Anthropic's annualized revenue run rate (ARR) exceeded $65 billion in July 2026, up from $47 billion in May and $9 billion at the end of 2025. Even with a significantly higher revenue base, it is currently maintaining a monthly growth rate of approximately 18%.
Goldman Sachs points out that the market has begun a two-way discussion surrounding "second-order growth." That is, investors are starting to track whether the growth rate can continue to accelerate, or whether the growth rate will gradually slow down due to the high base. As ARR rapidly jumps from less than $10 billion to the tens of billions of dollars range, simply maintaining high growth may have a weaker marginal impact on valuation than before.
