AIBRIEF

Anthropic's Q2 Revenue Jumps 14x to Over $11.5 Billion as Operating Income Turns Positive Ahead of IPO

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EffectStory 編輯部Editorial Team
Published · Updated
Anthropic's initial second-quarter revenue topped $11.5 billion, at least 14 times higher than a year earlier, while adjusted operating income turned positive for the first time. The company has also filed a draft IPO registration with the SEC and closed a $65 billion funding round at a $965 billion valuation, positioning it to list ahead of OpenAI.

Why Did Anthropic's Q2 Revenue Surge 14x With Operating Income Turning Positive?

Anthropic told potential investors that second-quarter revenue jumped to at least 14 times the year-earlier level, reaching more than $11.5 billion, while adjusted operating income turned positive for the first timeCITE:E20CITE:E22.

The quarterly progression shows the pace of the increase. Anthropic's revenue was $787 million in the second quarter of 2025, rose to $4.73 billion in the first quarter of 2026, and reached more than $11.5 billion in the initial second-quarter 2026 figuresCITE:E1CITE:E2CITE:E3CITE:E21.

PeriodRevenue
Q2 2025$787 million
Q1 2026$4.73 billion
Q2 2026 (initial)more than $11.5 billion

The same documents obtained by Bloomberg show Anthropic's adjusted operating income turned positive in the second quarter, a first for the companyCITE:E4CITE:E22. Anthropic has flagged that these figures are still under discussion and subject to revision, and a company representative declined to commentCITE:E5.

How Does Anthropic's $47 Billion Run Rate Compare to OpenAI?

Anthropic's annualized revenue run rate passed $47 billion in May, ahead of OpenAI's pace of more than $40 billionCITE:E6CITE:E23CITE:E16.

Anthropic announced on May 28 that its run rate had exceeded $47 billion that month, up from roughly $9 billion at the end of 2025CITE:E6CITE:E7. As of May, the run rate estimate was attributed to rising adoption among enterprise professionalsCITE:E23. By comparison, OpenAI's annualized revenue was reported at more than $40 billion, though the two companies' calculation methods may not be identicalCITE:E16CITE:E24.

MetricAnthropicOpenAI
Annualized run ratemore than $47 billion (May 2026)more than $40 billion
End-2025 run rateabout $9 billionnot disclosed

Why Is Anthropic Targeting a Fall IPO Ahead of OpenAI and DeepSeek?

Anthropic confirmed on June 1 that it had submitted a draft IPO registration to the SEC, with share count and pricing still undeterminedCITE:E9.

Reports indicated Anthropic had secretly filed its IPO application and was working with advisory teams from Morgan Stanley, Goldman Sachs and JPMorgan Chase to prepare the listingCITE:E25. Anthropic is working with the same three banks on the offering and, by July, had reportedly begun meeting with potential investorsCITE:E10. If Anthropic lists this fall, it would go public before both OpenAI and DeepSeek, which is also preparing a listing that outside reports say could be filed within the yearCITE:E11CITE:E26.

How Big Is Anthropic's $65 Billion Series H Compared to OpenAI's Round?

Anthropic closed a $65 billion Series H round at a $965 billion post-money valuation, a smaller raise but a higher valuation than OpenAI's most recent roundCITE:E12CITE:E17.

Anthropic completed the Series H on May 28, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia CapitalCITE:E12. OpenAI, by contrast, closed a $122 billion round in March at an $852 billion post-money valuation, then followed with a confidential IPO filing on June 8CITE:E17.

CompanyRound closedAmount raisedPost-money valuation
AnthropicMay 28, 2026$65 billion$965 billion
OpenAIMarch 2026$122 billion$852 billion

How Is Anthropic Securing Compute Across Amazon, Google, and Multiple Clouds?

Anthropic has signed infrastructure agreements with Amazon, Google, Broadcom and SpaceX for additional compute, alongside memory-supply partnerships with Micron, Samsung Electronics and SK HynixCITE:E14CITE:E13.

The company's May 28 announcement named Micron, Samsung Electronics and SK Hynix as strategic infrastructure partnersCITE:E13. Anthropic also signed for up to 5 gigawatts of new capacity with Amazon, 5 gigawatts of next-generation TPU capacity with Google and Broadcom, and an agreement with SpaceX for GPU resources on the Colossus 1 and Colossus 2 systemsCITE:E14. Claude became the first top-tier model to run simultaneously on AWS, Google Cloud and Microsoft Azure, with AWS remaining Anthropic's primary cloud and training partnerCITE:E15. Anthropic's chief financial officer, Krishna Rao, said in the company's newsroom announcement that the funding would help the company "address the historic demand" it is experiencing, citing Claude Code and Cowork specificallyCITE:E8.

Where Does Anthropic Rank in This Year's Record AI IPO Wave?

This year's IPO fundraising has reached $256.4 billion, the highest level since 2021, with Anthropic positioned among the AI companies driving that paceCITE:E18CITE:E27.

According to data compiled by Bloomberg, IPO proceeds raised so far this year total $256.4 billion, excluding blank-check companies and other financial instruments — the strongest year for IPO fundraising since 2021CITE:E18CITE:E27.

How Does Anthropic's Leadership Address the Trust Question Around AI?

Anthropic chief executive Dario Amodei has said public resistance to AI reflects a broader "trust crisis" rather than opposition to the technology itselfCITE:E19.

Amodei said that people generally do not trust corporations, governments or the tech industry, and tend to suspect the industry is again devising some new way to take advantage of themCITE:E19. That framing comes as Anthropic's own second-quarter figures remain unsettled: the company has said the numbers are still under discussion and could be revised, and it declined to comment furtherCITE:E5.

What This Means

Anthropic's $65 billion Series H, closed on May 28, already looks conservative set against a run rate that had reached $47 billion that same month and a 14-fold revenue jump the company later described to investors for the following quarterCITE:E12CITE:E6CITE:E20. That growth trajectory is unfolding alongside a compute build-out spanning Amazon, Google, Broadcom, SpaceX and three major memory makers, and a listing timeline that could put Anthropic ahead of both OpenAI and DeepSeekCITE:E14CITE:E13CITE:E11. At the same time, Anthropic's own acknowledgment that its Q2 figures remain under discussion and subject to revision, paired with Amodei's description of AI skepticism as a "trust crisis," places a still-unconfirmed growth story next to a leadership message about earning public confidenceCITE:E5CITE:E19.

📊 Evidence

FAQ

How much did Anthropic's Series H round raise, and at what valuation?

Anthropic closed a $65 billion Series H round on May 28 at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital<CITE:E12>.

When did Anthropic confirm its IPO filing?

Anthropic confirmed on June 1 that it had submitted a draft IPO registration to the SEC, with share count and pricing still undetermined<CITE:E9>.

How does Anthropic's revenue run rate compare with OpenAI's?

Anthropic's run rate passed $47 billion by May 2026, ahead of OpenAI's reported pace of more than $40 billion, though the two companies may calculate the figure differently<CITE:E23><CITE:E16>.

📎 Sources

  1. inside.com.tw
  2. news.cnyes.com
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EffectStory 編輯部Editorial Team

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