Anthropic shared its latest revenue metrics with investors last weekend.
AI journalist Andrew Curran summarized it and posted it on X. Bloomberg reported it first, and outlets such as CNBC and TechCrunch confirmed the same figures.
There are two key points. Annualized revenue run rate reached $65 billion as of the end of July, and preliminary Q2 2026 revenue topped $11.5 billion.
$65 Billion in July, 7x Last Year
Annualized revenue is a metric that scales the most recent revenue flow up to a full year. It's different from confirmed annual revenue.
According to the figures Anthropic shared, this metric reached $65 billion at the end of July. That's about 7x from a year earlier.
The same metric moved steeply this year. According to the shared material, the run rate, which was about $9 billion at the end of 2025, topped $30 billion in April 2026, then jumped to $47 billion in May and $65 billion in July.
| Date | Annualized revenue (run rate) |
|---|---|
| End of 2025 | About $9 billion |
| April 2026 | Passed $30 billion |
| May 2026 | $47 billion |
| July 2026 | $65 billion |
What stands out in the table is the speed. The metric grew by $18 billion in two months, from May to July, and whether that pace continues needs to be rechecked when next quarter's figures come out.
$11.5 Billion in Q2, 14x Last Year
Separately from the annualized metric, according to CNBC's report, Anthropic also disclosed actual preliminary revenue for Q2 2026: more than $11.5 billion.
Revenue in the same quarter a year earlier was $787 million. A simple comparison puts that at about 14x growth.
Q1 revenue that year was $4.73 billion. Per TechCrunch's report, that means Q2 grew more than 140% in a single quarter. The annualized metric's rise and the actual quarterly revenue's growth moved in the same direction, so the two figures reinforce each other.
140% Over Q1, Profit Rather Than Loss
Revenue growth doesn't immediately mean the business is healthy. Growth-stage companies often grow revenue while their losses widen too.
What Bloomberg reported also included was that the quarter's adjusted operating income was positive. It can be read as revenue growth outpacing cost growth.
However, adjusted operating income is a metric the company calculates by adjusting certain items, and it differs from GAAP net income. If you don't distinguish between them, you can overestimate the size of the profit.
The IPO Talk: Is $65 Billion the Basis?
Several outlets, including Bloomberg, note the timing of this disclosure. The interpretation is that it's investor communication ahead of an initial public offering (IPO).
That is the outlets' interpretation, though. Anthropic hasn't officially announced an IPO.
For reference, there's already-known background too. The value of the stake Amazon holds in Anthropic has separately been assessed at around $190 to $200 billion. That is Amazon's valuation of its stake and is a different matter from the Anthropic revenue figures disclosed this time.
Run Rate vs. Confirmed Revenue: What's the Difference?
There are points to verify in both figures disclosed this time.
Annualized revenue is by definition a projection. It's calculated by stretching the revenue flow at a given point into a year, so if revenue slows afterward, actual annual revenue could fall short of this number.
The $11.5 billion in Q2 revenue was also shared as a preliminary figure. Audited, final financial statements haven't been released yet.
For people in the AI industry, it's safer to read these figures as directional indicators rather than absolute facts. Use them as a reference line for gauging how fast Anthropic is establishing itself in the enterprise market and how its financial strength compares with competitors, and cross-check again when official financial statements or follow-up announcements come out.