Anthropic’s $65B revenue run rate could reset how AI firms are valued

Anthropic has quickly ramped up its sales, such that it is expected to impact the mathematics of the larger AI space. As of the end of July, its projected revenues exceeded $65 billion while investment bankers have started viewing its initial public offering as a precedent for other companies waiting for a listing to be able to set the terms of valuation for other big AI businesses.

This is significant since Anthropic is predicted to go public before OpenAI, perhaps this autumn. Investment banks have informed both firms that whoever is the first to go public is going to “create a model for the entire industry.” Anthropic is looking for a valuation over $2 trillion, making it the biggest IPO in history.

A run rate that tripled in seven months

Investors continue to use the growth curve as a measure. At the end of 2025, Anthropic had almost $9 billion in run rate, or the estimate for future annual revenue based on recent history. It increased to $47 billion in May and reached $65 billion in late July. According to Anthropic itself, in an announcement in May, “our run-rate revenue crossed $47 billion earlier this month.”

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