Anthropic’s annualized revenue run rate topped $65 billion by the end of July, a jump of more than sevenfold from roughly $9 billion at the end of 2025, as the company moves toward a stock market debut. It confidentially submitted a draft registration statement to the Securities and Exchange Commission on June 1, which gives it the option to go public once the agency completes its review, though the number of shares and the offering price have not yet been set.
A shrinking multiple, until July
The growth behind the $65 billion figure is better documented than the figure itself. Anthropic’s own funding announcements put its run rate at about $1 billion in January 2025, more than $5 billion by August 2025, $14 billion at its Series G round in February 2026, and $47 billion when it closed its Series H round on May 28.
Each of those rounds also priced Anthropic at a smaller multiple of the revenue it had at the time. The $183 billion Series F valuation in September 2025 worked out to roughly 37 times revenue. The $380 billion Series G valuation five months later worked out to roughly 27 times. By the $965 billion Series H valuation three months after that, the multiple had narrowed to roughly 21 times.
| Date | Event | Valuation | Nearest Run-Rate Disclosure | Implied Multiple |
| Sept 2, 2025 | Series F | $183B | $5B+ (Aug 2025) | ~37x |
| Feb 12, 2026 | Series G | $380B | $14B | ~27x |
| May 28, 2026 | Series H | $965B | $47B | ~21x |
| Aug 2026 (reported IPO target) | IPO | ~$2,000B | $65B (trailing, end-July 2026) | ~31x |
| Aug 2026 (reported IPO target) | IPO | ~$2,000B | $190B-$200B (2028 projected) | ~10x |
Measured the same way, a reported IPO target of $2 trillion or more against July’s $65 billion run rate comes to roughly 31 times revenue, reversing that trend. Anthropic is projecting 2028 revenue of $190 billion to $200 billion. The Anthropic Pentagon supply chain risk designation could become another factor investors weigh when assessing the durability of that projected growth.
Against that projection, $2 trillion works out to roughly 10 times revenue, back in line with where the multiple had been heading before July. People involved in the process say bankers assessing the deal are using enterprise-value-to-forecast-revenue multiples rather than trailing earnings, which would explain the gap. Sam Blackshear joins Anthropic as the company continues expanding its AI security research capabilities ahead of its next phase of growth.
The Revenue Test Behind the Valuation
Financial documents shared with investors show the company expects cash burn to fall to about a third of revenue this year and to 9 percent of revenue in 2027, with profitability arriving in 2028. Its second quarter produced the company’s first quarterly operating profit, $559 million.
That is real, but far smaller than what a $2 trillion valuation would need to produce at typical technology-sector earnings multiples of 25 to 34 times profit: $59 billion to $79 billion a year, in the range of what Amazon now earns. Anthropic locks in 191 MW of Riot capacity as the company continues securing the infrastructure needed to support its rapidly expanding AI operations.
What the eventual S-1 will have to answer, and what no leaked figure so far has, is what sits underneath the growth. That means how much of the revenue renews and at what rate, how much of it is net of the compute costs Anthropic is paying to Amazon and its other infrastructure partners, and whether developments such as Payward joins Anthropic reflect broader commercial adoption, and whether the 2028 forecast investors are already pricing survives contact with audited numbers instead of people familiar with the matter.
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