Anthropic Revenue and Valuation Statistics (October 2026)

Anthropic's annualized revenue run rate reached $65 billion at the end of July 2026, according to an investor update reported by Bloomberg and CNBC.

Anthropic made nearly $4.6 billion in revenue in 2025, according to its IPO prospectus as seen by Reuters. As of October 2026, Anthropic is valued at $965 billion.

Anthropic, the maker of Claude, has now overtaken OpenAI on quarterly revenue, according to preliminary figures. And Anthropic is preparing for an IPO that could value it at around $2 trillion.

In this article, we'll break down Anthropic's revenue, profits, valuation, funding and customers, and what the numbers mean for investors.

Top Anthropic Statistics

• Anthropic's annualized revenue run rate reached $65 billion at the end of July 2026, up from just over $5 billion in August 2025 (Anthropic, CNBC)
• Anthropic made nearly $4.6 billion in revenue in 2025, 12x more than in 2024 (IPO prospectus, via Reuters, September 2026)
• Anthropic's preliminary Q2 2026 revenue was more than $11.5 billion, ahead of OpenAI's $6.7 billion (Bloomberg and The Wall Street Journal, August 2026)
• Anthropic was valued at $965 billion after its Series H round in May 2026 (Anthropic)
• More than 1,000 businesses were spending over $1 million a year on Claude by April 2026 (Anthropic)
• Claude.ai received 968 million visits in June 2026, making it the 34th most visited website in the world (Semrush)
• Searches for "Anthropic" grew 1,533% between October 2024 and September 2026, faster than searches for "OpenAI" (+200%) (Exploding Topics)

How Much Revenue Does Anthropic Make?

Anthropic's annualized revenue run rate was $65 billion at the end of July 2026. Its booked revenue for 2025 was nearly $4.6 billion.

Anthropic usually shares its growth as a run rate. A run rate is current revenue projected over a full year, so it shows momentum rather than revenue already earned.

At the start of 2025, Anthropic's run rate was about $1 billion. By February 2026, Anthropic's run rate had reached $14 billion. Two months later, it passed $30 billion.

Here's how Anthropic's run-rate revenue has grown, from the start of 2025 to July 2026:

Date	Run-Rate Revenue
Start of 2025	~$1 billion
End of March 2025	~$2 billion
End of May 2025	~$3 billion
August 2025	$5 billion+
October 2025	~$7 billion
End of 2025	~$9 billion
February 2026	$14 billion
Early April 2026	$30 billion+
Early May 2026	$47 billion+
End of July 2026	$65 billion

According to Anthropic, its run-rate revenue grew over 10x a year in each of the three years to February 2026.

Anthropic's growth may not be slowing down. In September 2026, the New York Times reported that Anthropic is on track to pass a $100 billion run rate this year, citing unnamed sources.

For investors, the run rate shows momentum, not booked revenue. Anthropic's run rate at the end of 2025 (about $9 billion) was roughly double the revenue Anthropic booked that year (nearly $4.6 billion).

What Was Anthropic's Revenue in 2025 and 2026?

Anthropic made nearly $4.6 billion in revenue in 2025, according to its IPO prospectus as seen by Reuters. That's a 12x increase on 2024.

Anthropic's quarterly revenue is now climbing fast. Preliminary figures show that Anthropic made more than $11.5 billion in Q2 2026, according to Bloomberg. That's more than 14x the same quarter a year earlier.

Period	Anthropic Revenue
Q2 2025	$787 million
Full year 2025	~$4.6 billion
Q1 2026	$4.73 billion
Q2 2026 (preliminary)	$11.5 billion+

The quarterly figures are the better guide to Anthropic's real size. Anthropic's Q2 2026 revenue alone was more than double its revenue for the whole of 2025.

Is Anthropic Profitable?

Anthropic is not yet profitable on a full-year basis. Anthropic made a net loss of about $42 billion in 2025, but made its first adjusted operating profit in Q2 2026.

According to Reuters, around $34 billion of the 2025 loss was a non-cash accounting charge. Excluding write-downs, Anthropic's operating loss was more than $8 billion.

Compute is Anthropic's biggest cost. Anthropic spent $7.33 billion on compute and infrastructure in 2025, 3x more than in 2024. Anthropic's prospectus also lists, according to Reuters, $518 billion in future cloud and computing commitments.

In Q2 2026, Anthropic made its first adjusted operating profit, of $559 million, according to The Wall Street Journal. (This adjusted figure leaves out stock-based pay.)

According to the Financial Times, Anthropic has told investors to expect a second quarter of positive adjusted operating income in Q3 2026.

The FT also reports gross margins of more than 80%. That's before Anthropic pays partners like Amazon their share, and before training costs.

For investors, the $518 billion in compute commitments is the figure to watch. It is more than 100x Anthropic's 2025 revenue, so the bet depends on growth continuing.

What Is Anthropic's Valuation?

As of October 2026, Anthropic is valued at $965 billion, following its $65 billion Series H round in May 2026.

Anthropic's valuation is up from $61.5 billion in March 2025, a rise of nearly 16x in just over a year.

The Series H valuation also makes Anthropic more valuable than OpenAI, which was valued at $852 billion in March 2026.

Here's how Anthropic's valuation has grown, from March 2025 to May 2026:

Round	Date	Amount Raised	Valuation	Lead Investors
Series E	March 2025	$3.5 billion	$61.5 billion	Lightspeed Venture Partners
Series F	September 2025	$13 billion	$183 billion	ICONIQ, Fidelity, Lightspeed
Series G	February 2026	$30 billion	$380 billion	GIC, Coatue
Series H	May 2026	$65 billion	$965 billion	Altimeter, Dragoneer, Greenoaks, Sequoia

Anthropic is now preparing to go public. Anthropic's IPO could take place as soon as mid-November 2026, at a valuation of around $2 trillion, according to Bloomberg.

Anthropic's $965 billion valuation is about 15x its end-of-July run rate of $65 billion. A $2 trillion IPO valuation would be around 30x.

For comparison, see our list of decacorn companies.

How Much Funding Has Anthropic Raised?

Anthropic has raised roughly $125 billion in equity funding to mid-2026, according to our estimate of its announced rounds.

That estimate doesn't include tens of billions more that Amazon and Google have promised if Anthropic hits certain milestones.

Anthropic's biggest backers include Amazon and Google, which invest a mix of cash and computing power. Microsoft and NVIDIA have also committed funding:

• Amazon: $8 billion before 2026, plus $5 billion in April 2026 (with up to $20 billion more tied to milestones)
• Google: $10 billion in April 2026 (with up to $30 billion more tied to milestones)
• Microsoft and NVIDIA: up to $5 billion and up to $10 billion, announced in November 2025

Anthropic has also agreed to spend more than $100 billion on Amazon Web Services over the next 10 years. Anthropic has also committed to buy $30 billion of Microsoft Azure computing capacity. That ties Anthropic's growth closely to its cloud partners.

Who Are Anthropic's Customers?

Businesses drive most of Anthropic's revenue. In October 2025, enterprise customers made up about 80% of Anthropic's revenue, according to Reuters.

The number of big spenders is soaring. In early 2024, around a dozen customers spent more than $1 million a year with Anthropic. By April 2026, more than 1,000 did.

• 8 of the Fortune 10 were Claude customers as of February 2026
• Anthropic had more than 300,000 business customers by October 2025
• Two customers made up nearly a quarter of Anthropic's 2025 revenue, according to Reuters

That last figure is a risk to watch. When a few customers bring in a large share of revenue, losing one can hit the business hard.

For more on how businesses use AI, see our breakdown of companies using AI.

How Much Revenue Does Claude Code Make?

Claude Code's run-rate revenue reached $2.5 billion by February 2026, according to Anthropic. That's up from $500 million in September 2025.

As of February 2026, enterprise use made up more than half of Claude Code's revenue. According to one analysis cited by Anthropic, Claude Code wrote around 4% of all public commits on GitHub.

For investors, Claude Code shows that Anthropic's growth isn't tied to one product. Coding tools are now a multi-billion-dollar revenue line on their own.

How Many People Use Claude?

Anthropic doesn't publish user numbers for Claude. In March 2026, TechCrunch said outside estimates ranged from 18 million to 30 million consumer users.

You may see figures of 200 million+ monthly users online. But none of these comes from Anthropic or a reliable source.

In March 2026, Anthropic said that paid Claude subscriptions had more than doubled since the start of the year, according to TechCrunch.

Search data shows how much interest in Claude has grown. Searches for "Claude AI" peaked at 71.1 million a month in May and June 2026, up from 6.4 million in October 2024, according to Exploding Topics.

For investors, the lack of official user figures means search and traffic data are the best available signals of consumer demand.

For other AI tools, see our list of the most popular AI tools and our guide to ChatGPT users.

How Much Traffic Does Claude.ai Get?

Claude.ai received 968 million visits in June 2026, from 155.8 million unique visitors, according to Semrush. That makes Claude.ai the 34th most visited website in the world.

Claude.ai's June 2026 traffic was more than 8x the 116.1 million visits it received in June 2025, when it ranked 325th.

For comparison, ChatGPT.com received 5.32 billion visits in June 2026, more than 5x as many as Claude.ai.

Claude.ai visitors are highly engaged. The average visit lasts 12 minutes and 44 seconds, and 91% of visits come from desktop devices.

Because Anthropic doesn't publish user numbers, website traffic is one of the few independent ways to track Claude's consumer growth. You can follow it month by month in Semrush Traffic Analytics, and compare it with ChatGPT, Gemini or any other AI tool. For the latest monthly figures, see Exploding Topics' claude.ai traffic page.

Claude.ai Top Marketing Channels

83.38% of Claude.ai visits are direct. Organic search is the second-biggest source of traffic, at 10.71%.

Here's a breakdown of Claude.ai's top marketing channels in June 2026:

Rank	Marketing Channel	Proportion of Traffic
1	Direct	83.38%
2	Organic Search	10.71%
3	Referral	4.18%
4	Social	0.62%
5	AI Assistants	0.52%

Claude.ai Traffic by Country

The US accounts for the largest share of Claude.ai traffic (19.41%), more than twice India's share (8.01%).

Here's the breakdown of Claude.ai traffic by country in June 2026:

Rank	Country	Proportion of Traffic
1	US	19.41%
2	India	8.01%
3	Brazil	4.35%
4	Germany	4.22%
5	UK	3.66%

Figures above are for June 2026.

How Does Anthropic Compare With OpenAI?

Anthropic's preliminary Q2 2026 revenue (more than $11.5 billion) was ahead of OpenAI's ($6.7 billion). According to The Wall Street Journal, it was the first time Anthropic's quarterly revenue topped OpenAI's. Anthropic's Q2 figure is still preliminary.

Here's how the two AI companies compare:

Metric	Anthropic	OpenAI
Q2 2026 revenue	$11.5 billion+ (preliminary)	$6.7 billion
Q2 2026 operating result	$559 million profit (adjusted)	$12.3 billion loss
2025 revenue	~$4.6 billion	$13.07 billion*
Latest private valuation	$965 billion (May 2026)	$852 billion (March 2026)
Website visits (June 2026)	968 million (claude.ai)	5.32 billion (chatgpt.com)

*Reported from leaked audited accounts

The two companies measure profit differently. OpenAI's loss includes stock-based pay, while Anthropic's adjusted profit leaves it out.

Run-rate figures are also difficult to compare. In August 2026, CNBC put Anthropic's run rate at $65 billion and OpenAI's at $40 billion. But by late September, Axios reported that OpenAI's annual recurring revenue was approaching $70 billion.

Anthropic and OpenAI also reach different audiences. ChatGPT.com still gets more than 5x as many website visits as Claude.ai, while most of Anthropic's revenue comes from businesses.

To compare Claude with other AI models, see our list of large language models and our roundup of Claude alternatives.

What Does Search Data Say About Anthropic?

Exploding Topics data shows that searches for "Anthropic" grew 1,533% between October 2024 and September 2026. Over the same period, searches for "OpenAI" grew 200%.

Here's how monthly search interest in AI companies has changed, according to Exploding Topics data:

Search Term	October 2024	Peak	September 2026	2-Year Change
Anthropic	168K	5.6M (June 2026)	2.7M	+1,533%
Claude AI	6.4M	71.1M (May and June 2026)	45.5M	+611%
OpenAI	1.7M	16.7M (June 2026)	5.0M	+200%
Perplexity AI	5.3M	9.1M (September 2025)	3.35M	-36%

Search interest in Anthropic, Claude AI and OpenAI cooled over the summer of 2026. Searches for "Anthropic" fell 51% between June and September 2026, while searches for "OpenAI" fell 70%. Searches for the non-AI topics we checked held steady or rose between July and September 2026, so the drop isn't a quirk of the data.

Exploding Topics data also tracks the ecosystem around Anthropic. Searches for "Model Context Protocol", the open standard Anthropic introduced in November 2024 for connecting AI to other tools, peaked at about 193,000 a month in June 2026.

For investors, search interest is an early signal of demand. Exploding Topics tracks fast-growing AI startups like Anthropic. Here are some of the fastest-growing AI startups right now:

What's Next for Anthropic?

Anthropic's growth has outrun its own forecasts.

In October 2025, Anthropic was aiming for a run rate of more than $20 billion in 2026, and up to $26 billion in its best case, according to Reuters. Anthropic passed $30 billion by April 2026.

In August 2026, Reuters reported that Anthropic is projecting 2028 revenue of roughly $190 billion to $200 billion.

Anthropic's IPO will be the next big test. Anthropic's prospectus will give the first full public view of its finances, so we'll update this page when it's released.

How We Compiled These Statistics

We use Anthropic's own announcements first, then news reporting from outlets such as Reuters, Bloomberg, The Wall Street Journal and the Financial Times. Search figures come from Exploding Topics, and website traffic figures come from Semrush. Where reports differ, we give a range or say which source we use. Figures are as of October 6, 2026.

For more AI statistics, take a look at:

• Artificial Intelligence Statistics
• AI Market Size
• Most Popular AI Tools
• AI Usage Statistics
• Perplexity AI Statistics

Until Anthropic's prospectus is out, independent data is one of the few ways to track the AI race. Want to track it yourself? Use Semrush Traffic Analytics to see how Claude, ChatGPT and other AI tools grow each month, and where their visitors come from. And use Exploding Topics Pro to track search interest in Anthropic, OpenAI and other AI topics. The Investor plan adds Trending Startups, so you can follow fast-growing AI startups too.