Anthropic Annualized Revenue Tops $65 Billion, Could Launch Trillion-Dollar IPO as Soon as Fall

TradingKey - On August 17, Eastern Time, according to a Bloomberg report, Anthropic disclosed to investors that as of the end of July, its annualized revenue had reached $65 billion, a more than sevenfold increase from the end of last year.

[Source: X]

Previously, Anthropic's annualized revenue in May this year was approximately $47 billion, meaning it grew by nearly 40% in just two months. Internal documents obtained by media show that the company's actual revenue in the second quarter exceeded $11.5 billion, a roughly 14-fold increase from about $787 million in the same period of 2025, and achieved positive adjusted operating profit for the first time.

The shift to profitability provides key support for its listing plans. Anthropic confidentially filed for an IPO with the U.S. Securities and Exchange Commission in June, and is expected to list on the U.S. stock market as early as late September or early October this year.

According to a Financial Times report, investor valuation expectations have reached $2 trillion or higher, potentially surpassing the $1.77 trillion record set by SpaceX in June this year to become the largest IPO in history.

Investors expect Anthropic's annualized revenue to reach $100 billion to $120 billion by the end of 2026. Reuters cited two sources familiar with the company's financials as saying that Anthropic expects its 2028 revenue to reach about $190 billion to $200 billion, roughly four times its May annualized revenue of $47 billion.

By comparison, as of the end of July, OpenAI's annualized revenue was about $40 billion, roughly 60% of Anthropic's. Both companies have confidentially filed IPO filings, but the market expects Anthropic to go public first.

Analysts pointed out that Anthropic's strategy of betting on enterprise AI tools and coding scenarios is yielding results, with its revenue growth rate outpacing OpenAI, which focuses on the consumer market.

Based on a $2 trillion valuation, its price-to-sales ratio significantly exceeds conventional levels in the tech industry. Quarterly financial report data following the IPO will be the true test of this round of AI valuations.