Anthropic's revenue run rate passes $65bn, overtaking OpenAI ahead of a possible IPO
The figure, shared with investors and first reported by Bloomberg, is up from $47bn in May — a pace that puts Anthropic ahead of OpenAI's reported $40bn as both companies prepare confidential listing paperwork.
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- Anthropic's annualized revenue run rate reached more than $65 billion by the end of July, according to people familiar with the matter, up from $47 billion in May and about $9 billion at the end of 2025.
- The company's most recent completed quarter brought in $11.5 billion in preliminary revenue, versus $787 million in the same period a year earlier, alongside positive adjusted operating income.
- The figure puts Anthropic's run rate ahead of OpenAI's, which recently topped $40 billion, though the two companies may not calculate the metric identically.
- Both companies have filed confidential paperwork for a public listing; Anthropic is expected to debut on Wall Street as soon as this autumn, ahead of OpenAI.
Anthropic's annualized revenue run rate topped $65 billion by the end of July, up from $47 billion in May and about $9 billion at the end of 2025, according to people familiar with the matter cited by Bloomberg, which first reported the figure. Anthropic shared the number with investors as part of routine financial updates ahead of a planned public listing.
The company's most recently completed quarter brought in $11.5 billion in preliminary revenue, against $787 million in the same period a year earlier, and the quarter closed with positive adjusted operating income. The run rate now sits ahead of OpenAI's, which recently reached roughly $40 billion, up from $20 billion at the end of 2025 — though as reporting on the figures has noted, the two companies do not necessarily measure "run rate" the same way, so the comparison is directional rather than exact.
Both companies have filed confidential paperwork with regulators for a public listing. Anthropic is targeting a debut as soon as this autumn, which would put it on Wall Street ahead of OpenAI; its last private valuation was $965 billion in May. Anthropic's revenue is described as overwhelmingly enterprise-driven, with Claude's coding-agent products cited as a significant growth driver among developers and paying business customers.
The figures have not been confirmed by Anthropic on the record, and the underlying reporting traces to people described only as familiar with the matter — a common pattern in the run-up to a confidential IPO filing, where companies routinely share updated numbers with prospective investors well before any public disclosure.
A sevenfold jump in run rate inside eight months is an extraordinary growth claim by the standards of any industry, let alone one already used to extraordinary claims — and if it holds up through an actual IPO prospectus, it reframes the AI revenue race as a two-horse contest between Anthropic and OpenAI rather than the multi-lab field the coverage of frontier models usually implies. It also raises the bar the number will eventually have to clear in public: investor updates ahead of a listing are optimistic by design, and the audited figures in an S-1 are the ones that will actually matter.