Anthropic’s annual revenue run rate reached $65 billion by the end of July, up from roughly $9 billion at the end of 2025 and more than sevenfold in just over six months, according to Bloomberg. The figure positions the AI lab to go public in the fall of 2026, ahead of OpenAI, which is also expected to list on public markets.<\/p>\n
Second quarter revenue came in at more than $11.5 billion, over 14 times the same quarter a year earlier and more than double the $4.73 billion reported in the first quarter. The growth compresses what had been a thin commercial base into a run rate that now exceeds several established tech franchises.<\/p>\n
OpenAI’s revenue run rate, by comparison, sits at $40 billion, a gap Anthropic has now closed on a relative basis even as both companies pour capital into training and serving frontier models.<\/p>\n
An annual revenue run rate is a back-extrapolated figure: it takes the latest month’s revenue and multiplies it by twelve to estimate what the full year would look like if nothing changed. Investors watch it because it offers a near-real-time picture of commercial traction, in contrast to the audited annual numbers that only land once a year. A $65 billion run rate, when backed by quarter-over-quarter revenue that more than doubled from Q1 to Q2, signals that momentum is still accelerating rather than flattening.<\/p>\n
If Anthropic holds to the fall timeline, its public offering would come before OpenAI and before DeepSeek, both of which are also expected to sell shares to public investors. The sequence matters for two reasons. Public-market investors will price the first AI-native listing against each subsequent one, setting the reference points that follow. Anthropic’s revenue scale and growth rate would become the opening benchmark for the category.<\/p>\n
A run rate in the tens of billions, supported by quarter-over-quarter revenue that more than doubles, suggests enterprise demand for frontier AI has moved past early-adopter budgets into broader deployment. Anthropic’s growth is occurring alongside OpenAI’s $40 billion run rate, indicating that the market is expanding quickly enough to support more than one large vendor rather than concentrating around a single leader.<\/p>\n
The IPO filing window will clarify capital structure, dilution, and the precise valuation threshold at which the company enters public markets. Until then, the run rate trajectory, particularly how Q3 revenue compares with the $11.5 billion-plus Q2 print, is the cleanest read on whether the acceleration is holding. Investors will also compare Anthropic’s eventual first-day performance with OpenAI’s plans, since the first listing sets the opening reference for the rest of the cohort.<\/p>\n
Annual revenue run rate of $65 billion, reached by the end of July 2026, according to Bloomberg reporting. For comparison, OpenAI’s run rate is $40 billion.<\/p>\n
The run rate climbed from about $9 billion at the end of 2025 to $65 billion by the end of July 2026, roughly sevenfold. Q2 revenue exceeded $11.5 billion, more than 14 times the same quarter a year earlier and more than double the $4.73 billion in Q1.<\/p>\n
Anthropic is expected to hold its IPO in the fall of 2026, ahead of OpenAI and DeepSeek, both of which are also expected to list on public markets.<\/p>\n