Anthropic’s annualized revenue run rate reached $65 billion at the end of July 2026, up from $47 billion in May and $9 billion at the end of 2025, according to Bloomberg. The company’s investors expect the same growth rate to continue, projecting a finish between $100 billion and $120 billion for the full year, per the Financial Times. Meanwhile, Bloomberg reported that OpenAI doubled its revenue to $40 billion, from $20 billion at the end of 2025. The two companies may calculate revenue metrics differently, but Anthropic’s growth rate has drawn stronger investor interest.

Both companies have filed confidential IPO paperwork. Anthropic is expected to go public ahead of OpenAI, possibly as soon as fall 2026, seeking a valuation of $2 trillion or more, which would make it the largest market debut on record. Anthropic was last valued at $965 billion in late May 2026, when it raised a $65 billion funding round.