AI Disruption

AI Disruption

Anthropic Overtakes OpenAI at $65B Run Rate, Eyes $2T IPO

Anthropic's annualized revenue hits $65B, surpassing OpenAI, as IPO valuation talks reach $2T. Revenue surged $18B in two months.

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Meng Li
Aug 20, 2026
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On May 28, when Anthropic completed its Series H funding round, its annualized revenue run rate had just crossed $47 billion. By the end of July, that figure had already exceeded $65 billion.
In a little over two months, it increased by $18 billion.

This new set of data comes from Anthropic’s regular updates to investors. The company has not publicly commented. Bloomberg obtained the figures from people familiar with the matter and from investor materials. Investors subsequently discussed a valuation of $2 trillion for a potential IPO.

$65 billion is an annualized run rate

The $65 billion should not be treated as money Anthropic has already received this year. An annualized revenue run rate takes revenue from a recent period and extrapolates it over a full year at the same pace. It is useful for seeing how fast the company is currently running, but it is not a substitute for full-year revenue.

This calculation is highly sensitive to the most recent month. If large customers sign contracts in concentrated fashion, or if a particular channel suddenly scales up in one month, the annualized number rises immediately; if subsequent months fail to keep up, it can drop. Anthropic has not disclosed July revenue details, so outsiders can currently only see the extrapolated run rate.

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