Anthropic Files for IPO After Revenue Surges to $11.5 Billion

Anthropic has filed confidentially for an initial public offering, partnering with Morgan Stanley, Goldman Sachs, and JPMorgan Chase. The AI company reported preliminary second-quarter revenue exceeding $11.5 billion, a 14-fold increase over the $787 million earned during the same period in 2025. This growth follows a first-quarter revenue of $4.73 billion and an annualized run rate that crossed $47 billion in May, surpassing the $40 billion run rate of its rival, OpenAI.

While the company reported positive adjusted operating income for the second quarter, it continues to invest heavily in GPUs, computing power, and model training to compete with OpenAI and the Chinese firm DeepSeek. Some investors project a potential valuation of $2 trillion, using companies like Palantir, SpaceX, and Cloudflare as benchmarks. Projections suggest the company could generate between $190 billion and $200 billion in revenue by 2028.

Not all analysts agree with these projections. David Merkel, principal at Aleph Investments, questioned whether such a high valuation would remain sustainable over time and raised concerns regarding whether AI produces enough additional productivity to justify these prices.