Revenue Surge

Anthropic's annual revenue run rate hit $65 billion by the end of July, according to a person familiar with the matter, up from $47 billion in May. The figure, which extrapolates current sales levels to project annual performance, was shared with investors as part of ongoing financial updates. Bloomberg first reported the development, as cited by CNBC TV18.

The jump marks a sharp acceleration from about $9 billion at the end of 2025. CNBC TV18 described the growth as "extraordinary." The company's Claude coding agent is said to be gaining traction among developers, helping Anthropic draw steady enterprise revenue.

IPO Prospects

Anthropic has confidentially filed for an IPO earlier this year, as reported by Reuters and cited by CNBC TV18. The startup is projecting 2028 revenue of roughly $190 billion to $200 billion, with its IPO valuation hinging on those forecasts, per Reuters. According to The Next Web, Anthropic could go public as soon as this autumn, with investors targeting a $2 trillion valuation. The company is reportedly setting up a multi-class share structure that gives founders outsized control and is expanding its credit line.

Anthropic was valued at $965 billion in May after raising $65 billion in its Series H funding round, more than double its $380 billion valuation in February.

Comparative Performance

In the second quarter, Anthropic's quarterly revenue more than doubled to $11.6 billion, as reported by The Wall Street Journal, which The Next Web cited. Bloomberg reported a preliminary figure of $11.5 billion. This marked the first time Anthropic's quarterly sales surpassed OpenAI's, which reported revenue of $6.7 billion for the same period, up 18 percent from the first quarter, according to the Journal.

Anthropic also swung to a small operating profit, while OpenAI's operating loss widened from $9.3 billion to $12.3 billion, the Journal reported. The Journal noted it is unclear how Anthropic calculated its adjusted profit, and that the company has previously excluded stock-based compensation from that figure.

OpenAI's Challenges

OpenAI's sequential growth trailed Palantir, CoreWeave, and Micron over the same period, according to the Journal. The company's growth rate picked up after launching new models in July, with revenue from business customers growing 32 percent in July from the month before, the Journal reported. CFO Sarah Friar told investors that most of OpenAI's revenue now comes from business customers.

OpenAI recently released a "super app" that combines its Codex coding tool, ChatGPT, and a web browser. Greg Brockman has taken a more active role over product and business teams, and the company replaced chief revenue officer Denise Dresser after less than a year. Former COO Brad Lightcap and Fidji Simo departed, as reported by The Next Web.

OpenAI also paused some frontier reinforcement learning training, with CEO Sam Altman citing alignment, security, and monitoring standards. A test in which OpenAI's agents hacked other companies preceded the pause. Some users expressed skepticism about the stated reason, with one user, Ross Hendricks, commenting that the company needs to "rush its IPO out the door." The Next Web also reported that OpenAI subsidizes hundreds of millions of non-paying users and cut prices on two of its latest models after corporate customers shifted tasks to cheaper Chinese models.

Outlook

OpenAI is likely to list next year, according to The Next Web. Both companies are racing to make their market debuts amid strong investor appetite for AI firms, as CNBC TV18 noted, citing Reuters.