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Anthropic Records $65 Billion Annualized Revenue

Is this the AI investment of the era or an overvalued bubble waiting to burst?

Published AUG 18

Anthropic Records $65 Billion Annualized Revenue

Story

Above: A photo illustration of the Anthropic logo displayed on a smartphone. Image credit: CFOTO/Future Publishing/Getty Images

The Facts

Anthropic's annualized revenue run rate reached $65 billion at the end of July, up more than sevenfold from the end of 2025, according to people familiar with the matter, cited by Bloomberg on Monday.
Bloomberg
CNBC
In addition, the media outlet claimed to have seen documents showing that Anthropic reported preliminary second-quarter revenue exceeding $11.5 billion — compared with $787 million in the same period last year.
Bloomberg
The revelation comes as Anthropic seeks to float an IPO and make its market debut as early as this fall, after confidentially filing a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission in June and meeting prospective investors.
Anthropic
TechCrunch
The Wall Street Journal
The Financial Times previously reported that Anthropic investors expect the company to seek a public valuation of $2 trillion or more and forecast its annualized revenue to rise to between $100 billion and $120 billion by the year's end.
Financial Times
However, two sources with knowledge of Anthropic's finances told Reuters that the company's IPO rests on the projection that its revenue will number between $190 billion and $200 billion by 2028, over four times its current run rate.
Reuters
If realized, Anthropic's targeted $2 trillion public valuation would surpass SpaceX's $1.77 trillion IPO valuation, becoming the largest public listing in history. Morgan Stanley, Goldman Sachs and JPMorgan are working with Anthropic on the offering.
US Securities and Exchange Commission
Forbes
Quartz

Sources Split

LEFT

CENTER

RIGHT

ESTAB
CRIT

CENTER

PRO
ESTAB

The Spin

Narrative A

Anthropic is a shooting star, steaming ahead of its competitors, recording strong growth and a viable path to operating profit. With enterprises and businesses also building entire platforms on Claude's API, the company boasts durable, foundational revenue that cannot be easily displaced, making Anthropic the most compelling AI investment of this era.

Yahoo Finance

The Motley Fool

Narrative B

The risks for investors concerning Anthropic are too large to ignore. With the Shiller CAPE near 2000 dot-com levels and 70% of major cloud AI revenue tied to just Anthropic and OpenAI, the size of the bubble is staggering. This delicate house of cards, however, can come crashing down at any moment, especially given the rising competition from cheaper Chinese models.