Anthropic targets $2 billion for its IPO, annualized revenues at $65 billion

Anthropic is preparing for an IPO aiming for a valuation of at least $2 trillion, according to the Financial Times. Its annualized revenue rate surpassed $65 billion at the end of July. Projections suggest a much higher threshold by 2026, while OpenAI reports $40 billion in revenue.

Anthropic Aims for $2T and Could Go Public as Early as Fall

According to the Financial Times, Anthropic is targeting a public valuation of at least $2 trillion for its IPO, which would make it the largest stock market launch ever. Both Anthropic and OpenAI have filed confidential IPO documents. Anthropic could enter the markets ahead of OpenAI, possibly as soon as this fall. At the end of May, Anthropic had a valuation of $965 billion and raised $65 billion at that time.

Annualized Revenue Rate Exceeding $65B by End of July

Anthropic's annualized revenue rate exceeded $65 billion by the end of July, up from $47 billion in May and $9 billion at the end of last year. Revenue growth is accelerating. Investors anticipate a similar pace for the remainder of the year, with projections for 2026 ranging between $100 billion and $120 billion, according to the Financial Times.

OpenAI at $40B and Possibly Divergent Metrics

OpenAI has doubled its revenue to reach $40 billion, up from $20 billion at the end of 2025. However, the two companies may calculate their revenue metrics differently, making direct comparisons challenging. In this context, Anthropic's momentum has captured more attention from investors.