Anthropic annualized revenue run rate hits $65B, preparing up to $2T IPO as early as October
Anthropic disclosed ARR of $65B by end of July, up 7x YoY, with Q2 revenue exceeding $11.5B and an IPO possibly as large as $2T as early as October.
On August 18, Anthropic disclosed that its annualized revenue run rate had reached $65 billion by the end of July, a more than sevenfold increase from year-end 2025. Q2 revenue exceeded $11.5 billion, a fourteenfold leap from the $787 million recorded in the same period of 2025. Adjusted operating profit turned positive for the period. Growth was driven primarily by AI coding and enterprise API workloads; Claude Code has neared $1 billion in annualized revenue since debut, and commercial customers generate about 80 percent of total revenue.
On the same day, multiple media outlets citing informed sources reported that Anthropic has submitted confidential IPO documentation and is widely expected to start the process as early as October. Investors project an offering that could exceed $2 trillion in valuation, surpassing SpaceX to become the largest IPO in history. Internal targets are $190-200 billion in revenue by 2028. The company was valued at $965 billion as of May, with more than 300,000 organizations using Claude products.
The growth reshapes Anthropic's relative standing versus OpenAI, which expects a $14 billion loss over 2026. Investors project Anthropic's full-year revenue at $100-120 billion, which would make it the fastest-scaling enterprise software provider in history at this magnitude.