Ahead of its IPO, Anthropic’s Daniela Amodei shrugs off doubts about AI’s returns

Anthropic says its annualized revenue reached $47B in May, up sharply from about $9B at the end of 2025. The growth comes as the company heads toward an IPO and faces scrutiny over whether AI spending can translate into durable returns.

The reported surge strengthens Anthropic’s IPO narrative, but investors will likely focus on margins, compute costs, and customer retention rather than top-line growth alone. The story reflects a broader market shift from AI hype toward proof of sustainable economics.

Anthropic has been growing at a breakneck pace. The company announced that annualized revenue crossed $47 billion in May, up dramatically from roughly $9 billion at the end of 2025. That trajectory faces a real test, though.