Anthropic Revenue Run Rate Tops $19 Billion, Valuation Surges Despite Pentagon Supply-Chain Risk Dispute

Anthropic, developer of the prominent Claude AI model, has seen its secondary-market valuation surge 550% this year to $1.2 trillion, overtaking OpenAI and drawing intense market attention. With demand for its shares far outstripping supply, the frenzy has reportedly prompted some investors to sell their homes to buy stock and fueled gray-market trading, forcing the company to issue a warning. The activity underscores the powerful pull that leading AI unicorns exert on capital amid the global artificial intelligence boom.

Bloomberg reported that Anthropic could go public as early as October this year. Three major investment banks are actively arranging meetings between investors and the company's senior executives, while an investor meeting is reportedly set to take place soon. The developments suggest that the company's listing plan, with a valuation closing in on $1 trillion, has entered its final stages. The market is closely watching whether Anthropic can complete the listing in October.

Founded by former OpenAI employees, Anthropic focuses on its Claude models and enterprise generative AI. Its “Computer Use” feature demonstrates how AI agents can operate computers. The company is competing with OpenAI for enterprise customers, computing capacity and talent, while its listing plans are also seen as an important test of capital-market appetite for high-cost AI business models.

Recent reports say Anthropic has confidentially filed an S-1 and selected Morgan Stanley and Goldman Sachs to lead the offering, with a listing possible as early as October 2026. Early reports put its valuation at about $380 billion and said it planned to raise more than $60 billion. Subsequent reports said the valuation first rose to $800 billion and could now reach $965 billion, closing in on $1 trillion.

Anthropic was founded by former OpenAI researchers in 2021 and is best known for Claude. Continued funding and cloud-computing support from Google and Amazon underscore the chips, data centers and vast amounts of capital needed to train frontier models. That backing has also made Anthropic a major competitor in the generative AI market.

As of July 2026, reports said Anthropic had completed a $65 billion Series H funding round at a post-money valuation of $965 billion, higher than OpenAI's. Samsung, SK hynix and Micron participated as strategic investors. The new capital will fund model development and computing infrastructure, with Anthropic's valuation closing in on $1 trillion.

Anthropic, a generative AI company founded by former OpenAI employees, is rapidly expanding its flagship Claude product in the enterprise market as it competes with OpenAI and Google for commercial customers. With training and inference costs remaining high, its ability to control computing expenses while expanding data-center capacity is a key test of the AI startup business model.

Reports indicate that Anthropic expects second-quarter 2026 revenue could reach $10.9 billion, more than doubling from the first quarter and rising about 130% year over year. It could also post its first operating profit, two years ahead of schedule, driven largely by growth in Claude's enterprise user base, improved model-computing efficiency and lower infrastructure costs.

Anthropic was founded in 2021 by former OpenAI employees and has expanded into the enterprise AI market through Claude and the Claude Code development tool. DeepSeek is backed by Chinese quantitative hedge fund High-Flyer and had not previously raised outside capital. The simultaneous surge in their valuations shows that U.S.-China competition in frontier models has expanded from technology into capital and enterprise customers, though secondary-market quotes are not the same as formal fundraising valuations.

Forge Global data on April 23, 2026, showed an implied secondary-market valuation of about $1 trillion for Anthropic, above OpenAI's $880 billion. The relevant quote rose further to $1.2 trillion on July 10. Claude Code's annualized revenue was estimated at $8 billion in May. DeepSeek began talks in April for its first external funding round since its founding, seeking to raise at least $300 million at a target valuation of more than $10 billion.

Anthropic, the developer of the Claude family of models, is seeing revenue and computing demand rise as corporate appetite for generative AI grows. With model training and inference costs climbing, the company is expanding its use of Google’s custom-built TPUs and tapping Broadcom’s chip expertise, reshaping competition among cloud providers, AI chipmakers and power markets.

Anthropic most recently disclosed that its annualized revenue had surpassed $30 billion. It has also reached a next-generation TPU supply agreement with Google and Broadcom, securing about 3.5 GW of computing capacity that is expected to come online in phases beginning in 2027. Separate reports said the company plans to spend about $200 billion on Google Cloud over the next five years to support Claude’s global operations.

U.S. artificial intelligence company Anthropic competes with OpenAI and Google for enterprise customers and developers through its Claude family of models. Its valuation could reportedly reach $800 billion, double its previous level. If realized, the valuation would underscore the generative AI investment boom and strengthen the company's position as it plans an initial public offering by the end of 2026.

Recent reports said Anthropic was in talks for a new funding round that could lift its valuation to $800 billion. U.S. Treasury Secretary Scott Bessent also publicly praised the newly launched Mythos model, highlighting its coding and safety capabilities. He said such technology could help the United States maintain its lead over China in the AI race.

Anthropic secured a US Defense Department AI contract worth up to $200 million in July 2025, but later fell out with the military after insisting that Claude must not be used for mass domestic surveillance or fully autonomous weapons. The Defense Department formally designated the company a supply-chain risk on March 5, 2026, restricting contractors from using its technology on defense contracts and extending the military procurement dispute to commercial customers.

At a court hearing on March 10, 2026, Anthropic said more than 100 corporate customers had raised concerns about the risks since the ban. One financial-services customer paused a $15 million transaction, while two other financial firms demanded the right to terminate at any time before proceeding with contracts worth a combined $80 million. Anthropic estimated that its 2026 revenue losses could reach hundreds of millions or even billions of dollars.