Anthropic is showing impressive momentum: the company's annualized revenue run rate has reached $65 billion. This figure is roughly $25 billion higher than that of its direct competitor, OpenAI. I am noting these numbers ahead of a potential Anthropic stock market listing, which, by my estimates, could take place as early as this fall.
In a fresh investor report prepared ahead of the public offering, the company has disclosed key financial metrics. While the annualized revenue run rate stood at around $9 billion at the end of 2025, by May this figure had jumped to $47 billion. The growth is striking: over seven months, it accelerated by 622%. Moreover, in the period from May to July alone, revenue added $18 billion, or 38%.
Quarterly records and a move to profitability
Data for the second quarter deserves special attention. Anthropic's revenue exceeded $11.5 billion, compared with $787 million in the same period a year earlier — a more than 14-fold increase. Compared with the first quarter ($4.73 billion), revenue more than doubled. Notably, the company also turned positive on adjusted operating results, which is crucial for assessing its resilience ahead of the IPO.
Total revenue for 2025 amounted to about $10 billion, confirming the scale of explosive growth this year. For comparison, OpenAI's annualized revenue run rate exceeds $40 billion — roughly double what it was at the end of 2025. However, the gap between competitors is narrowing, and Anthropic is clearly closing in on the leader.
Preparing for the listing
Anthropic has already filed a confidential application with the U.S. Securities and Exchange Commission (SEC) and held initial meetings with potential investors. According to my information, the company could be valued at $2 trillion in the offering. Both companies have not yet officially confirmed these figures, and their calculation methodologies may differ, but the trend is clear.
My analysis: Anthropic's 622% revenue acceleration over seven months is not just statistics, but a signal of a structural shift in the AI market. If the company maintains this pace, its $2 trillion valuation at the IPO looks quite justified, and this could become the largest technology listing of the decade. Investors should closely watch the details of the S-1, especially the cost structure and customer retention.