported preliminary second-quarter revenue of more than $11.5 billion, a 14-fold jump from a year earlier, and positive adjusted operating income Source: The Next Web.

IPO valuation

Anthropic's IPO valuation is reportedly hinging on an internal forecast of $190 billion to $200 billion in revenue for 2028, a figure that has not been previously reported Source: CNA. Bankers and investors are applying enterprise-value-to-revenue multiples to these forecasts, a two-years-forward approach that is rare in public markets but was used before the flotations of Cerebras and SpaceX Source: The Next Web. The company is seeking a public valuation of $2 trillion or more, according to the Financial Times, which would make it the largest market debut on record Source: TechCrunch.

Growth and competition

Anthropic's growth has captivated investors more than OpenAI's, whose annualized revenue run rate recently hit $40 billion Source: TechCrunch. However, the two companies may calculate their revenue metrics differently Source: The Next Web. Anthropic's models cost over 2.5 times more than rival OpenAI's, and Chinese open-weight models are far cheaper to run than either, according to data from Artificial Analysis Source: Gizmodo.

Risks and outlook

Not everyone is convinced the valuation will hold. "Could they get a $2 trillion valuation, yeah they could and I just wonder if it would stay there over time," said David Merkel of Aleph Investments Source: The Next Web. Heavy spending on GPUs, compute, and model training is pressing on current margins, and the bull case rests on the assumption that those costs fall as a share of revenue as the business scales Source: The Next Web. Anthropic is expected to hit the public markets ahead of OpenAI, possibly as soon as this fall Source: TechCrunch.