Anthropic tells investors its revenue run rate hit $65B in July

Anthropic’s annualized revenue run rate reached $65 billion at the end of July, Bloomberg reported on Monday, citing people familiar with the figures. That’s more than sevenfold the pace the company was running at the end of last year.

A run rate isn’t a year of sales. It projects a full year from a recent, shorter stretch, so it moves quickly in both directions. Anthropic’s trail shows how quickly: the figure topped $9 billion in late 2025, crossed $47 billion in May, and hit $65 billion by the end of July.

Period	Annualized revenue run rate
End of 2025	$9 billion
May 2026	$47 billion
End of July 2026	$65 billion
End of 2026, investor projection	$100 billion to $120 billion

But the quarterly number is where that curve turns into cash. Anthropic reported preliminary revenue of more than $11.5 billion for its latest completed quarter, against $787 million in the same period of 2025, according to documents seen by Bloomberg. The company also reported positive adjusted operating income for the quarter.

That matters because of the comparison everyone reaches for. OpenAI’s run rate recently passed $40 billion, up from $20 billion at the end of 2025, and we covered the point where its enterprise revenue overtook consumer. Both Bloomberg and TechCrunch warn the two firms may not measure the metric the same way, so treat the gap as directional rather than exact.

The open question is what public markets pay for a curve like that. Anthropic was last valued at $965 billion in late May, when it raised a $65 billion round. Six of its backers told the Financial Times they expect it to seek $2 trillion or more, as PYMNTS reported, which would be the largest market debut on record. It’s worth remembering what a private valuation actually measures before treating that as a price.

The counter-reading sits in the same FT reporting. Anthropic’s leading model costs more than two and a half times as much to use as OpenAI‘s flagship, and some companies are already capping AI spending or moving to cheaper models. Senior executives haven’t set an IPO valuation target even in private, according to that account, so the $2 trillion figure is investor modelling.

Policy is the other drag, and it’s the one that already showed up in the numbers. A temporary Commerce Department ban on Anthropic’s leading models contributed to slower revenue growth in June, though investors said business later rebounded. The company’s own account is narrower and more precise: the US government applied export controls to Claude Fable 5 and Claude Mythos 5 on June 12, lifted them on June 30, and Fable 5 returned globally on July 1.

We’re also grateful to our users for bearing with us through this disruption, and to the researchers and industry partners who worked alongside us to make Fable 5 and Mythos 5 available again.

Anthropic, Redeploying Fable 5, 30 June 2026

None of it comes from a public filing yet. Anthropic filed its prospectus confidentially with the Securities and Exchange Commission in June and has been holding preliminary meetings with potential investors, CNBC reported, without giving a timeline for a debut. The company declined to comment on the revenue figures.

So the thing to watch is the public version of that filing, which is still unscheduled. Every number above comes from a private investor update or a document shown to reporters, so the public filing is the first place anyone outside Anthropic can check them.