Anthropic Reaches $11.5 Billion in Second-Quarter Revenue Ahead of Planned IPO

Artificial intelligence startup Anthropic reported to prospective investors that its second-quarter revenue crossed $11.5 billion, representing a 14-fold surge from the $787 million recorded during the same period in 2025, according to internal documents first reported by Bloomberg and detailed by The Next Web. The preliminary financial disclosures revealed that the company also achieved positive adjusted operating income during the three-month period.

The second-quarter top line demonstrates rapid sequential growth for the developer, up from $4.73 billion recorded in the first quarter of the year. By more than doubling its revenue inside of three months, Anthropic generated roughly $16.2 billion in aggregate revenue across the first six months of the year.

Achieving positive adjusted operating income marks a rare financial milestone among frontier AI laboratories, which have historically burned through heavy capital reserves to fund research and compute infrastructure. The disclosure also signals a departure from standard industry presentation. While major AI developers have routinely asked market participants to evaluate their growth using annualized run rates—extrapolating single-month metrics across a full year—Anthropic provided prospective investors with completed quarterly revenue and concrete operating profitability metrics.

The quarterly figures closely track the company's previous financial guidance. Multiplying the $11.5 billion quarterly revenue across four quarters totals $46 billion, coming near the $47 billion annualized run rate Anthropic disclosed in May. By comparison, competitor OpenAI has reported an annualized run rate exceeding $40 billion, though Bloomberg noted that accounting methodologies between the two firms may not be directly comparable.

The prospective financial disclosures come as Anthropic lays the groundwork for a public stock market listing. The company has filed confidentially for an initial public offering and is working alongside lead underwriters Morgan Stanley, Goldman Sachs, and JPMorgan. Backers informed the Financial Times that they anticipate the public debut to occur in October at an estimated valuation of $2 trillion.

An autumn launch would position Anthropic on public capital markets ahead of its primary industry rivals. OpenAI's market valuation remains subject to ongoing debate among private backers, while Chinese AI developer DeepSeek is currently preparing its own public listing documents.

Anthropic's planned IPO comes amid a broader recovery in the market for initial public offerings. Excluding blank-cheque acquisition vehicles, stock listings globally have raised $256.4 billion this year, marking the highest market volume since 2021. Anthropic declined to comment on the preliminary figures, which remain subject to revision prior to formal filing.