Anthropic’s revenue surged more than 14-fold in the second quarter from a year earlier, underscoring the rapid commercial adoption of its Claude artificial intelligence models as the company prepares investors for a potential blockbuster initial public offering.

The AI company generated preliminary revenue of more than $11.5 billion in the quarter, compared with $787 million in the same period of 2025 and $4.73 billion in the first quarter of 2026, according to documents seen by Bloomberg News.

The figures are preliminary and could still change as Anthropic completes its financial reporting.

However, the sharp increase means Anthropic more than doubled revenue in just three months, highlighting the acceleration in demand for its AI products among businesses and professional users.

The growth comes as Anthropic competes directly with OpenAI for enterprise customers and developers.

Claude has gained traction among professionals, particularly in software development and coding, as companies increasingly deploy AI systems for tasks that previously required substantial human labor.

Anthropic’s ability to convert that adoption into recurring revenue has become necessary as the AI industry moves from demonstrating model capabilities to monetizing them at scale. The company’s second-quarter adjusted operating income was positive, according to the documents, suggesting that its rapidly expanding revenue base is beginning to improve its operating economics.

That is notable because leading AI developers face enormous costs for computing infrastructure, model training, data, and research. Sustaining growth while improving margins will be central to Anthropic’s public-market story.

Revenue Run Rate Passes $47 Billion

Anthropic’s annualized revenue run rate crossed $47 billion in May, according to the report.

OpenAI’s annualized revenue was above $40 billion around the same period, although the two companies may calculate their run rates differently, making a direct comparison difficult.

The latest figures suggest Anthropic has rapidly closed the commercial gap with OpenAI, which has long been the dominant consumer-facing name in generative AI.

The competition is increasingly extending beyond chatbot usage. Both companies are seeking to become core infrastructure for businesses by providing models through APIs, enterprise software and autonomous AI agents.

Anthropic’s strong performance is expected to strengthen its position in negotiations with customers and investors as the company seeks additional capital to fund the enormous infrastructure requirements of frontier AI development.

Potential IPO Could Reshape AI Market

Anthropic has been meeting with potential investors ahead of a possible mega-IPO, according to people familiar with the matter cited by Bloomberg.

The company has confidentially filed for a listing and is working with Morgan Stanley, Goldman Sachs and JPMorgan Chase on the potential offering, according to earlier reports. An IPO would give Anthropic access to public-market capital at a time when AI companies are committing hundreds of billions of dollars to data centers, advanced chips and other infrastructure.

The timing could also give Anthropic a first-mover advantage among major private AI laboratories seeking public listings. A potential offering later this year could come before an IPO from OpenAI, while Chinese AI company DeepSeek is also reportedly preparing for a potential listing.

Anthropic’s potential listing comes as investor appetite for technology and AI companies has helped revive the global IPO market. Companies have raised $256.4 billion through public listings this year, excluding blank-check companies and other financial vehicles, according to Bloomberg data. That is the highest annual amount since 2021.

For Anthropic, market conditions could provide an opportunity to raise substantial capital while giving existing shareholders a liquid market for their stakes.

The company’s rapid revenue growth could also support an ambitious valuation. However, public investors are likely to scrutinize whether its current growth rate can be sustained as competition intensifies and the cost of operating capable models rises.

The Bigger Test Is Profitability

Anthropic’s preliminary return to positive adjusted operating income is potentially as important as its revenue growth. The company is operating in a sector where revenue can rise rapidly while expenses remain enormous. Training and operating frontier models require vast amounts of computing capacity, while competition among AI laboratories is forcing companies to continually invest in larger and more capable systems.

Anthropic therefore needs to demonstrate that its growing enterprise customer base can generate sufficient recurring revenue to offset those costs.

The second-quarter figures provide an early indication that scale is beginning to work in its favor. If the company can maintain strong revenue growth while improving operating profitability, it could enter public markets with a substantially stronger financial profile than many earlier-stage AI companies.

Analysts predict the potential IPO would consequently be more than a fundraising event. It would provide the public market with one of its clearest opportunities to put a valuation on a leading frontier AI developer and test whether the extraordinary growth rates being generated by the industry can translate into durable profits.

Nvidia is in talks to invest as much as $3 billion in SB Energy, a subsidiary of SoftBank that is developing a major data center campus in Ohio for OpenAI, as the companies seek to assemble the financing needed for a massive expansion of artificial intelligence infrastructure, The Information reported on Saturday.

The proposed investment is part of broader discussions involving Nvidia, OpenAI and SB Energy over roughly $100 billion in credit support for the planned Ohio data center campus, according to the report, which cited people familiar with the negotiations.

Nvidia has discussed providing half of the proposed $3 billion investment when the Ohio project agreement is signed, with the remaining $1.5 billion potentially invested as part of SB Energy’s planned initial public offering, The Information reported.

SB Energy is targeting an IPO as soon as next month and could raise at least $5 billion through the offering, according to The Information.

The potential investment would deepen Nvidia’s involvement in the physical infrastructure underpinning the AI boom. Nvidia is best known for supplying the advanced processors used to train and run AI models, but the rapid expansion of AI workloads has created an equally significant need for data centers, electricity and financing.

SB Energy, which is also backed by OpenAI, develops large-scale power and data center infrastructure. Founded in 2019, the company is developing multiple data center campuses designed to serve growing demand from AI workloads.

The Ohio project is considered significantly viable because it forms part of OpenAI’s broader effort to secure the computing capacity required to train and operate increasingly powerful AI models.

The scale of the proposed financing illustrates the enormous capital requirements of the AI infrastructure buildout. Data centers require billions of dollars in construction spending, while the electricity systems needed to power them can require additional investments in generation, transmission and storage.

Nvidia’s potential $3 billion investment would therefore represent more than a conventional investment in an infrastructure company. It could help align one of the world’s largest AI chip suppliers with the companies responsible for building the facilities in which those chips will ultimately operate.

The discussions also point to the growing interconnected relationships among Nvidia, OpenAI and SoftBank.

Nvidia supplies much of the computing hardware required by AI developers, OpenAI is one of the industry’s largest consumers of computing capacity, while SoftBank has increasingly positioned itself as a major investor in AI infrastructure. SB Energy sits at the intersection of those interests by developing the power and data center facilities required to support AI workloads.

The proposed Ohio financing has also undergone a significant change in recent months.

The Wall Street Journal reported Friday that Nvidia had revised its plans to support the OpenAI data center project and was now expected to initially guarantee less than $120 billion, down from the $250 billion previously discussed. The reported reduction suggests that the financing structure for the Ohio project remains fluid as the companies determine how much capital and credit support will ultimately be required.

At the same time, the potential SB Energy investment could provide another route for Nvidia to participate directly in the infrastructure buildout without limiting its role to supplying chips.

The timing of SB Energy’s potential IPO is also notable. A public listing that raises at least $5 billion would provide the company with additional capital to expand its data center and power infrastructure portfolio at a time when AI companies are competing aggressively for access to electricity and computing capacity.

The broader AI investment cycle is now shifting toward physical infrastructure. The industry’s early spending focused heavily on GPUs and other specialized chips, but companies now need vast data center campuses, power plants, grid connections, and cooling systems to deploy those processors at scale.

That transition is creating opportunities for companies such as SB Energy while encouraging Nvidia and other technology firms to become more involved in financing the infrastructure ecosystem around AI.

If the reported investment goes ahead, Nvidia would have a direct financial stake in a company helping build the infrastructure required by one of its largest potential customers.

For OpenAI, meanwhile, securing sufficient data center capacity is becoming central to its ability to scale its AI systems. The Ohio project and the financing discussions surrounding it show the extent to which the next phase of the AI race will depend not only on model development and semiconductor supply, but also on access to enormous pools of capital and reliable power.

The proposed $3 billion Nvidia investment remains subject to negotiations, while the broader credit-support arrangement has yet to be finalized. But the talks highlight how the boundaries between AI developers, chipmakers, infrastructure companies and financial investors are becoming increasingly blurred as the industry enters a capital-intensive phase of expansion.