Anthropic’s annualized revenue run rate climbed to about $65 billion at the end of July, widening its lead over OpenAI as the company moves closer to a potential public listing.
The figure was included in a recent investor update, according to people familiar with the matter. Anthropic’s run rate stood at roughly $9 billion at the end of 2025 and reached about $47 billion in May, showing how quickly the company has scaled this year.
Anthropic’s Growth Picks Up Pace
The latest figure represents another sharp increase in just two months.
Annualized revenue run rate estimates how much a company would generate over a year if its current pace of sales continued. It is not the same as reported annual revenue, but it is commonly used to track fast-growing private companies.
Anthropic’s actual results have also improved significantly. Preliminary second-quarter revenue reportedly exceeded $11.5 billion, up from $4.73 billion in the first quarter and $787 million a year earlier.
The company also posted positive adjusted operating income during the quarter, another important milestone as investors look beyond growth and focus more closely on profitability.
OpenAI Remains Behind on Run Rate
Anthropic’s latest number also puts more distance between the company and OpenAI.
OpenAI’s annualized revenue run rate recently surpassed $40 billion, according to separate reporting, roughly double its level at the end of 2025.
That leaves Anthropic about $25 billion ahead based on the latest estimates.
The comparison is not exact, however. Neither company publicly reports the metric using a standardized calculation, so their run-rate figures may not be directly comparable.
Even with that caveat, the numbers show how quickly Anthropic has expanded its commercial business as competition between major AI companies intensifies.
IPO Could Come as Soon as This Fall
Anthropic is also moving forward with preparations for an initial public offering.
The company filed a confidential prospectus with the U.S. Securities and Exchange Commission in June and has since held early meetings with investors.
Bloomberg has reported that a listing could take place as soon as this fall.
Valuation expectations are already high. Some investors reportedly believe Anthropic could seek a valuation of around $2 trillion, which would make the offering one of the largest technology IPOs on record.
For investors, the key question will be whether Anthropic can maintain its current growth rate as it approaches the public market. The jump to a $65 billion annualized run rate gives the company a strong headline number, but future revenue growth and profitability will likely carry more weight once the IPO process advances.
