Anthropic Sees Revenue Spike from $87 Million to $47 Billion in Two Years Ahead of Anticipated IPO

Anthropic Files Confidentially for IPO After Record-Breaking Revenue Growth

Anthropic, the creator of the Claude AI models, has submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering (IPO). The company made the announcement on June 1, 2026, with the number of shares and price range still to be determined and dependent on market conditions.

Founded in 2021 by siblings Dario and Daniela Amodei and a group of former OpenAI researchers, Anthropic has experienced one of the fastest revenue expansions in the technology industry's history. The company's annualized revenue run-rate has skyrocketed from approximately $87 million in January 2024 to around $1 billion by December 2024, and then to $9 billion by the end of 2025. The run-rate continued to grow, reaching $14 billion in February 2026, $19 billion in March, and $30 billion in April, according to VentureBeat.

Anthropic's growth can be attributed to its success in the enterprise market and the popularity of its agentic coding tool, Claude Code, which was launched in mid-2025. Claude Code reached $1 billion in annualized revenue within six months and more than $2.5 billion in run-rate by February 2026. Business customers account for roughly 80% of Anthropic's revenue, with over 300,000 firms using Claude, according to research firm Sacra.

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However, two factors warrant caution when interpreting Anthropic's growth figures. Run-rate is an annualized measure that can overstate sustained performance when a strong period is projected across a full year, as noted by VentureBeat. Additionally, Anthropic books revenue from cloud resellers such as AWS and Google on a gross basis, counting total end-customer spend as revenue. This inflates its top line relative to peers that report on a net basis, according to Sacra.

The IPO filing follows a Series H round in late May that raised $65 billion at a $965 billion post-money valuation, making Anthropic the most valuable AI startup and nearing a $1 trillion valuation. OpenAI, which filed confidentially around May 22, is targeting a market debut in September, according to CNBC.

Anthropic's business is also capital-intensive, with the company agreeing to pay SpaceX $1.25 billion a month through May 2029 for computing capacity at a data centre in Memphis, Tennessee, as stated in SpaceX's prospectus. Any decision to proceed with the offering will depend on market conditions, with the number of shares and price range still to be determined.

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Note: Salesforce took approximately two decades to reach $30 billion in annual revenue, a level Anthropic's run-rate passed in under three years from a standing start, as noted by VentureBeat.