Anthropic’s annualized revenue tops $100B ahead of mega IPO

Anthropic, the maker of the Claude AI assistant, is now expected to surpass $100 billion in annualized revenue in 2026, according to the New York Times, as the company pushes back the timeline for what could become the largest initial public offering in history.bloomberg

IPO Shifts to Mid-October

Anthropic is expected to begin marketing its IPO in mid-October at the earliest and complete the Nasdaq ↗ 2.44% listing before the November U.S. midterm elections, Reuters reported, citing people familiar with the matter. The company had previously targeted a mid-September prospectus release. Sources told Reuters that routine adjustments in the preparation process, including regulatory requirements and market conditions, caused the delay but did not change the company's goal of completing the offering in autumn 2026.reuters

Morgan Stanley ↘ 0.46% and Goldman Sachs The Goldman Sachs Group, Inc. ↘ 1.00% are leading the underwriting process, with support from JPMorgan ↗ 0.10% and Citigroup ↘ 0.70%. Anthropic is seeking to raise as much as $100 billion at a valuation of around $2 trillion, Reuters reported, which would surpass SpaceX's June 2026 listing as the largest IPO ever.reuters+4

Revenue Growth Accelerates

The company's annualized revenue run rate surpassed $65 billion at the end of July, up from $47 billion in May and $9 billion at the end of 2025, Bloomberg reported. Investors now project the run rate could reach $100 billion to $120 billion by year-end. Anthropic generated $11.6 billion in revenue in the second quarter, the New York Times reported, with the company telling investors it expects adjusted operating profit again in the third quarter.bebeez+4

Nvidia and Credit Facility

Nvidia ↗ 1.34% is in talks to invest up to $10 billion in the IPO as an anchor investor, Reuters reported. The chipmaker's potential involvement carries both financial and strategic weight, given that Anthropic relies heavily on Nvidia's GPUs for training its AI models.bebeez+1

Separately, Anthropic is finalizing a $15 billion revolving credit facility, up from a roughly $10 billion initial target and far exceeding the $2.5 billion credit line the company secured last year, according to Bloomberg. Morgan Stanley is leading the facility, with Goldman Sachs, JPMorgan, and Citigroup also holding prominent roles. The expanded credit line would provide additional liquidity as development of frontier AI models demands ever-larger investments in computing infrastructure.bloomberg+1