Anthropic’s revenue run rate hits $65 billion as valuation talk climbs past $2 trillion

News Editor

2026-08-18 11:45:51

Anthropic’s annualized revenue run rate topped $65 billion by the end of July, according to BlockBeats, up from $47 billion in May and more than seven times higher than roughly $9 billion at the end of 2025. The company’s preliminary second-quarter revenue exceeded $11.5 billion, marking at least a 14-fold increase from a year earlier. Reuters had previously reported that Anthropic set a 2028 revenue target of $190 billion to $200 billion. That target has fueled debate around the company’s potential IPO valuation, with market discussion moving beyond $2 trillion and some investors arguing that $3 trillion is not out of reach. Under a theoretical scenario in which Anthropic reaches $200 billion in revenue in 2028 and is valued at 50 times sales, its market capitalization would reach $10 trillion. The report said that expectation is tied to a broader AI cycle linking models, compute and capital, with companies such as Nvidia and Amazon backing frontier AI labs through investments, financing and data center construction, while model developers including Anthropic and OpenAI sit at the center of demand for AI infrastructure.

Anthropic’s annualized revenue run rate had risen above $65 billion by the end of July, BlockBeats reported on Aug. 18. That compares with $47 billion in May, an increase of nearly 40%, and roughly $9 billion at the end of 2025, meaning the figure has grown by more than seven times.

The company’s preliminary second-quarter revenue also exceeded $11.5 billion, up at least 14-fold from a year earlier.

2028 revenue target drives valuation debate

Reuters had previously reported that Anthropic set a 2028 revenue target of $190 billion to $200 billion. Discussion around the company’s potential IPO valuation has already moved past $2 trillion, and some investors have said $3 trillion is not an unrealistic outcome.

If Anthropic reaches $200 billion in revenue in 2028 and is assigned a price-to-sales multiple of 50, its market capitalization would theoretically reach $10 trillion.

Models, compute and capital form the backdrop

Behind that projection is what the report described as a developing cycle across AI models, compute and capital. Nvidia, Amazon and other large companies continue to support frontier AI labs through investment, financing and data center construction. At the same time, model companies such as Anthropic and OpenAI have become core demand drivers across the broader AI infrastructure investment chain.

Growth is closing in on OpenAI

Anthropic’s growth pace is now catching up with, and in some respects overtaking, OpenAI. At the end of 2025, OpenAI’s annualized revenue was about $20 billion, more than double Anthropic’s level. By the end of July, Anthropic had reached a $65 billion annualized revenue run rate, while OpenAI’s latest annualized revenue stood at about $40 billion.

Even so, a $10 trillion valuation remains an extreme assumption and still faces risks including competition, compute costs and the possibility of lower valuation multiples. As AI extends from infrastructure into what the report called the layer of “intelligent productivity,” Anthropic is becoming one of the market’s main candidates for the next company valued above $1 trillion, and potentially far beyond that.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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