Anthropic revenue jumps 1,360% to $11.5 billion as IPO approaches

Anthropic, the artificial intelligence startup behind the Claude chatbot, has reported a 1,360% surge in quarterly revenue to more than $11.5 billion. The figure, reported by Bloomberg News, was shown to prospective investors ahead of the company's planned initial public offering (IPO).

The revenue jump comes less than two months after Anthropic confidentially filed paperwork with the U.S. Securities and Exchange Commission (SEC) for an IPO. That makes it the first major generative AI company to formally begin the process of listing on public markets.

Revenue acceleration

According to the Bloomberg documents, Anthropic's preliminary second-quarter revenue exceeded $11.5 billion, compared with $787 million in the same quarter of 2025. That is an increase of more than fourteen times year-on-year.

The company had reported $4.73 billion in revenue in the first quarter of 2026, indicating that growth accelerated sharply within a single quarter. The report noted that deliberations over the figures are ongoing and that the numbers could still be revised. A representative for Anthropic declined to comment.

Investor expectations

Anthropic's explosive revenue growth comes as Wall Street increasingly values the company based on its future earnings potential rather than its current financial performance. In another report, Reuters disclosed that Anthropic is projecting 2028 revenue of between $190 billion and $200 billion. That forecast would place it among the largest technology companies globally if achieved.

The projection is substantially higher than the company's $47 billion annual revenue run rate that it disclosed in May. A revenue run rate is an estimate of annual revenue based on the company's current pace of business, while the 2028 forecast represents management's longer-term projection of what the company could generate in the future. The gap between the two figures underscores the scale of growth that investors are being asked to price into Anthropic's potential IPO.

IPO race heats up

When Anthropic filed confidentially for its IPO in June, the company said the number of shares to be offered and the pricing had not yet been determined, and that the filing did not constitute an offer to sell securities. The IPO would position Anthropic ahead of several major AI rivals in the race to access public markets.

About a week after Anthropic's filing, OpenAI, the company behind ChatGPT, also confidentially filed for an IPO as competition among leading artificial intelligence firms intensified. OpenAI was valued at approximately $852 billion following its latest fundraising round in late March.

In China, DeepSeek has begun preparations for a potential IPO and could file as early as this year, while Perplexity AI has indicated that it intends to go public in 2028 regardless of the market's reaction to the expected IPOs of Anthropic and OpenAI. The surge in AI-related listings has helped fuel a broader revival in the global IPO market, as investors continue to pour capital into companies developing advanced artificial intelligence models and infrastructure.