Anthropic’s revenue trajectory is starting to look less like a growth curve and more like a vertical line. The company’s annualized revenue run rate passed $65 billion at the end of July, according to Bloomberg — a figure that was just $47 billion in May and a mere $9 billion at the close of last year. That’s a sevenfold increase in roughly seven months. For context, OpenAI, its closest rival, doubled revenue to $40 billion over the same period. Anthropic didn’t respond to requests for comment.
Investors are betting the acceleration continues. The Financial Times reports that backers expect Anthropic to finish 2026 with a run rate between $100 billion and $120 billion — essentially doubling again in about eighteen months. The two companies may calculate their revenue metrics differently, so direct comparisons are imperfect, but the market’s enthusiasm for Anthropic’s trajectory has clearly outpaced its interest in OpenAI’s. That divergence matters because both companies have filed confidential IPO paperwork, and Anthropic is expected to hit public markets first, possibly as soon as this fall.
The IPO numbers being floated are staggering. Anthropic will reportedly seek a public valuation of $2 trillion or more, per the Financial Times, 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 round. Going from under a trillion to a $2 trillion target in a matter of months is the kind of math that makes even seasoned tech investors pause — especially for a company that, unlike OpenAI, has historically been more enterprise-focused than consumer-facing.
What’s driving this? Anthropic’s Claude models have gained serious traction with enterprise customers, and the company has positioned itself as the safer, more reliable alternative in a market increasingly worried about AI safety and governance. But a $2 trillion valuation would price in years of flawless execution. The run rate is real; whether it justifies the largest IPO in history is a question the public markets will answer soon enough.
