The Numbers Behind the Hype
Anthropic has shared a striking projection with its investors: the firm expects its annualized revenue to exceed $65 billion.
That figure, known as a run rate, projects current performance across twelve months. It is a quick way to size up a company's momentum, and Anthropic's is hard to miss.
The run rate passed $9 billion in late 2025 and then jumped to $47 billion in May. By the end of July, it had reached $65 billion, according to people with knowledge of the situation.
The quarterly numbers tell a similar story. Anthropic reported preliminary revenue above $11.5 billion for its latest completed quarter, up from $787 million in the same quarter of 2025. The company also posted positive adjusted operating income for that quarter, meaning it made money on its core operations after covering costs like salaries and rent.
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For context, OpenAI recently reported a run rate above $40 billion, according to Bloomberg News, though the two companies may calculate the metric differently.
Anthropic's growth reflects a broader shift in the AI industry. The company's tools, which focus on simplifying complex tasks such as coding, have found a ready market among businesses seeking to automate technical work. That demand has fueled the rapid increase in its run rate, from $9 billion in late 2025 to $65 billion by mid-2026. Meanwhile, the company has been investing heavily in the computing infrastructure required to train and run its models, which explains why its adjusted operating income only recently turned positive.
The Race to Go Public
That kind of growth tends to get attention, and the company is betting it will get attention from public investors too. Anthropic has submitted a confidential filing for a public listing, putting it on a path that is expected to lead to a Wall Street debut this autumn. Rival OpenAI has also filed confidentially, though Anthropic's timing could give it the edge as the first of the two to go public.
Anthropic shared the numbers in a routine update to investors, one source said, and declined to comment.
A confidential filing is a common first step toward a public offering, allowing a company to keep its documents private until closer to a launch. Anthropic's move does not guarantee a listing, but it puts the company on a path that could end with one this autumn.
What This Means for Your Portfolio
For everyday investors, the most direct way to own a piece of Anthropic has been through the companies that back it, or through private market funds. A public listing would change that, opening the door for individual investors to buy in directly.
It would also bring fresh scrutiny. Public markets demand quarterly results, and Anthropic's run rate will be measured against its rivals. The company will need to show it can keep up the pace of growth while managing the costs of building and running the massive computing systems that power its AI tools.
The bigger story is that AI is moving from the lab to the balance sheet. Anthropic built its name on tools that simplify complex work like coding, and that focus has turned it from an underdog into a serious contender. For anyone watching their portfolio, the takeaway is simple: the AI trade is no longer just a story about promises. It is starting to look a lot like a business.
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