Anthropic's run rate hits $65B, sevenfold in a year

Anthropic told investors that its annualized revenue run rate reached $65 billion at the end of July, seven times the level of a year earlier. Bloomberg was first to report the figure, and CNBC confirmed it on Monday through three people familiar with the weekend investor update.

At a glance

• The same update carried a preliminary second-quarter revenue figure of $11.5 billion, a 14-fold increase on the same period a year earlier, according to a person familiar with the matter.
• Anthropic filed its prospectus confidentially with the Securities and Exchange Commission in June and has since been holding preliminary meetings with potential investors ahead of an expected listing.
• In June the company temporarily disabled access to Claude Fable 5 and Mythos 5 under a government export control directive citing national security authorities, restoring both after roughly two weeks of negotiations.

The figure appears to be doing double duty ahead of a listing: it underpins a $965 billion valuation and it answers a year in which two flagship models went dark for two weeks and the Pentagon blacklisted the company. Growth of that shape, from roughly $10 billion booked in 2025 to a $65 billion pace in July, is the kind of curve that likely carries more weight with public-market investors than any single product launch.

Anthropic booked about $10 billion in revenue for all of 2025

The company generated roughly $10 billion in revenue across the whole of 2025, and in May it said its annualized run rate had topped $47 billion. The $65 billion figure for the end of July is a sevenfold increase on the run rate a year earlier, and the preliminary second-quarter revenue of $11.5 billion is a 14-fold jump.

CNBC describes Anthropic as having seen its enterprise popularity surge. At OpenAI, the annualized revenue run rate recently hit $40 billion, CNBC reported last week. Anthropic stated the May figure publicly, while the July number came in an investor update whose details three people familiar with it described as confidential.

The prospectus went to the SEC confidentially in June

Anthropic filed its prospectus with the Securities and Exchange Commission in June, and the filing was confidential. The company has been holding preliminary meetings with potential investors, and CNBC has reported that financials are not being discussed in those early meetings.

According to CNBC, Anthropic is looking to justify its $965 billion valuation and show continued momentum to investors even in the face of notable disruptions to its business, including a federal export control directive in June. Anthropic was blacklisted by the Pentagon earlier this year after discussions about how the military could use its models spiraled out of control.

Claude Fable 5 and Mythos 5 were offline for roughly two weeks in June

In June, Anthropic temporarily disabled access to the two models to comply with an export control directive from the government that cited national security authorities. Both returned after roughly two weeks of tense negotiations, and CNBC reports that the resolution did little to ease concerns about the company's increasingly fraught relationship with the Trump administration.

Anthropic addressed the episode in a June blog post, saying it looked forward to deepening its collaboration with the government. The same post thanked users, researchers and industry partners for their part in bringing the two models back online after the June suspension:

We're also grateful to our users for bearing with us through this disruption, and to the researchers and industry partners who worked alongside us to make Fable 5 and Mythos 5 available again.

The listing timeline is unset

Anthropic has not officially provided a timeline for a debut, and the prospectus filed in June remains confidential, so no listing window is on the record. The second-quarter revenue of $11.5 billion is preliminary, which leaves the $65 billion run rate at the end of July as the most recent figure investors have been given.