Anthropic Revenue Run Rate Hits $65 Billion. The Claude Maker Is Outpacing OpenAI Ahead of Its IPO.

Anthropic's annualized revenue run rate surged to $65 billion at the end of July, marking a sevenfold increase from a year earlier as the artificial intelligence company races toward a potentially massive initial public offering.

The Claude maker disclosed the figure in an update to investors over the weekend, CNBC reported Monday, citing three people familiar with the matter who requested anonymity because the information is confidential. Bloomberg first reported the $65 billion figure.

Anthropic confidentially filed its prospectus with the Securities and Exchange Commission in June and has since begun preliminary meetings with potential investors. The company has not publicly announced a timeline for its market debut.

Its latest financial figures underscore how quickly the business is expanding. Anthropic generated preliminary revenue of $11.5 billion during the second quarter, according to a source cited by the outlet. That represents a 14-fold increase from the same period a year earlier.

The acceleration has been particularly sharp in recent months. In May, Anthropic said its annualized revenue run rate had surpassed $47 billion. The company generated roughly $10 billion in actual revenue during all of 2025.

At $65 billion, Anthropic's July run rate is nearly 40% higher than the level it reported just two months earlier. The figure also puts Anthropic ahead of chief rival OpenAI on that particular measure. OpenAI's annualized revenue run rate recently reached $40 billion, CNBC reported last week.

Annualized run rate is not the same as annual revenue. It extrapolates recent revenue performance over a full year and can therefore change significantly if growth accelerates or slows.

Still, the metric has become an important indicator for investors trying to value rapidly expanding AI companies whose businesses are changing faster than traditional annual financial results can capture.

For Anthropic, demonstrating sustained growth is particularly important as it seeks to justify a valuation of $965 billion ahead of its anticipated IPO. The company has benefited from surging enterprise demand for Claude, but its growth has come alongside unusual political and regulatory disruptions.

In June, Anthropic temporarily disabled access to two of its most advanced AI models, Claude Fable 5 and Mythos 5, to comply with a U.S. government export control directive that cited national security authorities. However, access was restored roughly two weeks later following negotiations with the Trump administration.

Following the resolution of the June dispute, Anthropic sought to signal that it remained interested in working with Washington. "We look forward to deepening our government collaboration," the company said in a June blog post, while thanking users, researchers and industry partners who helped make Fable 5 and Mythos 5 available again.