Anthropic files for IPO: revenue run rate tops $65 billion

Anthropic, the AI company behind Claude, has quietly filed confidential paperwork for an IPO. Several reports say it could reach the stock market as soon as fall 2026. The move comes after Anthropic’s annualized revenue run rate reportedly topped $65 billion by the end of July 2026.

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That reported run rate, above $65 billion, would be more than seven times higher than the roughly $9 billion it was said to be generating at the end of 2025. If that pace holds, Anthropic is setting up what could become one of the most closely watched tech listings in years, and it may get to the public markets before its biggest rival does.

Valuation talk starts around $1 trillion, based on investor discussions cited in the reporting. Some investors are throwing out numbers of $2 trillion or more if Anthropic reaches the $100 billion to $120 billion annualized revenue that some models project for the end of 2026, then grows to $190 billion to $200 billion by 2028. That said, public-market sentiment can still swing sharply before listing day arrives.

The jump appears to be coming from enterprise demand for Claude, especially in coding, workflow automation, and other reasoning-heavy tasks. Those kinds of deals tend to be larger, stick around longer, and can help support margins. Preliminary Q2 2026 revenue reportedly came in above $11.5 billion, versus $787 million a year earlier. Reports also point to a first adjusted operating profit, a run rate that by one measure sits above a rival’s $40 billion-plus, and a possible $7 billion Decart deal still being weighed.

If you follow AI stocks, this is one to keep an eye on. You still can’t buy Anthropic, and the company remains private for now ahead of a possible fall 2026 listing.