Anthropic is heading into what could be one of the biggest AI listings yet, and its latest revenue numbers show just how quickly the company has scaled.
The maker of Claude is now on track for an annualized revenue run rate of more than $65 billion, according to people familiar with the matter. The figure was reached by the end of July and represents a dramatic jump from where the company stood just months ago.
For a company that was once seen as the underdog in the AI race, the speed of that growth is hard to ignore.
From $9 billion to $65 billion
Anthropic’s revenue growth has accelerated at an extraordinary pace.
The company’s annualized revenue run rate:
- Topped $9 billion in late 2025
- Crossed $47 billion in May 2026
- Reached $65 billion by the end of July
That means the latest run rate is more than seven times higher than Anthropic’s pace at the end of last year.
It is important to remember that a run rate is not the same thing as actual annual revenue. It takes revenue generated over a shorter period and projects what a full year would look like if that pace continued.
Still, the number gives investors a clear indication of the momentum behind Anthropic’s business.
Claude is becoming a serious business
Much of Anthropic’s growth has come from the rising demand for Claude and its AI tools.
Anthropic has built a strong position among businesses and developers, particularly in areas such as coding, software development and complex knowledge work.
The company’s latest completed quarter also highlights how quickly that demand is translating into revenue.
Anthropic reported preliminary quarterly revenue of more than $11.5 billion, compared with just $787 million in the same period a year earlier.
That is an enormous increase in a single year.
The company also reported positive adjusted operating income for the quarter, suggesting that its rapid growth is beginning to come with improving operating economics.
Anthropic is getting ready for Wall Street
The revenue surge comes at a particularly important time.
Anthropic has confidentially filed paperwork for an IPO and has been meeting with investors ahead of a potential public listing.
The company is reportedly working with major investment banks including Morgan Stanley, Goldman Sachs and JPMorgan Chase on the offering.
An IPO could happen as soon as this fall, which would potentially put Anthropic on Wall Street before its biggest American rival, OpenAI.
For investors, that could make Anthropic one of the most closely watched technology IPOs in years.
A $965 billion private valuation
Anthropic is no longer a small AI challenger.
Following a funding round in May, the company was valued at approximately $965 billion, making it one of the world’s largest private companies.
That valuation also briefly put Anthropic ahead of OpenAI, its closest rival, in private-market value.
The shift is significant because the AI race is increasingly being judged not just by model performance, but by commercial adoption, revenue growth and access to capital.
Anthropic appears to be making progress on all three fronts.
The OpenAI race is getting tighter
Anthropic and OpenAI are competing for many of the same customers, developers and enterprise budgets.
OpenAI’s revenue run rate recently passed $40 billion, according to Bloomberg reporting. However, the companies may not calculate their run rates in exactly the same way, so the numbers should not be treated as a perfect comparison.
Even with that caveat, Anthropic’s latest figure shows how quickly the competitive landscape is changing.
A company that was once chasing OpenAI is now reporting a revenue run rate that is significantly higher on this particular measure.
That makes the upcoming IPO even more interesting.
Why the IPO matters
AI companies are spending enormous amounts of money to build increasingly powerful models and the infrastructure needed to run them.
That creates a major need for capital.
Going public would give Anthropic access to a much broader pool of investors and potentially provide the company with another source of funding for:
- AI model development
- Computing infrastructure
- Research and talent
- Enterprise expansion
- Global growth
The timing is important. The AI industry is entering a phase where staying competitive requires not only strong technology, but also the financial resources to keep investing at scale.
Anthropic wants to make sure it has those resources.
Anthropic could beat OpenAI to the public market
If Anthropic completes its IPO this fall, it could become the first of the two major US AI companies to make its public-market debut.
That would give Anthropic an important first-mover advantage in the public markets and provide investors with a clearer way to participate in the AI boom.
But Anthropic is not the only AI company preparing for a potential listing.
Chinese AI company DeepSeek is also reportedly preparing for an IPO and could potentially file as soon as this year.
That means the next few months could bring several major developments in the race to take private AI giants public.
The bigger picture for investors
Anthropic’s numbers tell a broader story about the AI industry.
The conversation around AI is gradually moving beyond questions about whether companies can build powerful models. The bigger question now is whether those models can generate sustainable, large-scale businesses.
Anthropic’s growth suggests there is already significant willingness among businesses and developers to pay for AI capabilities.
But the public market will likely ask tougher questions.
Can this growth continue?
How much will it cost to maintain the lead?
Can revenue grow faster than computing and infrastructure expenses?
And perhaps most importantly, how much of Anthropic’s current valuation is already pricing in years of future AI growth?
Those questions will matter as much as the headline revenue number once Anthropic faces public investors.
The AI IPO race is just beginning
Anthropic’s jump to a $65 billion annualized revenue run rate is a major milestone, but it may be only the beginning of a much bigger story.
The company has gone from an AI challenger to one of the most valuable private technology companies in the world in a remarkably short period.
Now it is preparing for the next step.
If Anthropic goes public this fall, investors will get their first major opportunity to judge the company not just as an AI research lab, but as a public business.
And with OpenAI and potentially DeepSeek also moving toward the public markets, the next phase of the AI race could play out as much on Wall Street as it does in the world of technology.