Anthropic’s annualized revenue has reportedly climbed above $65 billion, according to people familiar with the matter cited by Bloomberg, representing more than a sevenfold increase from the company’s run rate at the end of last year.
The latest estimate comes just days after reports suggested Anthropic’s annualized revenue was closer to $40 billion, highlighting how rapidly expectations surrounding the AI company continue to evolve ahead of its anticipated public market debut. If the current trajectory continues, Anthropic is expected to pursue what could become the largest IPO in history, with investors discussing valuations approaching $2 trillion.
Revenue Expectations Continue to Rise
The reported jump from roughly $40 billion to more than $65 billion in annualized revenue within days illustrates how closely investors are monitoring Anthropic’s commercial momentum.
Annualized revenue reflects a company’s current revenue pace projected over a full year rather than reported annual sales. Because it is based on recent performance, the figure can change rapidly as customer demand accelerates or slows.
For fast-growing AI companies, investors increasingly use annualized revenue to estimate future earnings potential before audited annual financial results become available.
Valuation Depends on Future Growth
Anthropic’s expected IPO valuation is widely believed to depend not only on current revenue but also on projected long-term growth.
Reuters previously reported that investment banks evaluating the company have focused heavily on forward revenue expectations rather than historical financial performance. Anthropic has reportedly outlined long-term ambitions to generate $190 billion to $200 billion in annual revenue by 2028, reflecting expectations that enterprise adoption of artificial intelligence will continue expanding rapidly.
Those forecasts are important because high-growth technology companies are often valued using enterprise value-to-revenue multiples, meaning expectations about future sales can significantly influence IPO pricing.
AI IPO Set to Test Investor Appetite
Anthropic is expected to become the first frontier AI developer to test public market demand at an unprecedented scale.
Supporters argue that the company has established itself as one of the global leaders in generative AI and could continue delivering exceptional growth as enterprise adoption accelerates.
Skeptics, however, note that IPO valuations based heavily on long-term projections require the company to sustain extraordinary growth for many years while navigating intense competition, rising infrastructure costs, and evolving regulation.
As with many high-profile technology IPOs, investors will ultimately need to decide how much value to assign to future expectations versus current financial performance.
One of the Most Closely Watched IPOs in History
Anthropic’s expected public debut has become one of the most anticipated events in global capital markets.
The company’s rapid revenue growth has strengthened confidence that demand for enterprise AI remains exceptionally strong, while continually rising revenue estimates have further fueled investor enthusiasm ahead of the offering.
Whether Anthropic ultimately lists near current expectations or at an even higher valuation, its IPO is expected to become a defining moment for both the artificial intelligence industry and public equity markets.
