Anthropic revenue run rate tops $65 billion as IPO looms and Decart deal advances
Anthropic’s annual revenue run rate topped $65 billion by the end of July. The latest figure, which Anthropic shared with investors as part of its ongoing financial updates, represents a sharp increase from the $47 billion run rate reported in May and an extraordinary jump from roughly $9 billion at the end of 2025.
Revenue growth is also becoming an increasingly important part of the story surrounding Anthropic’s expected IPO. The company is projecting revenue of roughly $190 billion to $200 billion in 2028, Reuters reported last week, with those forecasts expected to play a major role in determining the valuation investors are willing to assign to the company.
Anthropic’s rapid expansion has been driven in large part by growing demand for Claude, particularly among businesses and software developers using the company’s models for coding and other complex tasks. Its coding agent has helped establish Anthropic as one of the leading competitors in the enterprise AI market and has given the company a growing stream of business customers.
The company’s expansion is also increasingly extending beyond selling access to its models. Its reported agreement to acquire Israeli AI startup Decart for roughly $7 billion, mostly in Anthropic shares, would give the company access to technology and talent focused on AI efficiency and real-time applications, while establishing a significant foothold for Anthropic in Israel.
The Decart deal, which is nearing a signing, would be one of Anthropic’s most significant strategic moves to date. Decart had emerged as one of Israel’s more closely watched AI companies, developing technology aimed at making AI systems more efficient and capable of operating in real-time environments. For Anthropic, the attraction is not simply the startup’s technology, but also the opportunity to acquire a team and establish a presence in one of the world’s largest concentrations of AI talent.
The deal would also mark a notable expansion of Anthropic’s ambitions at a time when the company is racing to build the infrastructure and capabilities it needs to support its rapidly growing business. Anthropic was reportedly valued at $965 billion in May after raising $65 billion in its Series H funding round, more than doubling its $380 billion valuation in February.
The company confidentially filed for an IPO earlier this year, setting up a potential public-market race with OpenAI. Both companies are seeking to capitalize on strong investor demand for AI companies while demonstrating that their enormous private-market valuations can be supported by rapidly growing revenues.
