Revenue Trajectory
<cite index="16-1,16-3">Anthropic PBC is on track to generate annualized revenue of more than $65 billion based on its current performance, with the company's run rate — a metric that projects full-year revenue from a shorter period — hitting that figure by the end of July.</cite> <cite index="11-8">The company reported a run rate of roughly $9 billion at the end of 2025, which crossed $30 billion in April and $47 billion in May.</cite> <cite index="12-7">The model maker added $18 billion in annualized revenue in two months.</cite>
<cite index="15-11">Anthropic reported a preliminary revenue figure of more than $11.5 billion in its latest completed quarter, compared with $787 million in the corresponding period in 2025, according to documents seen by Bloomberg News.</cite> <cite index="1-2">The company projected its first quarterly operating profit at $559 million.</cite> <cite index="12-4">Investors expect the company to continue to grow at approximately the same rate for the remainder of the year, finishing 2026 between $100 billion and $120 billion, per the Financial Times.</cite>
The Series H and Confidential S-1 Filing
<cite index="20-1">Anthropic closed a $65 billion Series H round at a $965 billion post-money valuation, marking what could be the AI (Artificial Intelligence) startup's final private fundraise before a highly anticipated initial public offering (IPO).</cite> <cite index="20-4,20-5,20-6,20-7">The Series H round was co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, D1 Capital Partners, and others, with institutional investors including Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, and Fidelity Management & Research also participating, alongside strategic infrastructure partners Samsung, SK Hynix, and Micron.</cite> <cite index="21-9">The round includes $15 billion of previously committed investments from hyperscalers, including $5 billion from Amazon.</cite>
<cite index="31-1,31-2,31-3,31-4,31-5">On June 1, 2026, Anthropic PBC confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering of its common stock, giving it the option to go public after the SEC completes its review — though the proposed offering will depend on market conditions and other factors, and the number of shares and price have not yet been set.</cite> <cite index="15-5">Anthropic is expected to make its Wall Street debut as soon as this fall, ahead of OpenAI.</cite>
Revenue Drivers and Model Products
<cite index="10-5">As of October 2025, Anthropic had 300,000-plus business customers accounting for approximately 80% of revenue, with 100,000-plus of those running Claude on Amazon Bedrock as of April 2026.</cite> <cite index="10-7,10-8">The number of customers spending over $100,000 annually on Claude has grown sevenfold in the past year, while over 1,000 customers now spend over $1 million annually, doubling from 500-plus in under two months as of April 2026.</cite>
<cite index="2-7">Claude Code, the company's coding agent product, has become a major contributor to growth, with Anthropic saying in February 2026 that the product had reached more than $2.5 billion in ARR (Annual Recurring Revenue).</cite> <cite index="5-2">It went from $500 million ARR in September 2025 to $8 billion in May 2026.</cite>
<cite index="10-6">Anthropic reports revenue from cloud resellers — including AWS, Google, and Microsoft — on a gross basis, counting total end-customer spend as revenue and booking partner payouts as expenses, which inflates top-line figures relative to net-reporting peers.</cite>
Cost Structure and Long-Range Projections
<cite index="3-2">Anthropic cut its 2025 gross-margin projection to about 40% from 50% as AI inference expenses ran higher than planned, and it has committed tens of billions of dollars to future computing capacity, leaving cash burn and compute dependence as real questions heading into the listing.</cite> <cite index="29-9">The company's training and inference costs alone are projected to exceed $19 billion in 2026.</cite>
<cite index="1-3">Anthropic is projecting annual revenue of roughly $190 billion to $200 billion by 2028, as bankers and investors assess the AI developer ahead of a potential IPO, Reuters reported, citing people familiar with its finances.</cite> <cite index="5-4">At the $965 billion Series H mark, Anthropic trades at roughly 15 times the $65 billion run rate it disclosed for the end of July.</cite>
<cite index="11-4,11-5,11-6">Growth has come despite notable disruptions: in June, the company was designated a supply-chain risk by the Pentagon after a standoff over AI safety guardrails, and it had to temporarily take down two of its most capable LLM (Large Language Model) variants in response to a government export control directive before restoring access after roughly two weeks.</cite>