Anthropic's annualized revenue passes $65B, up from $47B two months earlier

Anthropic's annualized revenue run rate crossed $65 billion at the end of July, Bloomberg reported on Monday. It stood at $47 billion in May and around $9 billion at the end of 2025. The company did not immediately respond to a request for comment. A run rate is a projection, not booked revenue. It extrapolates a recent, shorter period out to a full year.

The ramp

The step from $47 billion to $65 billion happened in two months. Anthropic's investors expect the company to keep growing at roughly the same pace for the rest of the year, with 2026 revenue finishing between $100 billion and $120 billion, the Financial Times reported. Those are projections, and none of them is audited revenue yet. The last hard number on the company's own value is older still: Anthropic was valued at $965 billion in late May, when it raised a $65 billion round.

The IPO queue

Rival OpenAI doubled its revenue to $40 billion in the same stretch, up from $20 billion at the end of 2025, according to a separate Bloomberg report. The two companies may calculate their revenue metrics differently, so the gap between $65 billion and $40 billion is not a clean like-for-like comparison. The structural facts are not in dispute: both have filed confidential IPO paperwork, and Anthropic is expected to reach the public markets first, possibly as soon as this fall. It is seeking a public valuation of $2 trillion or more, according to the Financial Times, which would make it the largest market debut on record.

The number to keep straight

If you follow these companies as a customer or a vendor, the distinction that matters is the one between run rate and revenue. Run rate says what the business would earn if the most recent period repeated over a full year. Revenue is what actually landed in the account. Until the IPO filings come out, neither company's full-year figures have been verified by anyone outside the company, and the real numbers will sit in those filings.