BlockBeats News, August 18th, Anthropic's annualized revenue run rate as of the end of July has exceeded $650 billion, an increase of nearly 40% from May's $470 billion, and over 7 times higher than the approximately $90 billion at the end of 2025. The company's preliminary revenue in the second quarter has exceeded $115 billion, with a year-over-year growth rate of at least 14 times.

Earlier, Reuters reported that Anthropic has set a revenue target of $1.9 trillion to $2 trillion for 2028, with market discussions on its potential IPO valuation surpassing $20 trillion, and some investors even believe that $30 trillion is within reach. If Anthropic achieves $2 trillion in revenue in 2028 and obtains a 50x price-to-sales ratio, its theoretical market value will reach $10 trillion.

Behind this expectation is the AI industry forming a "Model-Power-Capital" cycle. Giants like NVIDIA and Amazon continue to provide computing power to cutting-edge AI labs through investments, financing, and data center construction, while companies focusing on models like Anthropic and OpenAI have become the key demand drivers in the entire AI infrastructure investment chain.

It is worth noting that Anthropic's growth rate is catching up to or even surpassing OpenAI. At the end of 2025, OpenAI's annualized revenue was about $200 billion, more than twice that of Anthropic; as of the end of July, Anthropic's annualized revenue has reached $650 billion, while OpenAI's latest annualized revenue is around $400 billion.

Although a $10 trillion market cap is still an extreme assumption and faces risks such as competition, computing power costs, and valuation downturns, as AI extends from infrastructure to "intelligent productivity," Anthropic is becoming a significant candidate in the market to bet on the next trillion-dollar or even $10 trillion company.