Potential Anthropic IPO investors seek detailed revenue metrics ahead of blockbuster listing

Anthropic is sprinting toward what could become the largest AI IPO in history, and the investors lining up to participate have one persistent request: show us the receipts. The Claude maker’s annualized revenue run rate ballooned from roughly $9B at the end of 2025 to over $65B by the end of July 2026. The numbers behind the frenzy Anthropic’s preliminary Q2 2026 revenue clocked in at $11.5B, up from $4.73B in Q1 2026. For context, Q2 2025 revenue was $787M. So the company roughly 15x’d its quarterly top line in a single year. That growth has also pushed the company into unfamiliar territory: profitability. Anthropic posted its first quarterly operating profit of approximately $559M in Q2 2026. The company’s most recent private round, a record $65B Series H completed in late May 2026, valued Anthropic at $965B post-money. Some prospective IPO investors are now projecting a public market valuation north of $2 trillion. Internal revenue projections for 2028 sit in the $190B to $200B range, according to figures being shared with potential backers. The accounting question investors keep asking Revenue growth this steep invites a specific kind of scrutiny, and prospective IPO investors ...