Anthropic has informed investors that its annualized revenue run rate reached over $65 billion by the end of July. This figure is a projection, calculated by annualizing revenue from a recent short period, typically a single month, as if that pace would continue for a full year. For context, Anthropic's preliminary second-quarter revenue of over $11.5 billion suggests an annualized pace closer to $46 billion, indicating that July's performance was significantly stronger than the preceding quarter.
The reported $65 billion figure comes from an unnamed source familiar with the company's finances, rather than an official public disclosure, and Anthropic has declined to comment. While the exact total remains somewhat uncertain, the overall growth trend is evident; Anthropic's run rate was around $9 billion at the end of 2025, surpassed $30 billion earlier this year, and reached approximately $47 billion in May, making the July increase consistent with its growth pattern.
This $65 billion run rate is notably higher than OpenAI's recently reported $40 billion run rate, though direct comparisons are difficult due to potential differences in revenue measurement. Both companies are focused on converting enterprise adoption of their models into sustainable, high-margin revenue. A run rate is often used to highlight the most recent and fastest growth, and investors typically understand it as a forward-looking projection rather than confirmed revenue.
Despite the rapid growth, Anthropic's most powerful and expensive model, Fable 5, accounts for only about 11.4% of its enterprise tool spending and approximately 6% of token usage. Its smaller, lower-priced model, Opus 5, has surpassed Fable 5 in business spending since its launch. This suggests that while overall AI spending is increasing, businesses are seeking models with more flexible pricing. OpenAI's strategy of launching the lower-priced GPT 5.6, which led to a 35% surge in its annualized revenue to over $40 billion, further illustrates the effectiveness of low-price strategies in driving enterprise adoption.
Anthropic's business has shown significant improvement, with revenue growing nearly sevenfold since the beginning of the year and positive adjusted operating profit reported for Q2 and expected for Q3. The company boasts 6,000 major customers spending at least $100,000 annually. However, the IPO faces challenges, as the $65 billion annualized revenue figure is below the most optimistic investor expectations of $80 billion, and its growth temporarily slowed in June. Outside estimates suggest a potential IPO valuation exceeding $2 trillion, which would be the largest in history.
