Anthropic's revenue exceeds $65 billion; market speculates a $10 trillion valuation by 2028.

Huo Xing Finance reports that as of the end of July, Anthropic’s annualized revenue run rate had surpassed $65 billion, representing nearly a 40% increase from $47 billion in May and more than a sevenfold increase from approximately $9 billion at the end of 2025. The company’s preliminary second-quarter revenue exceeded $11.5 billion, marking at least a 14-fold year-over-year growth. Previously, Reuters reported that Anthropic has set a revenue target of $190 billion to $200 billion for 2028, and market discussions around its potential IPO valuation have surpassed $2 trillion, with some investors suggesting $3 trillion is not out of reach. If Anthropic achieves $200 billion in revenue by 2028 and is valued at a 50x price-to-sales ratio, its market capitalization could theoretically reach $10 trillion. This expectation is underpinned by the emerging “model–compute–capital” cycle in the AI industry. Giants such as NVIDIA and Amazon continue to provide compute power through investments, fundraising, and data center construction for cutting-edge AI labs, while companies like Anthropic and OpenAI have become the core demand drivers across the entire AI infrastructure investment chain. Notably, Anthropic’s growth rate is now catching up to—and even surpassing—OpenAI’s. At the end of 2025, OpenAI’s annualized revenue was approximately $20 billion, more than double Anthropic’s; as of the end of July, Anthropic’s annualized revenue reached $65 billion, while OpenAI’s most recent annualized revenue stood at around $40 billion. Although a $10 trillion market cap remains an extreme assumption, subject to risks such as competition, rising compute costs, and potential valuation corrections, as AI expands from infrastructure into the “intelligent productivity” layer, Anthropic is emerging as a leading candidate for the next multi-trillion-dollar—and potentially $10 trillion—company.