Investor update puts run rate at $65B before IPO

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, according to Bloomberg, which first reported the figure, and CNBC, which confirmed it on Monday.

At a glance

• Anthropic's weekend update to investors also carried a preliminary second-quarter revenue figure of $11.5 billion, a fourteenfold jump from a year earlier, according to a source cited by CNBC.
• The trajectory runs from roughly $10 billion of revenue across all of 2025 to a $47 billion run rate disclosed in May and $65 billion at the end of July.
• Anthropic filed its prospectus confidentially with the Securities and Exchange Commission in June and has been holding preliminary meetings with potential investors, making the revenue update part of the run-up to a listing.

The numbers read as an argument aimed at a specific audience: Anthropic carries a $965 billion valuation into an IPO process, and a run rate seven times higher than a year ago is the simplest way to defend it. The timing matters because the disclosure lands while the relationship with the Trump administration appears unsettled after a June export control episode that briefly took two flagship models offline.

The $65 billion figure went to investors in a weekend update

According to three people familiar with the matter, Anthropic shared the figure in an update sent to investors over the weekend, with the sources asking not to be named because the details are confidential. Bloomberg reported the $65 billion figure first, and CNBC confirmed it on Monday.

According to a source cited by CNBC, the same update included a preliminary revenue figure of $11.5 billion for the second quarter, a fourteenfold increase from a year earlier. In May, Anthropic said its run rate had topped $47 billion, compared with roughly $10 billion of revenue for all of 2025.

An annualized run rate extrapolates a recent period across twelve months, so it stands ahead of revenue actually booked over a completed year. The roughly $10 billion recorded across 2025 and the $65 billion annualized pace at the end of July are therefore different measurements.

Anthropic is carrying a $965 billion valuation into the IPO process

Anthropic confidentially filed its prospectus with the Securities and Exchange Commission in June, and it has since been holding preliminary meetings with potential investors, ahead of what is expected to be a blockbuster IPO for one of the largest privately held companies in artificial intelligence.

According to CNBC, Anthropic is looking to justify a $965 billion valuation and to show continued momentum to investors even in the face of notable disruptions to its business. At chief rival OpenAI, the annualized revenue run rate recently hit $40 billion, CNBC reported last week.

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

In June, Anthropic temporarily disabled access to Claude Fable 5 and Mythos 5, its two most advanced models, in order to comply with an export control directive from the government that cited "national security authorities". The models were restored after roughly two weeks of tense negotiations.

Earlier this year, the Pentagon blacklisted Anthropic after discussions about how the military could use its models spiraled out of control, according to CNBC. The resolution of the June episode did little to ease concerns about Anthropic's relationship with the Trump administration, the outlet reported.

In a June blog post, Anthropic thanked users for bearing with the disruption and credited the researchers and industry partners who worked alongside it to make Fable 5 and Mythos 5 available again. On the government relationship, the post said:

We look forward to deepening our government collaboration.

No timeline for the debut

Anthropic has not officially provided a timeline for its market debut. The prospectus filed with the Securities and Exchange Commission in June was submitted confidentially, and preliminary meetings with potential investors have been going on alongside it, with no announced date for a listing. The $11.5 billion second-quarter figure remains preliminary, and a final number for the quarter has not been given.