On Thursday the New York Times reported a number that is large even by this year’s standards: Anthropic is tracking toward more than $100 billion in annualized revenue. In July it was $65 billion. The same day, the Wall Street Journal reported that the IPO has moved from October to November.
From 65 to over 100 billion in two months
Annualized revenue means the current month times twelve. It tells you nothing about the full year and a lot about the slope. By Axios’ math the figure has grown more than tenfold since the end of 2025, carried by Claude Code and Cowork in enterprise accounts rather than by chat subscriptions.
Anthropic is not yet six years old. At this pace it ends the year among the fifty largest US companies by revenue. The Nasdaq listing was already settled last week.
Why the listing comes later
The reason is dull: Anthropic wants third-quarter numbers on the table before the stock trades. After OpenAI shipped Astra in September, the company apparently wants to show that the competition did nothing to its growth.
Bankers expect a valuation near $2 trillion and a raise of up to $100 billion, which would beat the SpaceX record. By year-end Anthropic reportedly aims for $110 billion annualized. Advisers say a temporary pause on new model releases would not meaningfully slow the revenue momentum.
Sell a brake, bring receipts
That last sentence is the interesting part. Dario Amodei has spent weeks arguing for slowing down at the frontier, and he now has to explain that to investors who just watched revenue grow tenfold. Sam Altman pushed OpenAI’s listing to 2027 on similar safety grounds. Anthropic is doing the opposite: list first, then brake.
Whether those two fit together won’t be settled on the roadshow. It gets decided in the first quarter where the brake actually bites. Until then the brake is an announcement and the $100 billion is a number.