Anthropic's Revenue Hits $65 Billion Run Rate, Targets $2 Trillion IPO This Fall

Anthropic's revenue numbers are staggering, even by AI-bubble standards. The company's annualized revenue run rate, a projection of full-year revenue based on a recent short period, hit more than $65 billion by the end of July, according to Bloomberg News, cited by both TechCrunch and the Los Angeles Times. That's up from $47 billion in May and just $9 billion at the end of 2025.

Anthropic reported a preliminary $11.5 billion in revenue for its most recently completed quarter, according to documents seen by Bloomberg News and reported by the LA Times. That compares to $787 million in the same quarter a year earlier. The company also posted positive adjusted operating income for the quarter, a milestone for a business that's been burning cash to build out AI infrastructure.

Rival OpenAI's revenue run rate has also grown fast, doubling to roughly $40 billion from $20 billion at the end of 2025, according to Bloomberg News. But as TechCrunch put it, Anthropic's growth rate has "captivated investors far more" than OpenAI's, even though the two companies calculate their revenue metrics differently and may not be directly comparable.

Both companies have filed confidential IPO paperwork. Anthropic is expected to go public first, potentially as soon as this fall, according to the LA Times and Financial Times reporting cited by TechCrunch. Anthropic is reportedly seeking a valuation of $2 trillion or more, which would make it the largest market debut on record, surpassing SpaceX's $1.77 trillion valuation when it went public in June, according to 24/7 Wall St.

Anthropic was last valued at $965 billion in a late-May funding round that raised $65 billion. The company is working with Morgan Stanley, Goldman Sachs, and JPMorgan Chase on the IPO, according to Bloomberg News reporting cited by the LA Times. Anthropic declined to comment when contacted by the LA Times, and did not respond to TechCrunch's request for comment.

The Red Flag Investors Should Weigh

Not everything in Anthropic's numbers points the same direction. According to a Financial Times report cited by 24/7 Wall St., spending on Anthropic's most powerful and expensive model, Fable 5, has plateaued at only about 11% of total spending on Anthropic's tools, more than two months after its launch. That data comes from Ramp's analysis of corporate spending patterns. Anthropic's cheaper Opus 5 model had already surpassed Fable 5 in business spending shortly after its late-July release.

Anthropic's entire valuation pitch rests on the idea that businesses will keep paying premium prices for the smartest available model. If companies are instead gravitating toward "good enough" cheaper models, the math behind a $2 trillion valuation becomes harder to defend.

24/7 Wall St. is careful not to overstate this. The report doesn't say Anthropic's growth has stopped, and the outlet notes Anthropic still told investors it has 6,000 customers spending at least $100,000 annually. But the plateau in premium-model spending is a genuine data point that cuts against the "customers will pay anything for the best model" thesis baked into the IPO pricing.

Competition is intensifying on price too. Grok 4.6 from xAI reportedly costs $0.84 per task and prices input tokens at $2 per million compared to Anthropic's Claude Fable 5 at $10 per million, according to ARK Invest's weekly report via KuCoin. OpenAI's GPT-5.6 Sol is also priced below Fable 5. Open-weight models out of China add further downward pressure on what frontier labs can charge.

The Valuation Math

Reuters reported, according to 24/7 Wall St., that Anthropic is projecting $190 billion to $200 billion in revenue for 2028. A $2 trillion valuation against that figure works out to roughly 10 times projected 2028 sales. That's a steep multiple, but not absurd if Anthropic keeps compounding revenue anywhere near its current pace.

Anthropic's investors reportedly expect the company to finish 2026 between $100 billion and $120 billion in annualized revenue, according to the Financial Times, cited by TechCrunch. Whether that holds depends heavily on whether enterprises keep paying for Anthropic's most capable, most expensive models, or whether the Ramp data on Fable 5 spending is an early signal of a broader shift toward cheaper alternatives.

The company's IPO would also beat Chinese AI firm DeepSeek to the public markets. DeepSeek is preparing its own IPO and could file as soon as this year, according to people familiar with the matter cited by the LA Times.

None of the reporting here comes with confirmed pricing, a filed S-1, or a locked valuation. Anthropic filed confidentially, and the $2 trillion figure is a target under discussion with investors, not a finalized number. The real test arrives when the prospectus becomes public and investors can see the actual cohort-level spending data behind the growth curve, not just the aggregate run rate.