Anthropic's revenue run rate hits $65B

Anthropic told investors its annualized revenue run rate reached $65 billion at the end of July, up from $47 billion in May, a $18 billion jump in two months. The company closed out 2025 at a $9 billion run rate, so July’s number is roughly a sevenfold increase in seven months. Anthropic’s most recently completed quarter brought in more than $11.5 billion in actual revenue, against $787 million in the same quarter a year earlier.

Investors briefed on the numbers expect the growth rate to hold through the rest of the year, putting Anthropic on track to finish 2026 between $100 billion and $120 billion in annualized revenue. The disclosure comes weeks after Anthropic confidentially filed IPO paperwork targeting a public valuation above $2 trillion, with a Wall Street debut expected as early as this fall, ahead of OpenAI’s own listing plans. By comparison, OpenAI’s run rate doubled to $40 billion over the same stretch, still trailing Anthropic’s pace even though OpenAI remains larger by some other measures.

What it means for you

Anthropic did not disclose a profit figure alongside the revenue number, so treat this as a growth story, not a profitability one. If you’re standardizing your stack on a single model vendor, an IPO this fast usually means product priorities shift toward whatever keeps enterprise contracts renewing, coming right after Anthropic’s CEO called the industry’s trust problem the real crisis worth watching alongside the growth numbers. Lock in pricing and rate-limit commitments in writing now if you’re negotiating an enterprise contract, since a company this close to a public listing has less room to quietly change terms later without investors noticing.