The artificial intelligence market is undergoing a tectonic shift. Anthropic, one of the key players in the generative model race, has recorded an annual revenue run rate of $65 billion. This figure already surpasses that of its direct competitor, OpenAI, by $25 billion. The numbers presented in a fresh report for investors paint a picture of rapid expansion that is fundamentally reshaping the balance of power in the industry.
The data was disclosed ahead of a potential stock market listing. In my estimation, the offering could take place as early as this autumn, and the market is awaiting it with great interest.
622% Growth: From $9 Billion to $65 Billion in Seven Months
The key metric here is the run rate—a projection of revenue over twelve months assuming the current sales pace is maintained. At the end of 2025, this figure for Anthropic stood at around $9 billion, and by May it had already reached $47 billion. Thus, over seven months, growth hit an impressive 622%. Notably, from May to July alone, revenue added $18 billion, or 38%.
The second-quarter dynamics deserve special attention. Revenue for this period exceeded $11.5 billion, compared to a modest $787 million a year earlier. That is more than a 14-fold year-over-year increase. The comparison with the first quarter ($4.73 billion) is also striking—revenue more than doubled. Moreover, the company turned positive on an adjusted operating basis, which, for such a fast-growing player, is a strong signal of financial stability.
OpenAI Lags Behind: $40 Billion and a Double Gap
For comparison, OpenAI's annual revenue run rate exceeds $40 billion—roughly double its figures from the end of 2025. However, the gap between the companies is becoming evident: $65 billion versus $40 billion. It is important to emphasize that neither corporation officially confirms these figures, and calculation methodologies may differ. Nevertheless, the trend is clear: Anthropic is ramping up monetization faster than its main competitor.
Anthropic's total revenue for 2025 was around $10 billion, making the current pace even more telling.
IPO on the Horizon: A $2 Trillion Valuation
In June, the company filed a confidential application with the U.S. Securities and Exchange Commission (SEC) and has already held initial meetings with potential investors. Based on available information, Anthropic's valuation at the offering could reach $2 trillion. This would make the IPO one of the largest in the history of the technology sector.
My view: rapid revenue growth and a move to operating profitability are powerful arguments for investors. However, a $2 trillion valuation implies that the market is pricing in the continuation of current growth rates over the long term. Amid fierce competition and high computing costs, this is an ambitious but not unfounded scenario. The key factor will be Anthropic's ability to maintain leadership in model quality and expand corporate adoption. The autumn IPO promises to be the biggest event of the year for the entire AI industry.