Anthropic is heading for the largest market debut on record, and the numbers behind that plan keep getting bigger. The company’s annualized revenue run rate passed $65B at the end of July, according to Bloomberg, after climbing roughly $18B in two months.
A run rate extrapolates a full year from a recent short period, so it is a projection rather than booked revenue. The pace still marks a steep climb from $47B in May and about $9B at the close of 2025, and the Financial Times says investors expect the lab to finish 2026 between $100B and $120B.
OpenAI, by contrast, doubled its run rate to $40B from $20B at the end of last year, per a Bloomberg report last week. Accounting may differ between the two labs, but Anthropic’s growth curve has captivated investors more than its rival’s.
Both companies have filed confidential IPO paperwork, with Anthropic expected to hit public markets first, possibly as soon as this fall. A listing at $2T or more, the valuation the FT says the company will seek, would be the biggest debut ever. That target builds on a late-May private round of $65B that set a $965B valuation.
The stakes for the wider industry are plain: public investors will soon price whether frontier-lab growth can outrun the astronomical cost of the compute behind it.
