Anthropic's annualized revenue run rate topped $65 billion as of late July, representing more than a sevenfold jump since the close of 2025, according to Bloomberg. The company shared the figures with investors as part of a regular update. The Claude maker also disclosed preliminary second-quarter revenue exceeding $11.5 billion, up sharply from $787 million a year earlier.
The company reported positive adjusted operating income for the quarter, according to Bloomberg. Anthropic filed confidentially for an initial public offering and is working with Morgan Stanley, Goldman Sachs Group and JPMorgan Chase on the listing, according to CNBC. Anthropic could begin trading as early as this fall, which would put it on the public markets before OpenAI.
Anthropic has been meeting with potential investors but has not provided an official timeline for the offering. The revenue figures give Anthropic a case for its $965 billion valuation, which it reached after a funding round in May. On the basis of each company's most recently disclosed figures, Anthropic now leads OpenAI, whose run rate stood at $40 billion, according to Axios.
The two companies may not measure revenue the same way. Anthropic's growth comes despite notable disruptions to its business. In June, the company had been designated a supply-chain risk by the Pentagon after a standoff over AI safety guardrails, a label Anthropic warned could cost it billions in lost revenue.
Anthropic also had to take down Claude Fable 5 and Mythos 5, two of its most capable models, in response to a government export control directive, according to CNBC. Anthropic restored access to the models after roughly two weeks and said it looked forward to deepening its government collaboration. Anthropic's run rate has climbed at a rapid pace this year.
The company reported a run rate of roughly $9 billion at the end of 2025, which crossed $30 billion in April and $47 billion in May. Measured against the $4.73 billion Anthropic brought in during the first quarter, the second-quarter result reflected a sequential gain exceeding 140%, according to Axios.
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