Anthropic Q2 Revenue Tops $11.5 Billion as IPO Process Moves Ahead

Anthropic generated more than $11.5 billion in preliminary second-quarter revenue, according to documents reviewed by Bloomberg News, marking another sharp acceleration for the Claude maker as it prepares for a potential public listing. The figures, reported by Bloomberg via Fortune, compare with $4.73 billion in the first quarter of 2026 and $787 million in the same period a year earlier.

The documents also showed positive adjusted operating income for the quarter. Anthropic has not publicly released the preliminary results, and Bloomberg said the figures could still be revised. A company representative declined to comment on the report.

The revenue number gives prospective investors a more concrete look at Anthropic’s current scale just weeks after the company formally opened the door to an IPO. It also helps separate two measures that have often appeared in coverage of fast-growing AI companies: actual quarterly revenue and annualized revenue run rate. Anthropic said in May that its run-rate revenue had crossed $47 billion, a figure based on the recent pace of business rather than revenue recognized over a full year.

Quarterly revenue more than doubled from the first quarter

The latest preliminary figure implies that Anthropic more than doubled revenue from the $4.73 billion it generated in the first quarter. Compared with the $787 million reported for the second quarter of 2025, revenue increased by at least 14 times, according to the documents seen by Bloomberg.

That growth builds on a rapid expansion already disclosed by Anthropic earlier this year. In February, when the company raised $30 billion in a Series G financing at a $380 billion post-money valuation, Anthropic said its run-rate revenue had reached $14 billion and had grown more than tenfold annually in each of the prior three years. It also said more than 500 customers were spending over $1 million on Claude on an annualized basis, while Claude Code alone had exceeded $2.5 billion in run-rate revenue.

By late May, the company said its overall run-rate revenue had crossed $47 billion. Anthropic announced a $65 billion Series H financing at the same time, valuing the company at $965 billion post-money. The company said the funding would support research, product development and additional computing capacity as demand for Claude expanded.

The distinction between the $47 billion run rate and the new quarterly figure matters. A run rate extrapolates a recent pace of sales into an annualized number, while quarterly revenue represents revenue recorded during a specific three-month period. The two measures can move differently when a business is growing quickly, so they should not be treated as interchangeable.

The preliminary second-quarter results also suggest an improvement in operating economics. Bloomberg reported that Anthropic posted positive adjusted operating income during the quarter, although the report did not provide a final adjusted operating-income figure. Reuters had reported earlier that Anthropic was targeting at least $10.9 billion of second-quarter revenue and $559 million of operating profit, making the new revenue figure stronger than that earlier projection while leaving the final profit level unresolved.

Anthropic has already started the IPO process

Anthropic is not merely considering a listing in the abstract. On June 1, the company said it had confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering of common stock. The confidential filing allows the SEC review process to begin before a public registration statement is released.

Anthropic said at the time that the number of shares and the offering price had not been determined. It also said any IPO would depend on market conditions and other factors, meaning the filing does not guarantee that a listing will occur on a particular timetable.

Bloomberg has reported that Anthropic is meeting with investors and is working with Morgan Stanley, Goldman Sachs and JPMorgan Chase on the offering. The combination of a confidential filing, investor outreach and rapidly expanding revenue gives the company a clearer path toward the public market, but valuation remains one of the biggest unresolved questions.

Reuters reported Saturday that Anthropic is projecting roughly $190 billion to $200 billion of revenue for 2028 and that bankers and investors are looking to those longer-term forecasts when considering how to value the company. Reuters said the approach reflects both Anthropic’s unusually fast growth and the difficulty of valuing an AI company that is still spending heavily on computing capacity, model training and hiring.

The company’s May funding round provides a recent private-market reference point. At $965 billion post-money, Anthropic was already valued at a level that would make any large public offering closely watched by investors. A public-market valuation could differ materially from that private-round figure, particularly if investors apply different assumptions to growth, margins and capital spending.

Growth is making infrastructure economics more important

Anthropic’s revenue surge is occurring alongside a major expansion of computing capacity. In its May financing announcement, the company said it had agreements for up to five gigawatts of new capacity with Amazon, five gigawatts of next-generation TPU capacity with Google and Broadcom, and access to GPU capacity from SpaceX. Anthropic said AWS remained its primary cloud provider and training partner.

Those commitments help explain why operating profitability will matter as much as top-line growth for prospective shareholders. Frontier AI companies must fund training, inference and data-center capacity at enormous scale, and the cost structure can change quickly as models become larger and usage rises. Positive adjusted operating income in the second quarter would therefore represent an important milestone if the preliminary result is confirmed, but it does not by itself establish how durable Anthropic’s margins will be.

Enterprise adoption remains central to the company’s growth case. Anthropic said in February that the number of customers spending more than $100,000 annually had increased sevenfold over the prior year and that eight of the Fortune 10 were Claude customers. By May, the company said adoption continued to grow across global enterprises as it raised additional capital to expand compute and product capacity.

The next major disclosure could come through the IPO process itself. A public S-1 would give investors substantially more detail than the private-company figures available today, including audited financial statements, risk factors, cash-flow information and a fuller description of Anthropic’s capital requirements. Until then, the reported $11.5 billion-plus second-quarter figure remains preliminary and attributed to documents reviewed by Bloomberg rather than a financial statement published by Anthropic.