Anthropic reported a 14-fold surge in revenue during the second quarter, reaching over $11.5 billion. The result comes ahead of the company's initial public offering.

Financial Performance

The company’s top-line growth indicates accelerating commercial traction in the artificial intelligence sector prior to its public listing.

What the Numbers Show

The magnitude of the revenue expansion suggests a rapid scaling of operations and customer adoption as Anthropic prepares for its IPO.

Anthropic is reportedly in discussions to acquire artificial intelligence startup Decart AI for approximately $6 billion, a move that would represent the company’s largest acquisition to date. According to sources familiar with the matter, the potential deal is designed to strengthen Anthropic’s existing computing infrastructure, enabling the firm to handle greater demand for its services.

The acquisition targets Decart’s technical capabilities, with the startup’s team slated to join Anthropic’s inference and performance organization. However, sources cautioned that the deal is not finalized and could be subject to change or ultimately fall through.

Deal Context and Valuation

Decart was co-founded in 2023 by Dean Leitersdorf, Moshe Shalev, and Orian Leitersdorf. Headquartered in San Francisco, the firm specializes in real-time, low-latency generative video and interactive world models, including products named Oasis and Lucy, alongside the Decart Optimization Stack (DOS).

The startup has seen rapid valuation growth, raising $300 million in a Series B funding round in May led by Radical Ventures and Jordan Jacobs. This round brought Decart’s total funding to more than $450 million, with participation from Nvidia Corp, Valor Equity Partners, Adobe Ventures, and Atreides Management. Existing investors Sequoia Capital, Benchmark, and Zeev Ventures also participated.

The May funding round pushed Decart’s valuation to nearly $4 billion, up from $3.1 billion in August 2025. Bloomberg noted that Israeli media outlet Calcalistech had previously reported Decart was allegedly holding acquisition discussions with SpaceX; however, Elon Musk refuted this claim on X, calling it "fake news."

Anthropic’s Market Outlook

Anthropic is reportedly on the brink of a market debut, with predictions of a $2 trillion or more valuation in its forthcoming October IPO. Supporters of Anthropic argue that strong demand for its advanced AI models and tools justifies these lofty expectations. Forecasts suggest the company’s annual revenue could reach $100 billion to $120 billion by the end of 2026, representing more than a tenfold increase over the year.

CNBC commentator Jim Cramer defended the reported $2 trillion IPO valuation, arguing it is justified by strong revenues rather than indicative of a market bubble. Cramer pushed back against criticism by focusing on revenue growth and highlighting sustainable high multiples for fast-scaling AI companies.