Anthropic, the maker of the Claude artificial intelligence model, reported that its annualized revenue run rate reached $65 billion by the end of July. The figure represents a sevenfold increase from the same period a year earlier and signals accelerating commercial adoption of its enterprise products ahead of a potential public listing.

The company shared the updated metrics with investors over the weekend, according to reports citing sources familiar with the matter. This latest run rate is also significantly higher than the $47 billion figure Anthropic reported in May, indicating rapid month-on-month growth in its top line.

Revenue Acceleration and Enterprise Demand

In addition to the annualized run rate, Anthropic disclosed preliminary revenue for the second quarter of $11.5 billion. This quarterly figure marks a roughly 14-fold increase compared to the same period in the prior year.

The surge in revenue is driven largely by growing demand from businesses utilizing Claude for coding, research, automation, and other enterprise applications. This performance places Anthropic ahead of rival OpenAI, whose annualized revenue was reported at approximately $40 billion.

What the Numbers Show

The divergence between the Q2 preliminary revenue and the annualized run rate highlights the velocity of Anthropic's recent growth. While the Q2 revenue of $11.5 billion suggests a strong start to the half, the jump from a $47 billion run rate in May to $65 billion in July indicates that monthly revenue growth is outpacing the linear projection of earlier quarters. This acceleration underscores the intensifying competition in the generative AI sector, where Anthropic is now leading in reported revenue scale against key competitors.

IPO Preparations and Valuation

The financial results come as Anthropic prepares for a possible debut on public markets. The company confidentially submitted a draft S-1 registration statement to the Securities and Exchange Commission in June, providing it with the option to go public depending on market conditions.

Anthropic was valued at $965 billion in its latest major funding round, setting high expectations for its initial public offering. However, the company faces ongoing regulatory and government-related challenges, including disputes over the use and export of its AI models. Recent reports indicate that Anthropic projects revenue between $190 billion and $200 billion by 2028.

Anthropic, led by Dario Amodei, filed a draft Form S-1 with the U.S. Securities and Exchange Commission on June 1, marking the first step toward its initial public offering. This filing preceded Sam Altman’s OpenAI, which submitted its confidential Form S-1 a week later. While the filings generated significant market interest regarding the timing of the debuts, recent data from prediction markets suggests uncertainty about the immediate timeline for Anthropic’s public listing.

Prediction Market Signals

Polymarket, a prediction platform built on Polygon that uses the USDC stablecoin for wagering, tracks the likelihood of Anthropic’s IPO through specific contracts. Over $1.56 million has been bet on the "Anthropic IPO by __?" contract to date.

The probability of an imminent public debut has declined sharply. Bettors currently assign a 2% probability to Anthropic going public by September 15, 2026, representing a 33% drop in odds. The chance of a listing by September 30, 2026, stands at 11%, down 75%. Conversely, confidence increases for later dates: odds rise to 70% for October 31, 2026 (up 27%) and peak at 85% for December 31, 2026, indicating market belief that the company will go public within the calendar year.

OpenAI Delays Debut

In contrast to Anthropic’s filing progress, OpenAI may not make its public debut this year. Reports indicate that OpenAI has delayed its IPO to next year after being advised to wait out volatile market conditions. This decision comes as investors closely monitor the post-listing performance of other high-profile technology companies, including SpaceX.

Valuation Context

Investment bankers are constructing a valuation framework for Anthropic that anticipates annual revenues between $190 billion and $200 billion by 2028. This long-term forecast significantly exceeds the company's updated annualized revenue run rate of more than $65 billion, which has surpassed the approximately $47 billion reported in May. Bankers are applying enterprise value-to-revenue multiples based on these forward-looking estimates in preparation for the offering.

Anthropic's revenue growth has accelerated rapidly. The run rate stood at approximately $9 billion at the end of 2025 before climbing to more than $47 billion by May. For the second quarter of 2026, Anthropic expects revenue of at least $10.9 billion, more than double the previous quarter. This performance places the company on track to report its first operating profit, estimated at $559 million.

Comparable Valuation Benchmarks

Bankers reference publicly traded companies such as Palantir Technologies Inc. (NASDAQ: PLTR), Cloudflare Inc. (NYSE: NET), and Space Exploration Technologies Corp (NASDAQ: SPCX) to establish valuation multiples. According to LSEG data cited by Reuters, Palantir trades at 53 times expected 2026 revenue, while Cloudflare trades at 41.6 times. SpaceX serves as a reference for companies valued primarily on future growth potential rather than current earnings.

Market Skepticism

Despite bullish projections, market participants express caution regarding valuation sustainability. David Merkel, a principal at Aleph Investments, questioned whether the underlying mathematics supports a potential $2 trillion valuation over time. He noted uncertainty about whether artificial intelligence produces sufficient additional productivity to justify current price premiums, stating, "Could they get a $2 trillion valuation, yeah they could, and I just wonder if it would stay there over time."

What the Numbers Show

The divergence between Anthropic's current run rate of more than $65 billion and its 2028 forecast highlights aggressive growth assumptions embedded in the IPO valuation case. While the company achieved a tenfold annual increase in revenue run rate for three consecutive years through early 2026, the projection to reach $200 billion by 2028 implies continued exponential scaling. The reliance on comparables like SpaceX, which are valued on future potential rather than current earnings, suggests that the valuation model prioritizes long-term market capture over near-term profitability metrics.