Data as of 2 November 2026 ยท from the S-1 and Anthropic’s own statements
In short
Anthropic’s revenue was $11,555 million in the second quarter of 2026, against $787 million a year earlier, according to its Form S-1. Full-year revenue went from $41 million in 2023 to $386 million in 2024 and $4,585 million in 2025. On its own run-rate measure, Anthropic says revenue went from about $1 billion at the start of 2025 to over $47 billion in May 2026.
The S-1 gives revenue for each of the six quarters from Q1 2025 to Q2 2026, plus Q4 2024 in the text. Q2 2026 revenue was about 14.7 times Q2 2025 (our arithmetic; the S-1 calls it a 1,368% increase). The four quarters of 2025 add up to the $4,585 million full-year figure.
Anthropic Form S-1 (SEC EDGAR, filed 26 Oct 2026), quarterly statements of operations; Q4 2024 from the MD&A text. Our arithmetic: $11,555M / $376M = 30.7x (Q1 2025 to Q2 2026).
How we source this page. Anthropic is private until its IPO, so the primary sources are its Form S-1 (filed with the SEC on 26 October 2026) and its own announcements on anthropic.com. Figures that only the press has reported are labelled “reported by” with the outlet named. Ratios, sums and multiples are our arithmetic from those figures and are labelled as such. Every quote below was checked against its source on 2 November 2026.
Run-rate revenue, in Anthropic’s own words
Run-rate revenue is Anthropic’s operating metric, not GAAP revenue. The S-1 defines it as consumption fees in the trailing 28 days multiplied by 13, plus monthly subscription fees multiplied by 12. Each point below is a statement Anthropic published on the date shown. From about $1 billion to over $47 billion is roughly a 47-fold rise in about 17 months (our arithmetic).
Anthropic: Series F, G, H posts and 6 Apr 2026 compute post. 'Start of 2025' and 'earlier this month' (May 2026) dates approximate.
Between those statements, Reuters reported about $3 billion of annualized revenue at the end of May 2025 (two sources), and in October 2025 Anthropic told Reuters its run rate was “approaching $7 billion”. The S-1 has a line for run-rate revenue as of 31 October 2026, but the figure is left blank.
Most revenue is pay-per-use. Consumption-based revenue (tokens through the API and cloud marketplaces) was $288 million, 75% of the total, in 2024; $3.8 billion, 83%, in 2025; and $13.1 billion, 80%, in the first half of 2026. Subscriptions (the Claude plans) made up the rest: $98 million, $789 million and $3.2 billion.
Q3 2026 revenue is not in the filing. The S-1 leaves it blank; the about $16.8 billion figure is reported by Reuters and the Financial Times and is shown here as reported only.
Run-rate revenue at 31 October 2026 is blank in the S-1. The latest Anthropic statement we found is “crossed $47 billion” (May 2026).
Quarterly revenue before Q4 2024 is not in the S-1 sections we read: it gives full years for 2023 and 2024 and quarters from Q1 2025.
Run-rate is not revenue. It annualizes a 28-day window, so it runs ahead of reported quarterly revenue when growth is fast.
Anthropic’s revenue was $4,585 million in 2025 and $16,286 million in the first six months of 2026, of which $11,555 million came in Q2 2026, per its Form S-1.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
