Anthropic tells investors its revenue run rate hit $65bn

Anthropic told prospective investors that its annualised revenue run rate had passed $65 billion by the end of July, according to documents reported by Bloomberg and TechCrunch — up from roughly $47 billion in May and $9 billion at the end of 2025. Separately, the company disclosed preliminary revenue of more than $11.5 billion for the April–June quarter, a more than fourteen-fold increase on the $787 million it took in over the same period a year earlier, and said the quarter produced its first positive adjusted operating income.

Both figures came from materials shared with prospective investors rather than audited financial statements, and outlets covering them noted the numbers were preliminary and subject to revision. A run rate is also a projection — it annualises a recent month’s revenue rather than reporting revenue actually booked — so the $65 billion figure describes momentum rather than a result already achieved; the $11.5 billion quarterly figure is the more concrete number. Coverage reported that investors were told to expect Anthropic’s annualised run rate to reach $100 billion to $120 billion by the end of 2026.

The disclosures arrived as Anthropic and OpenAI both pursue a public listing: both companies have reportedly filed confidential IPO paperwork, and Anthropic was described as likely to reach the public markets before OpenAI, possibly as soon as this autumn. Some coverage reported that Anthropic would seek a public valuation of $2 trillion or more — a figure attributed to investor expectations rather than a number the company has confirmed — which would exceed its $965 billion private valuation from a $65 billion funding round closed in May. That round had followed guidance, reported in May, that put the company’s implied run rate at roughly $44 billion for the same quarter — guidance the preliminary results now suggest it exceeded.