Anthropic’s annualized revenue run rate surged past $65 billion by the end of July, and the AI company is preparing an initial public offering that could match or exceed the record set by SpaceX’s stock debut earlier this year, according to Bloomberg, which cited people familiar with the matter.
A sevenfold jump in months
The annualized run rate — a projection based on current monthly revenue — has grown more than sevenfold since the end of 2025, when it stood near $9 billion. It crossed $47 billion in May before reaching $65 billion in July, putting Anthropic roughly $25 billion ahead of rival OpenAI’s reported $40 billion run rate. Anthropic’s preliminary second-quarter revenue topped $11.5 billion, as the company reported last month, with positive adjusted operating income for the first time — even as its 2025 net loss reached roughly $42 billion.
Chasing SpaceX’s record
SpaceX raised $75 billion in its initial share sale this year, a figure that climbed to $86.2 billion once an overallotment option was exercised, the largest IPO on record. Anthropic is now weighing an initial public offering that would match or top that haul, with a target valuation north of $2 trillion — more than double the $965 billion price tag set in its May funding round. The company confidentially filed for an IPO with the SEC in June; Bloomberg reports it could file publicly as soon as the end of August, positioning it to list on Wall Street as early as this autumn, ahead of OpenAI, which is reportedly targeting 2027.
What’s still unsettled
Morgan Stanley, Goldman Sachs and JPMorgan Chase are reportedly leading the offering, and Anthropic is said to be considering a dual-class share structure with super-voting stock for founders — a move that would let CEO Dario Amodei, who owns roughly 2% of the company, retain outsized control. None of the figures — size, valuation or timing — are final, and all depend on market conditions holding up through the filing process.