A new milestone for Anthropic

Anthropic’s annualized revenue run rate passed $65 billion at the end of July, according to Bloomberg, marking another sharp acceleration for the AI model developer. A run rate is an estimate of annual revenue based on a recent shorter period; it is useful for fast-growing companies, but it is not the same as booked full-year revenue.

The reported figure rose from $9 billion at the end of last year to $47 billion in May, before adding $18 billion in two months. TechCrunch said Anthropic did not immediately respond to a request for comment.

Key numbers and investor expectations

Financial Times reported that Anthropic’s investors expect growth to continue at roughly the same pace through the rest of the year, with the company potentially finishing 2026 at $100 billion to $120 billion in annualized revenue.

Key figures in the reports:

• End of 2025: about $9 billion in annualized revenue run rate;
• May 2026: $47 billion;
• End of July 2026: more than $65 billion;
• Expected by end of 2026: $100 billion to $120 billion.

These numbers highlight strong market demand for AI model services, including enterprise access, developer tools, and API-based usage. An API, or application programming interface, is the standard way software systems connect to and use a model’s capabilities.

OpenAI comparison and metric caveats

The growth is being compared with OpenAI, whose revenue reportedly doubled from $20 billion at the end of 2025 to $40 billion, according to Bloomberg. Both companies have reached revenue levels rarely seen among young technology businesses.

However, the reports note that Anthropic and OpenAI may calculate revenue metrics differently. That matters because run-rate revenue, recognized revenue, subscription revenue, and usage-based API revenue can tell different stories. Direct comparisons may therefore be imperfect, even if the overall direction is clear: demand for frontier AI systems continues to expand quickly.

IPO race and valuation ambitions

Both Anthropic and OpenAI have reportedly filed confidential IPO paperwork. Anthropic is expected to reach public markets before OpenAI, potentially as soon as this fall.

According to Financial Times, Anthropic may seek a public valuation of $2 trillion or more, which would make it the largest market debut on record. The company was last valued at $965 billion in late May, when it raised a $65 billion funding round.

Outlook

Anthropic’s surge shows that the AI model business has moved beyond research momentum into a revenue race. But public investors will eventually demand more than growth headlines. They will look for customer durability, cost discipline, and evidence that expensive model development and inference can produce sustainable economics.

If Anthropic lists before OpenAI, its filings could become a benchmark for the entire foundation-model sector. The next phase of the market may be less about which lab grows fastest, and more about which one can turn rapid adoption into a durable public-company business.