Anthropic Outpaces OpenAI By $25B As Revenue Momentum Accelerates

Anthropic’s annualized revenue run rate reached $65 billion by the end of July, putting it roughly $25 billion ahead of rival OpenAI’s reported pace.

Key Points:

Anthropic’s run rate reached $65 billion by the end of July

OpenAI’s reported annualized pace now exceeds $40 billion

Second-quarter revenue topped $11.5 billion ahead of a potential IPO

Anthropic Revenue

Anthropic told investors about the $65 billion run rate in a routine update as it prepares for a possible public listing, Bloomberg reported, citing people familiar with the figures. The figure is not full-year revenue. Run rate estimates annual revenue by extending a company’s current sales pace across 12 months, so it can change quickly as monthly revenue rises or falls.

The July figure was up from about $47 billion in May and roughly $9 billion at the end of 2025. That represents growth of about 622% in seven months, while the May-to-July increase alone was roughly 38%.

Preliminary second-quarter revenue topped $11.5 billion, compared with $787 million a year earlier and $4.73 billion in the first quarter, according to reports citing company figures. Anthropic also posted positive adjusted operating income.

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OpenAI Gap

OpenAI’s annualized revenue run rate has exceeded $40 billion, Bloomberg reported last week, roughly double its pace at the end of 2025. The gap is not directly comparable.

Neither company has publicly detailed whether it calculates run rate in exactly the same way, making the $25 billion difference useful as a directional measure rather than a standardized accounting comparison. That caveat matters for investors.

The figures still sharpen investor attention as both AI companies move toward public markets and face scrutiny over whether rapid demand can translate into durable revenue.

Anthropic confidentially filed a prospectus with the Securities and Exchange Commission in June and has held preliminary investor meetings, while Bloomberg reported that a listing could come as soon as this fall.

Investors cited by the Financial Times expect Anthropic to “float at a valuation of $2 trillion.” Anthropic has not endorsed that valuation.

Anthropic’s recent growth shows how quickly the run-rate picture has shifted, rising from roughly $9 billion at the end of 2025 to $47 billion in May and $65 billion by July. Quarterly revenue followed the same direction. It more than doubled from $4.73 billion in the first quarter to above $11.5 billion in the second.

Alexey Bondarev

Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.