Analysis
Anthropic's annualized revenue run rate climbed to $65 billion at the end of July, according to an investor update the company sent over the weekend and reported by CNBC. That is up from $47 billion in May and roughly $9 billion at the end of 2025 -- a sevenfold increase in about seven months. Anthropic's most recent quarter alone brought in more than $11.5 billion, against $787 million in the same period a year ago.
The timing is not incidental. Anthropic confidentially filed its IPO prospectus with the SEC in June and, per Bloomberg, is now holding preliminary meetings with prospective investors ahead of a listing expected in September or October, with Morgan Stanley, Goldman Sachs and JPMorgan working the deal. Sharing a run-rate figure with investors mid-quarter, rather than waiting for a quarterly close, is standard pre-IPO choreography: it lets bankers pitch a growth number to anchor investors before the roadshow starts and gives the company a chance to reset the narrative if the number ever slows down.
The revenue mix behind the number
Anthropic's growth has been driven by enterprise API usage -- Claude Code and Claude's agentic coding products in particular have become the fastest-growing line inside the company, competing directly against OpenAI's Codex and a fast-moving field of open-weight coding models out of China. The company is projecting 2028 revenue of $190 billion to $200 billion, a forecast so far ahead of current run rate that it is effectively the valuation pitch itself: bankers will build the IPO price off the credibility of that curve, not off trailing twelve-month numbers.
The number invites obvious skepticism. Run-rate figures are monthly or weekly revenue multiplied by twelve, which means they capture the best week of the quarter and project it forward as if every future week matches it. Anthropic's own trajectory shows how much that assumption can move -- $47 billion in May to $65 billion in July is a jump too large to be pure organic usage growth without new enterprise contracts, price changes, or accounting adjustments layered in. None of that makes the number fake, but it does mean the IPO prospectus, when it becomes public, is the document that will show whether $65 billion translates into GAAP revenue anyone can underwrite.
What to watch next is whether OpenAI, expected to file its own S-1 around the same window, discloses a comparable run-rate figure before Anthropic's roadshow starts -- the two companies are now effectively pricing each other's IPOs in real time.