Anthropic is suddenly making its biggest AI rival look a little less formidable; at least on revenue.
The company’s reported annualized revenue run rate — an estimate based on recent revenue — surpassed $65 billion at the end of July. That puts the Claude maker ahead of OpenAI by their latest reported run rates as Anthropic prepares for a possible stock-market debut later this year.
As Bloomberg reported, Anthropic’s run rate was about $9 billion at the end of 2025 and reached $47 billion in May. The company shared the latest figure with investors as part of a regular financial update.
Anthropic also generated more than $11.5 billion in preliminary second-quarter revenue, compared with $787 million in the same period a year earlier. That was more than double its $4.73 billion in first-quarter revenue, according to Axios. The company also reported positive adjusted operating income for the quarter, Bloomberg said.
Claude’s enterprise bet is paying off
The surge has been fueled in large part by Anthropic’s push into business customers, particularly through Claude’s coding tools.
OpenAI’s latest revenue run rate is above $40 billion, according to Bloomberg, meaning Anthropic’s reported pace is now substantially higher. However, the outlet cautioned that the companies may not calculate revenue run rate in the same way. That makes the comparison useful, but not perfectly apples-to-apples. Still, Anthropic’s growth is difficult to ignore.
The revenue surge comes as Anthropic moves closer to a potential initial public offering. The company has confidentially filed for an IPO and is working with Morgan Stanley, Goldman Sachs and JPMorgan, according to Bloomberg.
Anthropic could debut as soon as this fall, potentially giving it a head start over OpenAI. The company is also meeting with potential investors ahead of the offering.
It reached a $965 billion post-money valuation after raising $65 billion in May, according to Reuters. An IPO would give Anthropic access to a much larger pool of capital as AI companies pour enormous sums into computing infrastructure, chips and model development.
The next test is turning growth into durable profits
Anthropic’s numbers show how quickly enterprise AI demand can translate into revenue, but maintaining that momentum may be harder as the AI arms race gets more expensive.
Both Anthropic and OpenAI are investing heavily in computing capacity, inference and their own chip strategies. Axios reported that efficiency could become a bigger competitive battleground as the companies try to improve margins.
“Anthropic was much more token efficient than OpenAI but OAI has closed some of the gap,” Atreides Management managing partner Gavin Baker told Axios.
That creates a more complicated race than simply comparing revenue. Anthropic has shown it can grow rapidly, but investors will ultimately have to judge whether that growth can survive rising infrastructure costs and whether the company’s enterprise-heavy strategy can keep producing customers willing to pay for increasingly capable AI.
Read more: As Anthropic’s revenue accelerates ahead of a possible public debut, see why investors believe the company could achieve a record $2 trillion IPO valuation.