Claude maker Anthropic told investors its annualized revenue run rate topped $65 billion by the end of July, roughly seven times the level a year earlier, according to CNBC, Bloomberg and others. Preliminary second-quarter revenue came in at $11.5 billion — a 14-fold jump from about $787 million a year ago — and adjusted operating income reportedly turned positive. The company has filed confidentially with the U.S. SEC, with a listing seen most likely in September or October. On a run-rate basis, that puts Anthropic ahead of rival OpenAI (about $40 billion).

AI startup Anthropic has revealed explosive revenue growth as it prepares to go public. According to reporting by CNBC, Bloomberg and other major outlets, Anthropic told investors in mid-August that its annualized revenue run rate had crossed $65 billion by the end of July — roughly seven times its level a year earlier, and a central pillar of the case for what could be one of the largest tech IPOs ever.

Second-Quarter Revenue Up 14-Fold

The most striking figure is quarterly. Anthropic put preliminary second-quarter revenue at about $11.5 billion, more than 14 times the roughly $787 million it reported a year earlier and more than double the prior quarter's $4.73 billion. According to the reports, the company told investors it posted positive adjusted operating income in the quarter.

Run rate (end of July) Over $65B · ~7x year over year
Q2 preliminary revenue ~$11.5B · 14x year over year
Q1 revenue ~$4.73B
Valuation ~$965B (May funding round)

A caveat: an "annualized revenue run rate" simply projects a recent month's revenue across 12 months and is not the same as audited annual results. It captures how fast a hypergrowth AI company is scaling, but it should not be mistaken for confirmed annual revenue.

Confidential Filing, Citigroup Added to Banks

Anthropic has filed confidentially with the SEC, according to the reports. Its lead banks are Morgan Stanley, Goldman Sachs and JPMorgan, with Citigroup being added, per Bloomberg. A listing is seen as most likely in September or October, and a public S-1 filing could come as soon as the end of August.

Item Detail
Filing method Confidential SEC filing
Lead banks Morgan Stanley, Goldman Sachs, JPMorgan; Citigroup joining
Expected timing Sept–Oct 2026 (public filing possible late August)
Valuation ~$965B (May funding round)
Competitive metric Run rate surpasses OpenAI (~$40B)
On a run-rate basis, Anthropic ($65B) now leads OpenAI (about $40B). It is a simple comparison of each company's most recently disclosed figures, but analysts point to Claude's adoption across enterprise API and coding workloads as the key revenue driver.

What It Means

An Anthropic listing would be a landmark sign that the AI boom is spilling from software into capital markets, and if completed it would rank among the largest tech IPOs on record. The open question is whether the company can convince public investors of a path to profitability while carrying enormous compute costs. The steep run-rate curve and the swing to positive adjusted operating income are strengths — but multibillion-dollar data-center and chip commitments loom alongside them.

When the S-1 becomes public, the numbers that matter most are GAAP annual revenue, net income and free cash flow — plus customer concentration — not the run rate. Valuing the company on run rate alone is premature.
Related Reading · Official Sources
· CNBC — Anthropic annualized revenue run rate climbed to $65B in July
· Bloomberg — Anthropic set to add Citigroup to top IPO banks
· Axios — Anthropic's revenue run rate surpasses $65B pre-IPO
· Fortune — Anthropic revenue surges to over $11.5B in Q2
  • Anthropic's run rate topped $65B by the end of July — about 7x year over year
  • Preliminary Q2 revenue of $11.5B, up 14x, with positive adjusted operating income
  • Confidential SEC filing complete; Citigroup added to banks; IPO likely Sept–Oct
  • Now ahead of OpenAI (~$40B) on a run-rate basis
  • Run rate is an estimate — watch GAAP revenue and cash flow in the S-1