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Anthropic annualized revenue reached $65 billion in July, surpassing OpenAI's $40 billion run rate

· by Pondero Newsdesk

The short version

Anthropic's annualized revenue pace hit $65 billion at the end of July 2026, up from $9 billion at end of 2025, putting it above OpenAI's $40 billion run rate ahead of a planned Nasdaq IPO.

Anthropic annualized revenue reached $65 billion in July, surpassing OpenAI's $40 billion run rate

Anthropic's annualized revenue run rate hit $65 billion at the end of July 2026, per TechCrunch reporting citing Bloomberg published August 17. That number puts the Claude maker's revenue pace above OpenAI's $40 billion annualized figure, a position that did not exist seven months ago.

What happened

The $65 billion figure is a run rate, an annualized projection based on recent monthly revenue, not a booked full-year total. The trajectory makes the scale of the shift clear: Anthropic's run rate stood at $9 billion at end of 2025, climbed to $47 billion in May 2026, and reached $65 billion by end of July, per TechCrunch. That is roughly a 7x increase in seven months.

OpenAI's run rate doubled over roughly the same period, from $20 billion at end of 2025 to approximately $40 billion, per the same reporting. TechCrunch noted that the two companies may calculate their revenue metrics differently. Anthropic did not respond to TechCrunch's request for comment.

Investor projections cited in the same reporting put Anthropic's full-year 2026 revenue at $100 billion to $120 billion if the current pace holds.

Anthropic was last privately valued at $965 billion in late May 2026 during a $65 billion fundraising round. The company filed a confidential draft S-1 in June 2026 and is targeting a Nasdaq listing as soon as this fall, per TechCrunch. The reported valuation target is $2 trillion or higher, which would make it the largest market debut on record.

Why it matters

The $65 billion figure flips a narrative: Anthropic, which started 2025 at $9 billion in annualized revenue, now sits above OpenAI's pace in the same metric. For anyone deciding which AI API vendor to commit to at scale ahead of an IPO, that reversal changes the conversation.

The IPO valuation math is concrete: a $2 trillion target against a $65 billion run rate implies roughly 31x revenue. That multiple is high by conventional standards. But the run rate moved from $9 billion to $65 billion in seven months. Investors pricing the offering are betting on how much of that acceleration holds into 2027.

The revenue trajectory also provides context for Anthropic's Sonnet 5 price freeze, announced August 10, which locked API rates at $2/$10 per million tokens permanently. A company growing at this pace can hold its API prices and still expand unit economics through volume. Teams that built cost models around an Anthropic price increase in September no longer need them.

What to watch next

Anthropic's public S-1 filing will determine whether the October IPO window holds and what it discloses about profitability. The company has previously reported substantial losses. Whether OpenAI releases updated run-rate figures before its own 2027 IPO timeline will shape how investors compare the two companies. Either company crossing the $80 billion or $100 billion annualized mark before year-end sets the next public benchmark.

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