Anthropic’s annualized revenue run rate surpassed $65 billion at the end of July, up from $47 billion in May and only $9 billion at the end of last year, according to Bloomberg and the Financial Times. The artificial intelligence firm’s revenue is not only growing at a historic pace but accelerating, with investors projecting full-year 2026 revenue between $100 billion and $120 billion.
The surge has positioned Anthropic for a potential initial public offering as soon as this fall, with a valuation that could exceed $2 trillion. The company was last valued at $965 billion in late May, when it raised a $65 billion round from investors including Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.
Anthropic’s growth is outpacing rival OpenAI, which doubled its revenue to $40 billion from $20 billion at the end of 2025. Ramp’s July AI Index showed Anthropic ahead of OpenAI in U.S. enterprise adoption, with 43.5% of American companies paying for Anthropic subscriptions or tokens compared with 39.7% for OpenAI.
Both Anthropic and OpenAI have filed confidential IPO paperwork, but Anthropic is expected to reach public markets first. Investment bankers have told the companies that the first to go public will "create a model for the entire industry," and banks are reportedly pricing Anthropic on forward revenue projections rather than current income—an approach that could reset how AI firms are valued more broadly.
For crypto markets, the news is primarily a technology-sector development rather than a direct crypto catalyst. Still, it may influence sentiment around artificial intelligence-linked digital assets and broader risk appetite given the scale of the potential listing.
