Anthropic is growing its revenue at a pace that is both rapid and accelerating. According to Bloomberg, the company’s annualized revenue run-rate surpassed $65 billion by the end of July, up from $47 billion in May, and from just $9 billion at the end of last year.
Investors expect this momentum to continue through year-end, positioning Anthropic to reach the $100–120 billion mark in 2026 (according to the Financial Times). By comparison, OpenAI also recently crossed the $40 billion threshold, doubling its figure from the end of 2025, but Anthropic’s growth rate is proving considerably more “alluring” to investors.
Both have now filed confidentially for an IPO, but Anthropic is likely to go public first, potentially as early as this autumn, targeting a public valuation of $2 trillion or more—the largest debut in history.
A caveat about the figures is warranted: companies may calculate run-rates differently, making a direct Anthropic–OpenAI comparison somewhat imperfect. What is certain is that both have reached a revenue scale that, just a few years ago, would have seemed like science fiction for AI research labs.
The most critical takeaway is not the $65 billion figure itself, but its broader implications: as the two biggest contenders race toward an IPO, the commercial AI contest will soon be judged by the rigorous metrics of the stock market, rather than merely by benchmarks or advertising impressions.