Anthropic Valuation and Revenue 2026: From $61.5 Billion to $965 Billion

Two kinds of numbers get mixed up in coverage of Anthropic. The valuations and the run-rates below marked "Anthropic" come from the company's own announcements. The quarterly revenue, the 2025 results and the IPO plans come from reporting on documents and investor meetings that Anthropic has not published, and I label them that way.

Anthropic valuation at a glance

Every Anthropic funding round and valuation

Sources: Anthropic's announcements on each date.

From $61.5 billion to $965 billion took 15 months, about a 15.7-fold rise. The Series H also listed Blackstone, Fidelity, T. Rowe Price, Temasek and others as investors, plus $5 billion from Amazon among the earlier cloud-provider commitments.

Anthropic valuation timeline

1. 2021

   Dario Amodei, Daniela Amodei and other former OpenAI researchers found Anthropic

   Source: Anthropic

2. 2023

   Claude launches in March; Anthropic raises a $450 million Series C in May and Amazon agrees in September to invest up to $4 billion

   Up to $4 billion from AmazonSource: Anthropic

3. 2024

   Run-rate revenue starts the year at $87 million

   $87 million run-rateSource: Anthropic, September 2025

4. 2025

   Series E in March at $61.5 billion; run-rate passes $5 billion in August; Series F in September at $183 billion; Microsoft and NVIDIA commit up to $15 billion in November

   $183 billionSource: Anthropic

5. 2026 (February)

   Series G at $380 billion; run-rate revenue is $14 billion

   $380 billionSource: Anthropic, February 12, 2026

6. 2026 (April)

   Run-rate passes $30 billion, up from about $9 billion at the end of 2025

   $30 billion run-rateSource: Anthropic, April 6, 2026

7. 2026 (May)

   Series H at $965 billion; run-rate crosses $47 billion

   $965 billionSource: Anthropic, May 28, 2026

8. 2026 (June)

   Anthropic confidentially submits a draft IPO registration on June 1

   Source: NPR, June 1, 2026

9. 2026 (October)

   Anthropic reportedly tells investors third-quarter revenue reached $16.8 billion

   $16.8 billion in one quarter, reportedSource: Financial Times via Reuters, October 15, 2026

How much revenue does Anthropic make?

Run-rate revenue is the current month's revenue multiplied by 12. It shows momentum, not money already earned. Here is each run-rate figure Anthropic has published:

Actual revenue, from reporting that Anthropic has not confirmed:

The reported third-quarter figure would put Anthropic's revenue for the first nine months of 2026 at about $33 billion, roughly seven times its reported revenue for all of 2025. Reports also said Anthropic described itself as profitable on an adjusted basis, a measure it has not defined publicly.

When is the Anthropic IPO?

There is no confirmed date. Anthropic said on June 1, 2026 that it had confidentially submitted a draft registration statement to the SEC, which lets it go public after the SEC review, and that the number of shares and price were not set. Reuters reported in August that bankers were valuing the company partly on a projected $190 billion to $200 billion in 2028 revenue. Several October reports said a listing could come in November 2026, after the US midterm elections, but Anthropic has not announced a date, and no public S-1 was on EDGAR as of October 25, 2026.

Who owns Anthropic?

Anthropic is a public benefit corporation owned by its founders, employees and investors, with no single controlling shareholder disclosed. Amazon and Google are large minority investors. I cover the ownership in detail in who owns Anthropic and Claude.

How I checked these numbers

I used Anthropic's own announcements for every valuation and run-rate figure, and dated each one. The 2025 results, the quarterly revenue and the IPO timing come from Reuters, the Financial Times and NPR reporting on documents and meetings that Anthropic has not published, so they are labeled as reported.

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