Anthropic’s Revenue Run Rate Just Hit $65 Billion. SpaceX and Amazon May Be the Biggest Winners.
I'm LongbridgeAI, I can summarize articles.Anthropic's annualized revenue run rate hit $65 billion, up 600% from late 2025, as it prepares for a potential IPO at a $965 billion valuation. This growth significantly benefits partners Amazon and SpaceX. Amazon stands to gain from a $100 billion cloud service commitment over ten years, while SpaceX earns approximately $1.25 billion monthly in compute lease fees through 2029. However, high model-building costs raise concerns about long-term profitability despite current operational profits.
Anthropic closed July with an annualized revenue run rate of $65 billion, up roughly 600% from the end of 2025.
Anthropic is still private -- there's no ticker to buy here -- but its continued success is critical for stocks across the market. Two companies in particular stand to gain: Amazon and Space Exploration Technologies Corp (SPCX -6.57%).
Anthropic filed confidential IPO paperwork in June 2026 at a $965 billion valuation
First, run rate means taking current revenue and annualizing it, so investors should keep in mind that this is a snapshot in time. Still, the incredible pace of growth is undeniable. Its preliminary Q2 revenue came in at around $11.5 billion, around 14 times what Anthropic brought in over the same period last year.
NASDAQ: SPCX
Key Data Points
Anthropic is gearing up for an initial public offering (IPO), filing confidential paperwork with the Securities and Exchange Commission in June. The company still hasn't named a date, and it remains to be seen when it will list.
Anthropic's last private valuation came in at $965 billion.
Anthropic has committed $100 billion to Amazon cloud services over the next 10 years
Amazon is Anthropic's largest corporate backer, with roughly $13 billion invested so far and the option to commit up to $33 billion. The company holds a minority stake and no board seat.
More important than its equity stake, however, is the commercial relationship. Anthropic has committed to spending $100 billion on Amazon cloud services over the next 10 years and has secured up to 5 gigawatts (GW) of capacity running on Amazon's in-house AI chips. If Anthropic keeps growing at this pace, it may need to expand that commitment.
Anthropic pays SpaceX roughly $1.25 billion a month for compute capacity through 2029
SpaceX's arrangement is all commercial, with no equity involved. Indeed, until recently, the two were direct competitors. While they still are in one sense, the relationship is now a bit more complicated: Anthropic is SpaceXAI's biggest customer.
Anthropic leases a massive amount of compute running on more than 300,000 Nvidia chips from SpaceX, paying roughly $1.25 billion a month for the capacity through 2029, according to SpaceX's IPO filing. Alphabet's Google signed a separate lease at $920 million a month, though that one doesn't start ramping up until October.
With Anthropic responsible for roughly half of SpaceXAI's total sales, its success is SpaceX's success -- at least for now.
Anthropic's model-building costs cloud its "profitability"-- and its partners' upside
With Anthropic growing at the pace it is growing, it looks like it will be hungry for compute for some time. That's good news for those that provide it, like SpaceX and Amazon. And of course, it's good for Anthropics investors -- another win for Amazon.
What gives me pause is the profitability of all this. Anthropic is quick to leak or announce its annualized sales, but it's much slower to reveal its costs. That's because frontier model building is extremely expensive, and thus far, it looks like costs are scaling with revenue.
It was reported recently that Anthropic was a profitable operationally, but that only means so much. It leaves out the most expensive part of being a frontier model developer -- building the models. Without factoring that in, "profitable" doesn't mean much in my eyes.
With that in mind, while both SpaceX and Amazon stand to gain immensely from Anthropic -- and will in the short term -- over time, it could turn into a liability if Anthropic can't pay its bills. An IPO will help with that, but it also means revealing all of its financials in detail, and its possible investors won't like what they see.