Anthropic's annualized revenue run rate reached $65 billion by the end of July 2026, roughly seven times higher than a year earlier and above rival OpenAI's most recently reported $40 billion run rate. The company shared the figures with investors over a weekend operational update, alongside a $965 billion valuation following its May Series H round and a June SEC filing for an IPO.
Anthropic's Annualized Revenue Trajectory: From $9 Billion to $65 Billion in Sevenfold Growth
Anthropic's annualized revenue run rate reached $65 billion at the end of July 2026, roughly seven times its level a year earlierCITE:E1CITE:E12. Anthropic disclosed the figure to investors over the weekend as part of an ongoing update on its operating performanceCITE:E2. Bloomberg first reported the disclosureCITE:E14.
| Period | Metric | Figure |
|---|
| Full year 2025 (actual) | Annual revenue | ~$10 billionCITE:E5 |
| End of 2025 | Annualized run rate | ~$9 billionCITE:E13 |
| May 2026 | Annualized run rate | $47 billionCITE:E5CITE:E13 |
| Q2 2026 | Quarterly revenue | $11.5 billion, +14x year over yearCITE:E4 |
| End of July 2026 | Annualized run rate | $65 billion, +7x year over yearCITE:E1CITE:E12 |
The record contains two slightly different reference points for late 2025: Anthropic's own May update cited full-year 2025 revenue of about $10 billionCITE:E5, while a separate figure placed the run rate at end-2025 closer to $9 billionCITE:E13. Both figures were disclosed alongside the same underlying growth trajectory that culminated in the $65 billion July run rateCITE:E1CITE:E13.
How Does Anthropic's $65 Billion Run Rate Compare With OpenAI?
Anthropic's $65 billion annualized revenue run rate now exceeds OpenAI's most recently reported $40 billion run rateCITE:E1CITE:E6. OpenAI is described in the disclosure as Anthropic's main competitorCITE:E6. No further detail on OpenAI's growth rate or timing was disclosed alongside this figure.
What Valuation and Funding Figures Underpin Anthropic's Growth?
Anthropic's valuation reached $965 billion after the company closed a $65 billion Series H funding round in May 2026, more than double its $380 billion valuation from FebruaryCITE:E16. Anthropic is now working to demonstrate that the $965 billion valuation is justified while showing it can sustain continued growthCITE:E7.
| Date | Valuation |
|---|
| February 2026 | $380 billionCITE:E16 |
| May 2026 (post Series H) | $965 billionCITE:E16CITE:E7 |
What Is the Status of Anthropic's IPO Plans?
Anthropic secretly filed a registration statement with the SEC in June 2026 and has since begun preliminary talks with potential investorsCITE:E3. Anthropic had earlier this year filed confidentially for an IPO and is racing OpenAI to go public, amid strong investor demand for AI companiesCITE:E17. Reuters reported on August 14 that Anthropic projects 2028 revenue of roughly $190 billion to $200 billion, and that the company's eventual IPO valuation will depend on these projectionsCITE:E15.
What Government-Related Risks Has Anthropic Faced?
Anthropic temporarily lost access to two of its most advanced AI models, Claude Fable 5 and Mythos 5, in June 2026 after a US government export-control directiveCITE:E8. Access to both models was restored after roughly two weeks of negotiations, though the episode did not fully dispel market concerns about Anthropic's relationship with the Trump administrationCITE:E9. Earlier this year, Anthropic was placed on a blacklist by the US Department of Defense after discussions over how the military would use Anthropic's AI models became contentiousCITE:E10. In a blog post, Anthropic said it looks forward to deepening cooperation with the government and thanked users for their patience during the service disruption, as well as the researchers and industry partners who helped restore access to Fable 5 and Mythos 5CITE:E11.
Taken together, the disclosures show Anthropic's revenue and valuation climbing sharply — from roughly $9–10 billion in 2025 to $65 billion by July 2026, and a valuation more than doubling to $965 billion since FebruaryCITE:E5CITE:E13CITE:E16 — at the same time the company was navigating an export-control access suspension and a Defense Department blacklistingCITE:E8CITE:E10. Both threads surface in the same window as Anthropic's confidential SEC filing and its 2028 revenue projections shared with prospective investorsCITE:E3CITE:E15.
Author's Take・EffectStory 編輯部
The more informative sequence here isn't the single $65 billion headline but the path to it: a run rate near $9–10 billion at the end of 2025, $47 billion in May, and $65 billion by July, disclosed to investors just as Anthropic pursues a $965 billion valuation and a confidential S-1 filing. That timing matters — a company preparing for an IPO has every reason to keep investors updated with strong sequential numbers, and this update came through a routine weekend briefing rather than a public earnings release. The clearest metric to watch going forward is whether future investor updates stay on a path consistent with the $190–200 billion 2028 revenue projection cited in IPO talks, or diverge from it as the filing moves from confidential to public. The unresolved friction with the Trump administration — the June export-control suspension and the earlier Defense Department blacklisting — is the other variable that IPO investors will be pricing without full visibility.