Anthropic's run rate tops $65B: just turned profitable, already eyeing a $2T IPO

Anthropic just flashed a report card on the eve of its IPO that made the whole room gasp: annualized revenue run rate surging past $65 billion, plus a historic first profitable quarter — yet the market is sticking it with a $2 trillion price tag.

Three Key Facts

Revenue on a rocket. By the end of July 2026, Anthropic's annualized run rate exceeded $65 billion — up from roughly $9 billion at the end of 2025 and $47 billion in May. Q2 revenue topped $11.5 billion, more than double Q1's $4.73 billion.

Making money, finally. The Claude-and-coding-tools company is projected to post its first-ever quarterly operating profit of $559 million in Q2 2026. After years of burn-rate skepticism, the tune has changed.

A big IPO appetite. It confidentially filed for an IPO back in June, with talk of a possible $2 trillion (or higher) valuation — and it's feeding investors a 2028 revenue forecast of $190 billion to $200 billion.

WangDou's Take

A $65B run rate against a $2T valuation is stretching the word "growth" over the table and pressing down until it screams. My math isn't great, but $2 trillion divided by $65 billion is a ~30x price-to-sales ratio — Silicon Valley isn't selling AI anymore, it's selling lottery tickets on "the future is inevitable." That Q2 profit, next to a $190B promise, is like pouring one cup of water on an entire desert. Wall Street talks about fearing bubbles out of one side of its mouth while the other hand is already reaching for the IPO subscription form. Every tech bubble is the same: the grander the story and the more absurd the numbers, the longer the line of buyers. This time it's the Claude family's turn to teach everyone how it's done.

Source: Fool.com、Seeking Alpha