Anthropic PBC is on track to generate annualized revenue of more than $65 billion based on its current performance, according to people familiar with the matter, up more than sevenfold from its pace at the end of last year.
The company’s run rate, a metric that projects full-year revenue from a shorter period, hit $65 billion by the end of July, said the people, who spoke on condition of anonymity to discuss private information. Anthropic shared the figures as part of a regular update with investors, one person said.
The dramatic acceleration in revenue bolsters Anthropic’s plans for a public listing. Anthropic and OpenAI have filed confidential paperwork to go public, with Anthropic expected to make its Wall Street debut as soon as this fall, ahead of OpenAI.
Anthropic, the developer of Claude and Fable, was valued at $965 billion after a funding round in May, making it one of the world’s largest private companies and eclipsing arch-rival OpenAI’s valuation for the first time.
Anthropic declined to comment.
Once viewed as the underdog, Anthropic has gained traction with AI tools that streamline complex tasks, including coding. Anthropic’s revenue run rate topped $9 billion in late 2025 and crossed $47 billion in May. OpenAI’s revenue run rate recently exceeded $40 billion, Bloomberg News has reported, though the two firms may not measure it the same way.
Anthropic reported a preliminary revenue figure of more than $11.5 billion in its latest completed quarter, compared with $787 million in the corresponding period in 2025, according to documents seen by Bloomberg News. It also reported positive adjusted operating income for the quarter, the documents show.
The company is meeting with investors ahead of its potential initial public offering, people familiar with the matter said in July. Anthropic filed confidentially for a listing and is working with Morgan Stanley, Goldman Sachs Group Inc., and JPMorgan Chase & Co. on the IPO, Bloomberg News has reported.
Anthropic is seeking to tap the public market’s ample funding capacity to maintain its lead over OpenAI and others, as AI companies spend hundreds of billions of dollars to develop the most cutting-edge models.
An IPO this fall would see Anthropic debut not only before OpenAI but also before DeepSeek, the Chinese AI firm that has been grabbing an increasing share of the market for the technology. DeepSeek is preparing for an IPO and could file as soon as this year, people familiar with the matter have said.
Mascarenhas, Torrence and Ghaffary write for Bloomberg.
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