Anthropic’s annualised revenue run rate surpassed $65bn at the end of July, marking a sharp increase for the artificial intelligence company as demand for its models continues to grow, according to reports cited by TechCrunch. The figure represents a projection of full-year revenue based on a shorter recent period rather than revenue already earned over 12 months.

The reported run rate was up from $47bn in May and $9bn at the end of 2025. Investors expect the company’s growth to continue through the remainder of the year, with annualised revenue potentially reaching between $100bn and $120bn by the end of 2026, the Financial Times reported.

Anthropic, best known for its Claude AI models, is competing with OpenAI and other technology groups for customers in the rapidly expanding generative AI market. TechCrunch reported that OpenAI’s revenue had risen to $40bn from $20bn at the end of last year, although the companies may use different methods to calculate their revenue metrics.

The growth comes as both companies consider entering public markets. Anthropic and OpenAI have filed confidential initial public offering paperwork, according to TechCrunch. Anthropic could seek a valuation of $2tn or more if it proceeds with a flotation, the report said.