Artificial intelligence unicorn Anthropic is not only making money quickly but also accelerating. According to Bloomberg, as of the end of July this year, its annualized revenue run rate has exceeded 65 billion dollars, a significant increase from 47 billion dollars in May, and it was only 9 billion dollars at the end of last year.

The Growth Myth and Sky-High IPO

The Financial Times reports that investors expect Anthropic to maintain a similar growth rate by the end of the year, with projected annual revenue reaching between 100 billion and 120 billion dollars in 2026. In comparison, OpenAI's revenue has doubled from 20 billion dollars at the end of 2025 to 40 billion dollars, but Anthropic's steeper growth curve clearly attracts more investor attention.

Both companies have secretly submitted IPO applications, and the market generally expects Anthropic to go public before OpenAI this autumn. Reports indicate that its target valuation for the IPO is no less than 2 trillion dollars, which would make it the largest initial public offering in history; just in mid-May, it completed a 6.5 billion dollar funding round at a valuation of 96.5 billion dollars.