Published · 3d agoLeadership2 min read
Anthropic booked $11.5B-plus in a quarter, up from $787M, and passed OpenAI on valuation
The figure is preliminary and comes from documents seen by Bloomberg: more than $11.5 billion in the latest completed quarter against $787 million a year earlier, with positive adjusted operating income.
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What happened
- Anthropic reported a preliminary revenue figure of more than $11.5 billion in its latest completed quarter, according to documents seen by Bloomberg News.
- Anthropic's revenue in the corresponding period in 2025 was $787 million.
- Anthropic's run rate, a metric that projects full-year revenue from a shorter period, hit $65 billion by the end of July, according to people familiar with the matter; the company shared the figures as part of a regular update with investors.
- Anthropic's revenue run rate topped $9 billion in late 2025 and crossed $47 billion in May.
- The $65 billion annualized pace is up more than sevenfold from Anthropic's pace at the end of last year.
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Why it matters
Read the number exactly as it was reported: more than $11.5 billion of revenue in Anthropic's latest completed quarter, from documents seen by Bloomberg News, against $787 million in the corresponding period of 2025 [1][2]. That is roughly 14.6 times year over year [12], and the same documents show positive adjusted operating income for the quarter [6].
The mechanism is that the quarter is already out of date. Annualizing $11.5 billion gives about $46 billion, some $19 billion below the $65 billion run rate Anthropic told investors it had reached by the end of July [3][13]. The path behind that: run rate topped $9 billion in late 2025, crossed $47 billion in May, and hit $65 billion by end of July, more than sevenfold above its pace at the end of last year, according to people familiar with the matter [3][4][5]. The company was valued at $965 billion after a May round, eclipsing OpenAI's valuation for the first time [7]. Bloomberg has reported OpenAI's run rate recently exceeded $40 billion, though the two firms may not measure it the same way [8]. Anthropic declined to comment [11].
The flip shows on the buyer side too. Microsoft is merging its consumer and business Copilot apps and dropping features, which TechCrunch frames as an acknowledgement that the prior strategy was too complicated to make Copilot a viable competitor to ChatGPT, Claude and Gemini [14]. The executive who oversees Copilot told staff in a July memo, reported by The Information, that the app needed to earn "the right to exist" [15].
Two things would move the figure. One is the listing: Anthropic has filed confidentially with Morgan Stanley, Goldman Sachs and JPMorgan, and could debut as soon as this fall, ahead of OpenAI and DeepSeek [9][10]. The other is inputs. IDC expects memory tightness to persist through 2027, with supply managed rather than absent and the gap widening between buyers who have locked allocation and those who have not [16].
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Anthropic reported a preliminary revenue figure of more than $11.5 billion in its latest completed quarter, according to documents seen by Bloomberg News.
- [2]
Anthropic's revenue in the corresponding period in 2025 was $787 million.
- [3]
Anthropic's run rate, a metric that projects full-year revenue from a shorter period, hit $65 billion by the end of July, according to people familiar with the matter; the company shared the figures as part of a regular update with investors.
- [4]
Anthropic's revenue run rate topped $9 billion in late 2025 and crossed $47 billion in May.
ReportedView cited source - [5]
The $65 billion annualized pace is up more than sevenfold from Anthropic's pace at the end of last year.
ReportedView cited source - [6]
Anthropic also reported positive adjusted operating income for the quarter, according to the documents.
Sources & coverage · 4 publishers
The reporting this story was synthesized from, earliest first. Every link goes to the original.
- docs.aws.amazon.com3d ago
