Anthropic Revenue Tops $11.5 Billion as $965 Billion Valuation Fuels IPO Speculation

Anthropic’s reported second-quarter revenue exceeded $11.5 billion, marking a sharp acceleration as investors assess whether the artificial intelligence company is preparing for an initial public offering. The figure was reported by multiple outlets, with Bloomberg saying Anthropic told prospective investors that quarterly revenue rose at least 14-fold from the same period a year earlier.

The quarterly figure translates into a much higher annualized pace. Anthropic’s revenue run rate has surpassed $65 billion based on current performance, Bloomberg reported, a more than sevenfold increase from its earlier pace. CNBC, Yahoo Finance and The Business Times also cited the $11.5 billion second-quarter figure, making revenue growth the central measure behind the company’s expanding private-market value.

Anthropic’s latest financing places the company at a $965 billion post-money valuation, according to Anthropic’s own announcement and coverage from The Wall Street Journal, CNBC and Yahoo Finance. That valuation puts Anthropic ahead of OpenAI in private-market worth, a shift that would reshape the hierarchy among leading AI developers.

The financing is described as a $65 billion Series H round. The size of the round and the valuation attached to it show how quickly private capital is repricing companies with fast-growing AI revenue. Anthropic’s position now rests on both operating momentum and investor expectations about future demand for its models and enterprise services.

The reported financial figures have intensified speculation that Anthropic is positioning itself for a public listing. Revenue disclosures to prospective investors, a large new funding round and a valuation approaching $1 trillion give investors the type of financial narrative typically used to establish public-market expectations, although no IPO filing or timetable is identified in the coverage.

The company’s private valuation also raises the stakes for any future offering. A listing at or above the latest private-market price would require sustained growth at an extraordinary scale, while a lower valuation could expose a gap between private financing expectations and public investor appetite. Bloomberg’s reporting ties the revenue disclosures directly to IPO speculation, while Reuters focuses on the forecasts underpinning a possible valuation.

Anthropic’s valuation debate centers on an internal or investor-facing forecast of $190 billion to $200 billion in revenue for 2028, Reuters reported. That projection is far above the company’s current annualized pace and makes future execution, customer retention and computing costs central issues for investors.

The forecast also shows why the current revenue numbers matter beyond a single quarter. A run rate above $65 billion provides a large base, but reaching the 2028 target would still require another major expansion in sales. The gap leaves public-market investors to judge whether current growth reflects durable enterprise adoption or an unusually rapid phase of AI spending.

Anthropic’s reported $965 billion valuation surpassing OpenAI creates a new competitive benchmark for the AI sector. The comparison matters because both companies compete for enterprise customers, developer usage, strategic investment and access to large amounts of computing capacity.

Anthropic’s revenue surge strengthens its position in that contest, while OpenAI faces a higher bar in private-market valuation and reported commercial scale. The race also affects investors and infrastructure providers, since companies with greater capital access can secure more computing resources and fund larger model-development programs. The reported rankings remain tied to private financing rather than public share prices.

The next major test is whether Anthropic converts its reported momentum into audited, repeatable financial performance. Investors will focus on revenue quality, customer concentration, operating losses, computing commitments and the pace at which usage becomes contracted enterprise spending.

A future IPO would expose those measures to a broader market than private funding rounds do. Anthropic’s latest figures provide a powerful growth story, but the $190 billion to $200 billion 2028 forecast also creates demanding expectations. Until the company files publicly or sets a timetable, the IPO remains speculation built around an exceptional financing and revenue trajectory.