Anthropic revealed that its Q2 2026 revenue increased more than 14 times compared to the same period last year, driven by rapid growth in Claude users. This sets the stage for a U.S. stock market listing, expected as soon as October this year, potentially becoming one of the largest AI company fundraisings.
According to Bloomberg, Anthropic’s total revenue this quarter reached $11.5 billion, a huge rise from $787 million in the same period last year and up from $4.73 billion in Q1 2026. The company also reported positive adjusted operating income.
Currently, Anthropic’s valuation has climbed close to the trillion-dollar mark, exceeding $965 billion following its latest funding round in May, surpassing competitor OpenAI.
Fortune reports that the anticipated IPO as early as October could push Anthropic’s valuation beyond $2 trillion, a remarkable figure for an AI company that originated as a startup. This valuation would be on par with SpaceX’s market entry in June.
Besides Anthropic, OpenAI also plans to go public this year. Meanwhile, China’s market is actively pushing AI companies to list domestically, including major chipmaker CXMT and recently DeepSeek, which aims for a listing possibly within this year.
Earlier in May, Anthropic disclosed that its annual run-rate revenue had exceeded $47 billion, a significant jump from the approximately $10 billion total revenue in 2025.
OpenAI is projected to have revenues around $40 billion. The competition between these two AI giants is focused on capturing enterprise market share, with Anthropic expanding its professional user base, especially by applying its software to tasks like coding and software development.
Anthropic also stated that its total revenue for 2026 could soar to between $100 billion and $120 billion, representing a tenfold increase compared to 2025.
CNBC reports that by 2028, or two years from now, Anthropic’s revenue could reach approximately $190 billion to $200 billion. This estimate is based on the Enterprise Value-to-Revenue Multiple valuation method, comparing company valuation to projected revenue.
Using the Revenue Multiple is common for valuing fast-growing software companies that have yet to reach full profitability. However, looking two years ahead is unusual, reflecting Anthropic’s rapid expansion and massive investments in AI infrastructure.
Investors are betting that as Anthropic grows, its revenue will outpace the costs required to support that growth, allowing the company’s profit margins to expand in the future.
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