Anthropic's quarterly revenue grew more than 14 times, to over $11.5 billion

Anthropic's revenue in the second quarter of 2026 was more than $11.5 billion, against $787 million in the same quarter of 2025 — a rise of more than 14 times in twelve months. The figures are preliminary and come from documents shown to prospective investors, reviewed by Bloomberg News.

The sequence underneath the multiple is the steeper part. Anthropic booked $4.73 billion in the first quarter of this year, which was already about six times the year-earlier quarter; the second quarter was more than 2.4 times the first. Quarterly revenue more than doubled in three months.

The same documents show positive adjusted operating income for the quarter. That is not a statement about profit under accounting rules. Adjusted operating income excludes items the company chooses to exclude, and neither the adjustments nor a figure prepared under GAAP has been published beside it.

The quarterly number can be squared with what Anthropic has said itself. The company announced in May that its run-rate revenue had crossed $47 billion; four quarters at $11.5 billion is about $46 billion. A run rate is a recent month annualised rather than a year of collected revenue, so the two are the same business measured at different moments — not two amounts to be added, and not a trailing-year total.

The disclosure comes while Anthropic meets prospective investors ahead of a potential listing, with Morgan Stanley, Goldman Sachs and JPMorgan Chase working on it. The same May announcement put a $65 billion raise at a $965 billion post-money valuation.

Every figure here is provisional. Bloomberg reports that deliberations are continuing and the numbers could be revised, a representative for Anthropic declined to comment on them, and none of it has been published by the company or in a public filing. The second-quarter figure is also a floor rather than a total: it is reported as more than $11.5 billion, so the exact multiple cannot be worked out from what is public.