Anthropic, the artificial intelligence firm behind the Claude family of AI models, reported an annualized revenue run rate exceeding $65 billion by the end of July. This figure represents a substantial increase from the $47 billion run rate the company disclosed in May, indicating an addition of $18 billion in annualized revenue over a two-month period. The growth trajectory marks a more than sevenfold increase from its approximately $9 billion run rate at the close of 2025.
The company shared these financial updates with investors as it prepares for a potential initial public offering (IPO) later this year. Anthropic confidentially filed for a U.S. IPO earlier in 2026, with an expected debut in September or October.
In addition to its annualized run rate, Anthropic also reported preliminary second-quarter revenue exceeding $11.5 billion. This marks a significant increase from $787 million in the same quarter of 2025, representing a more than 14-fold jump. The company further noted that it achieved positive adjusted operating income for the recently concluded quarter, a notable milestone for a frontier AI laboratory. First-quarter revenue for 2026 was $4.73 billion, bringing the total booked revenue for the first half of the year to approximately $16.2 billion.
The rapid revenue growth is largely attributed to the increasing adoption of Anthropic's Claude AI models by developers and enterprise customers. Demand for products like Claude Code has been particularly strong, driving much of the company's commercial momentum. This enterprise strength has emerged as a key advantage for Anthropic in the competitive AI market. The company had previously indicated in May that growing global enterprise adoption had pushed its run-rate revenue past $47 billion. At that time, demand was so high that Anthropic implemented peak-hour usage limits and incentives for customers to shift workloads to off-peak periods.
Anthropic's current annualized revenue run rate of $65 billion surpasses that of its primary rival, OpenAI, which has a reported annual run rate of over $40 billion. However, Bloomberg cautioned that the two companies may not calculate these metrics using identical methodologies.
The financial performance has fueled investor expectations for Anthropic's upcoming IPO. Investors reportedly anticipate a valuation of at least $2 trillion for the company in an October listing. This figure would represent one of the largest stock-market debuts in history. Anthropic is projecting annual revenue between $190 billion and $200 billion by 2028, a forecast that is expected to heavily influence its IPO valuation.
While the reported figures are preliminary and subject to revision, the disclosure of a profitable quarter fundamentally shifts the narrative around the financial viability of AI development. It suggests that the AI buildout can be a self-sustaining enterprise, setting a new standard for the industry. Industry analysts estimate that approximately 80 percent of Anthropic's revenue comes from its API and enterprise business, with Claude Code being a rapidly expanding component. This revenue model, based on metered consumption, scales with usage rather than fixed seat sales. Anthropic declined to comment on the financial updates.