Anthropic's annualized revenue run rate reached $65 billion at the end of July, roughly $25 billion more than OpenAI's, according to figures the company shared in a routine investor update. The jump comes as Anthropic prepares for a public listing that could land as soon as this fall.
The growth spurt
The run rate has expanded 622% since late 2025, when it sat at about $9 billion. It crossed $47 billion in May, then added another $18 billion in just two months, a 38% gain. Preliminary second-quarter revenue topped $11.5 billion, up from $787 million in the same quarter last year. That's more than double the first quarter's $4.73 billion.
The company also posted positive adjusted operating income for the second quarter, a milestone for a firm that burned cash heavily in earlier years. For all of 2025, Anthropic generated about $10 billion in total revenue, according to financial figures cited by CNBC.
The gap with OpenAI
OpenAI is on track for a run rate above $40 billion, roughly double its level at the end of 2025. Anthropic's $65 billion puts it about $25 billion ahead. The gap reflects Anthropic's accelerating sales growth, driven largely by enterprise demand for its Claude models and API services.
The road to an IPO
Anthropic filed a confidential prospectus with the SEC in June and has held preliminary investor meetings. The Financial Times reports that investors expect the company to float at a valuation of $2 trillion. A Wall Street debut could come as soon as this fall, according to Bloomberg.
The company hasn't set an official date, but the investor update and prospectus filing point to a fast-moving process. The fall IPO timeline hinges on market conditions and regulatory review, but the $2 trillion valuation expectation gives Anthropic a clear target. Investors will be watching for the official listing date and any pricing details in the coming weeks.
