Anthropic ended July with an annualized revenue run rate of $65 billion, marking a roughly 600% increase from the end of 2025 and highlighting the extraordinary pace at which demand for advanced artificial intelligence is expanding.
The AI company remains privately held, meaning investors cannot yet purchase its shares on public markets. However, its rapid growth is increasingly significant for major technology companies with close commercial ties to Anthropic, particularly Amazon and Space Exploration Technologies Corp. (SpaceX).
A revenue run rate annualizes current revenue to provide a snapshot of potential yearly sales. While it does not represent guaranteed future revenue, Anthropic’s growth trajectory remains notable. The company reported preliminary second-quarter revenue of approximately $11.5 billion, nearly 14 times its revenue during the same period a year earlier.
IPO Could Put Anthropic Under the Spotlight
Anthropic is also preparing for a potential public listing after reportedly filing confidential IPO paperwork with the U.S. Securities and Exchange Commission in June 2026. The company has yet to announce a listing date.
Its most recent private valuation reportedly stood at approximately $965 billion, underscoring the scale of investor expectations surrounding the AI developer.
Amazon Gains From Cloud and AI Demand
Amazon is Anthropic’s largest corporate backer, having invested approximately $13 billion, with an option to increase its investment to as much as $33 billion. Beyond its equity position, Amazon benefits significantly from Anthropic’s growing demand for cloud infrastructure.
Anthropic has committed to spending $100 billion on Amazon Web Services over the next decade and has secured up to five gigawatts of computing capacity powered by Amazon’s custom AI chips. Continued growth could push that demand even higher.
SpaceX Becomes a Major Compute Partner
SpaceX also stands to benefit through a major commercial arrangement with Anthropic. The AI company reportedly leases computing capacity powered by more than 300,000 Nvidia chips and pays approximately $1.25 billion per month through 2029.
The scale of the agreement makes Anthropic a critical customer, reportedly accounting for about half of SpaceXAI’s sales. As Anthropic expands, its need for computing power could remain a major revenue driver for SpaceX.
Growth Comes With Rising Costs
Despite the impressive revenue figures, Anthropic’s profitability remains difficult to assess. Building and training frontier AI models requires enormous computing resources, meaning costs could rise alongside revenue.
An eventual IPO would provide greater financial transparency and potentially additional capital. For now, Anthropic’s rapid expansion represents a major opportunity for Amazon and SpaceX, but its long-term value will depend on whether revenue growth can ultimately outpace the immense costs of developing increasingly powerful AI models.
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