Anthropic surpassed an annualized revenue rate of more than $100 billion in September, according to a report by the New York Times. That is over 50 percent more than the previously reported $65 billion from the end of July. The jump fuels expectations, per the Wall Street Journal, that the IPO planned for November can proceed at a target valuation of around $2 trillion.
Revenue grows more than tenfold in nine months
At the end of 2025, Anthropic’s annualized revenue rate stood at around $9 billion. By the end of July 2026 it had risen to $65 billion, and in September it crossed the $100 billion mark. By year-end it could exceed $110 billion. The main drivers are the corporate products Claude Code for software development and Cowork, which Anthropic fully folded into regular Claude chat in mid-September. Both tools are seeing strong demand from business customers automating routine tasks. Rival OpenAI reportedly reached only around $40 billion in July – well below Anthropic at the same point. If this pace holds, Anthropic would rank among the fifty highest-grossing companies in the United States by year-end, even though the company, founded in 2021, has only been operating for about five years. Anthropic did not comment on the figures when asked and did not independently confirm them.
Banks prepare the listing with an eye on quarterly results
Anthropic had already filed confidentially for its stock market listing in June and has adjusted the timeline several times since – most recently, marketing of the shares slipped to no earlier than mid-October. With the new revenue figures, November is now moving to the front as the date for the actual listing, since it lets fresh quarterly results go into the prospectus. Banks are said to be pencilling in possible proceeds of up to $100 billion at a valuation of around $2 trillion. That would top the previous record set by SpaceX, which raised about $86 billion at its own listing in June. OpenAI CEO Sam Altman struck a far more cautious tone, calling a public offering this year “unwise” in his own words. Nasdaq is under discussion as the venue, the same exchange where SpaceX debuted in June. A banking syndicate led by Morgan Stanley, Goldman Sachs, and JPMorgan has been steering the process since summer and is expected to press prospective investors mainly on computing costs, customer concentration, and the spending required to train new models. The date, valuation, and proceeds target remain officially unconfirmed.
The cited revenue rate of more than $100 billion has not been independently verified, since neither Anthropic nor the banks involved have published their own figures. What will matter is whether the official prospectus backs up this growth rate with audited numbers, or whether a different picture emerges once the books are opened – in a business as capital-intensive as training large language models, the gap between short-term contract dynamics and sustainable growth remains an open question.
