Sacra estimates that Anthropic hit $14B in annualized revenue in February 2026, up from $9B at the end of 2025 and $1B at the end of 2024.

Enterprise and startup API calls continue to drive the majority of revenue through pay-per-token pricing. As of October 2025, Anthropic had 300,000+ business customers accounting for approximately 80% of revenue.

The number of customers spending over $100,000 annually on Claude (as represented by run-rate revenue) has grown 7x in the past year. Over 500 customers now spend over $1 million annually, up from a dozen two years ago. Eight of the Fortune 10 are now Claude customers.

The February 2025 launch of Claude Code as a standalone product further strengthened this position. Claude Code hit $2.5B in annualized revenue in February 2026, with this figure more than doubling since the beginning of 2026.

Anthropic closed a $30 billion Series G funding round on February 12, 2026, at a $380 billion post-money valuation.

The round was led by GIC and Coatue and co-led by D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ, and MGX.

Anthropic was nearing close of a more than $20 billion financing round at a $350 billion pre-money valuation, expected to close as soon as the week of February 9, 2026. The company initially sought approximately $10 billion but increased the target after attracting investor demand multiple times larger than the initial target. Singapore sovereign wealth fund GIC and Coatue Management were among the leading backers, with participation from Sequoia Capital and existing investors including ICONIQ and Lightspeed. Microsoft and Nvidia were contributing up to $15 billion.

Alongside the primary fundraising, Anthropic lined up a tender offer at the same valuation to allow current and former employees to sell shares.

In September 2025, Anthropic closed a $13 billion Series F funding round, valuing it at $183 billion, up from $61.5B in March 2025. The round was led by ICONIQ and co-led by Fidelity Management & Research and Lightspeed Venture Partners, with participation from Coatue, GIC, BlackRock- and Blackstone-affiliated funds, and the Qatar Investment Authority.

Anthropic has begun preparations for a potential IPO as soon as 2026, hiring Silicon Valley law firm Wilson Sonsini to advise on the process, though the company has not decided when or whether it will go public. At a December 2025 event, Chief Communications Officer Sasha de Marigny said there were "no immediate plans to go public."

Anthropic builds the Claude family of large language models, now headlined by Claude Opus 4.6 for high‑complexity reasoning and Claude Sonnet 4.5 for faster, cheaper code and agent workflows. Opus 4.6 features a 1 million token context window—up from 200,000 tokens—and Agent Teams, enabling multiple Claude instances to collaborate on complex tasks. The model is priced at $5 per million input tokens and $25 per million output tokens, with premium pricing of $10/$37.50 for extended context. Sonnet 4.5 debuted with stronger tool use, better autonomous operation, and improved computer‑use skills, at the same price tier as Sonnet 4 ($3/million input tokens; $15/million output tokens).

Claude supports hybrid reasoning—instant responses when speed matters and deeper multi‑step thinking when accuracy is critical—and enterprise context windows for long documents and sustained, cross‑session conversations. Models can invoke external APIs, read live docs, and persist memory, shifting Claude from a static chatbot to an interactive assistant that can execute tasks across systems.

To standardize these integrations, Anthropic introduced the Model Context Protocol (MCP), a new open standard that enables secure, real-time connections between Claude and enterprise systems. Developers can now link Claude to proprietary datasets, internal APIs, and software tools using MCP, making it easier to deploy Claude as an embedded intelligence layer inside larger applications. MCP reduces integration friction by exposing tools, data sources, and prompts in a consistent way across hosts like AWS Bedrock and Google Vertex AI, enabling Claude to call internal APIs, fetch live documents, and operate within existing workflows without bespoke adapters.

Anthropic also offers Claude Code, a dedicated development tool for software engineers. Integrated via command-line and editor plugins like VS Code and JetBrains, Claude Code provides AI-powered pair programming, debugging, and multi-file code editing.

With benchmarks like 72.5% on SWE-bench, Claude Code is now regarded as one of the most capable coding assistants on the market. Companies like Cursor, GitLab, and GitHub have adopted Claude for developer productivity, with GitHub planning to deploy Claude Sonnet 4 inside Copilot for enhanced instruction-following and code quality.

The product is available across multiple surfaces—web, iOS app, Slack integration, and within Claude Enterprise—with administrative, compliance, and usage controls that improve management and security features to boost appeal to corporate developers and IT/security teams and better compete with Google and GitHub developer tools. Engineers can access Claude Code on the web and in the iOS app (available in research preview for paid Pro and Max users), enabling parallel agentic coding tasks via GitHub.

The Slack integration streamlines development workflow by embedding full coding sessions—including debugging and feature requests—from chat threads with sandboxed sessions and secure proxy git access. Air India is using Claude Code to speed up custom software creation and reduce development costs as the carrier expands agentic AI across operations, while Cognizant rolled out Claude tools internally to up to 350,000 associates and is using Claude Code to accelerate coding, testing, documentation, and DevOps workflows.

Claude Code also incorporates Claude Skills—a lightweight, YAML‑fronted Markdown pattern with optional scripts that Claude loads on demand—enabling specialized tasks like document creation (.pdf, .docx, .xlsx, .pptx) and Slack‑optimized GIF generation while minimizing token overhead. Skills run within Claude Code's sandboxed coding environment and can be shared or used across other coding agents, providing the underlying implementation for Claude Code's general‑agent capabilities, code interpreter, and document creation features while improving efficiency versus MCP by avoiding large persistent context loads.

Claude Cowork is an agent feature built into the Claude desktop app for macOS that lets the AI read and manipulate files inside user-selected folders, handling tasks like organizing downloads, converting file formats, extracting data from screenshots into spreadsheets, and drafting reports. Cowork is available on all paid plans (Pro, Max, Team, Enterprise) and runs in an isolated virtual machine, requiring users to explicitly choose which folders and connectors the agent can access while prompting for approval before significant actions.

Anthropic has open-sourced a set of plug-ins for Cowork designed to automate specialized tasks across departments including legal, sales, marketing and data analysis. The Legal plug-in automates contract review, non-disclosure agreement triage, compliance workflows, legal briefings and templated responses, configurable to an organization's internal playbook and risk tolerances; Anthropic emphasizes outputs should be reviewed by licensed attorneys and the tool is intended to assist workflows rather than provide legal advice. The Cowork plug-ins are integrated with Asana's work-management platform, allowing users to create tasks, preview projects and check portfolio status from within Claude, with changes reflected back in Asana in real time.

Anthropic has expanded Claude's consumer capabilities with a browser agent that lives in Chrome (available in limited beta), enabling the assistant to navigate, click, and interact with web pages directly. The Claude iOS and Android apps now include consumer health integrations in beta for Pro and Max users in the U.S., connecting to Apple Health and Android Health Connect to enable workflows like prior authorization support, claims appeals, and medical record summarization.

Claude for Healthcare is a HIPAA‑ready offering for providers and payers that includes native integrations to the CMS Coverage Database, ICD‑10 codes, and PubMed, positioning Claude for clinical and administrative workflows in the healthcare sector.

For finance professionals, Anthropic offers a beta Claude for Excel add‑in for Max, Enterprise, and Teams users, plus connectors to LSEG, Moody's, Aiera/Third Bridge, Chronograph, Egnyte, and MT Newswires, along with six pre‑built Agent Skills for tasks like comparable company analysis, DCF models, and initiating coverage.

Anthropic has rolled out a Microsoft 365 connector for Claude Team and Enterprise—admin‑enabled integrations with SharePoint, OneDrive, Outlook, and Teams—plus enterprise search powered by MCP, extending Claude's ability to surface and analyze internal documents, email threads, chat conversations, and meeting summaries inside Microsoft's ecosystem.

Anthropic makes money in a few ways: via usage of its chatbot Claude, and via its AI models.

Approximately 70–75% of Anthropic’s revenue comes from pay-per-token API calls. Customers are charged per million tokens processed across inputs and outputs, with different rates depending on the model.

Anthropic set Claude Sonnet 4.5 API pricing at $3 per million input tokens and $15 per million output tokens, with long‑context prompts over 200K tokens priced at $6 (input) and $22.50 (output) per million tokens. Batch processing offers 50% savings, with prompt caching discounts available.

These APIs are used directly by enterprises or indirectly via third-party applications. Claude is accessible on AWS Bedrock, Google Vertex AI, and Databricks, making it easy for customers to integrate it into existing cloud workflows. This distribution strategy positions Anthropic as a model provider for multiple ecosystems, including those controlled by Amazon and Google—both of which are strategic investors.

In September 2025, Microsoft began integrating Anthropic's models into Office 365 Copilot, extending Anthropic-powered generative AI across Microsoft’s productivity apps and potentially reaching more than 100 million users.

High-usage workflows—especially in code generation, document analysis, and research—can consume tens of thousands of tokens per session. This leads to substantial recurring revenue for Anthropic even at relatively low cost per token.

Governments are an emerging market. In November 2025, Maryland announced a partnership to deploy Anthropic’s Claude across state agencies to help residents apply for food aid, Medicaid, and temporary cash assistance, and to surface other eligible programs.

Claude is also available as a direct-to-consumer chatbot at Claude.ai, with several pricing tiers:

Claude Pro ($20/month): Access to higher usage limits and priority service.

Claude Max ($100/month or $200/month): For heavy users needing significantly higher throughput and larger response sizes.

Claude Team ($30/user/month, 5-seat minimum): Adds collaboration features and admin tools.

Claude Enterprise (custom pricing): Includes longer context windows, higher throughput, security features like SSO, and auditability.

These subscriptions account for 10–15% of total revenue. Usage within these tiers is still token-based, with model access governed by rate limits and session size.

For large customers, Anthropic offers reserved capacity and guaranteed throughput in exchange for fixed-rate contracts. This is especially important for mission-critical deployments where latency and availability must be controlled. Customers purchase “model units” that guarantee performance regardless of broader platform load.

In October 2025, Deloitte announced its largest-ever enterprise deployment of Anthropic’s Claude across more than 470,000 employees in 150 countries, expanding on the companies’ partnership first unveiled last year.

In December 2025, Anthropic and Snowflake expanded their partnership with a $200 million multi‑year agreement to bring Claude models directly into Snowflake’s platform. Claude Sonnet 4.5 now powers Snowflake Intelligence, with Claude Opus 4.5 available for multimodal analysis via Cortex AI Functions. The deal adds a joint go‑to‑market focus on deploying production AI agents over governed enterprise data, enabling customers to build custom multi‑agent solutions with end‑to‑end observability and controls.

OpenAI is still the market leader in terms of adoption, revenue, and product scope. Backed by Microsoft and integrated across the Microsoft ecosystem, OpenAI's GPT-4 remains the most widely used model in enterprise applications through Azure OpenAI Service and in consumer use via ChatGPT. As of mid-2025, OpenAI was generating roughly $13 billion in annualized revenue, driven by massive scale across both enterprise APIs and ChatGPT Plus subscriptions.

GPT-4 remains a top-tier general-purpose model, particularly for tasks requiring broad world knowledge, creative generation, and reasoning across modalities. OpenAI has also expanded into other modalities with DALL-E for images, Whisper for audio transcription, and Sora for video generation. The breadth of the offering gives OpenAI a strong moat, particularly among companies looking for an all-in-one AI provider.

Anthropic has been able to compete by outperforming GPT-4 in key areas like context length (200K tokens vs. GPT-4 Turbo's 128K), code generation (Claude Opus 4 leads SWE-bench and other benchmarks), and price (Claude Sonnet is up to 80% cheaper per token).

OpenAI has begun testing ads in ChatGPT for US users on the free and $8-a-month Go tier, with ads appearing at the bottom of answers and labeled as sponsored content. OpenAI said ads would not influence responses and that Plus, Pro, Business and Enterprise accounts would remain ad-free.

Anthropic responded with a Super Bowl LX ad campaign pledging that "Claude will remain ad-free" and positioning the move as a trust and user-interest issue. OpenAI CEO Sam Altman publicly criticized Anthropic's campaign as "clearly dishonest," while OpenAI ran its own Super Bowl ad promoting its Codex product.

Anthropic has expanded its Microsoft partnership, making Claude Sonnet 4.5, Haiku 4.5, and Opus 4.1 available in public preview via Microsoft Foundry for Azure customers and adding preview support for Claude in Microsoft 365 Copilot's Agent Mode in Excel.

Google consolidated its AI research under the DeepMind brand and released the Gemini family of models to compete with GPT-4 and Claude. Gemini 1 launched in late 2023, and Gemini 2.5 Pro became the flagship model for text and code by mid-2025.

Gemini models are natively multimodal, with capabilities in reasoning over charts, images, documents, and tables. Google also brings a unique edge in compute scale and proprietary data, including access to Gmail, Docs, and Search usage data for fine-tuning.

DeepMind positions Gemini as a foundational capability across Google's ecosystem: Gemini powers generative features in Workspace (Docs, Sheets, Gmail), Android's AI assistant, and Bard's replacement chatbot. The company's emphasis is on full-stack integration rather than third-party API consumption.

While Claude is offered through Google's Vertex AI, it competes directly with Gemini on that same platform. Google's control over the infrastructure stack, model training, and end-user interface gives it a major advantage—but also limits its openness to external deployment, which Anthropic can use as a wedge with enterprise customers.

However, despite competition, the two companies also partner. Anthropic and Google announced a cloud partnership granting access to up to one million TPUs and adding over a gigawatt of compute capacity by 2026, supporting Anthropic's surging multi‑cloud strategy alongside AWS Trainium and Nvidia GPUs.

Google's Gemini 3 has surpassed rival models on industry benchmarks and accelerated user growth, marking a clear challenge to OpenAI and Anthropic. Google reported 650 million monthly users for Gemini, boosted by the launch of Nano Banana and a broader AI product push, while OpenAI said ChatGPT reached 800 million weekly users, underscoring intensifying competition across consumer and enterprise use.

Meta has become the primary force behind open-source LLMs, releasing the LLaMA family of models under a permissive license. LLaMA 2 and 3 saw widespread adoption by startups and hobbyists, and LLaMA 4 extended that lead with larger models and improved benchmarks. Meta's strategy is to commoditize the base model layer, using its own models internally while allowing others to build on top of them. This undermines the moat around closed-source models like Claude and GPT-4.

Anthropic's biggest risk from Meta is not direct competition—Meta does not sell model access via API—but the acceleration of the open-source ecosystem. LLaMA 3 and Mistral 7B have become the foundation for dozens of fine-tuned models that businesses can run privately.

Anthropic's addressable market has expanded significantly in 2025, driven by enterprise adoption of Claude for productivity, software development, and document analysis. The company's investments in long-context capabilities, tool use, and model integrations position it to capture a growing share of AI spend across sectors.

For companies with the technical resources to host and tune their own models, the appeal of zero marginal cost can outweigh the benefits of Claude's safety or reliability. That said, Claude continues to outperform LLaMA-based models on longer, more complex tasks where safety and steerability matter.

With Claude 4's 200,000-token context window and improved memory, Claude is now able to act as a true AI assistant for long-form tasks. Companies are using Claude to summarize meeting transcripts, draft responses to customer tickets, write internal documentation, and generate strategic reports. Unlike previous generations of chatbots, Claude can read and remember hundreds of pages of content and carry that information across multi-turn interactions. This enables its use in complex workflows that previously required human handoffs, including cross-departmental knowledge management and executive support.

Anthropic is also building toward more autonomous, agent-like functionality. Claude can now run in "extended reasoning" mode, call external tools through APIs, and write to persistent memory files to maintain state. This makes Claude suitable for use cases like sales prospecting, data research, and operations automation—roles where Claude can serve as a reliable junior analyst or assistant.

Anthropic has expanded Claude's finance offering with a beta Claude for Excel add‑in for Max, Enterprise, and Teams users (October 2025), plus new connectors to LSEG, Moody's, Aiera/Third Bridge, Chronograph, Egnyte, and MT Newswires, and six pre‑built Agent Skills (e.g., comparable company analysis, DCF models, initiating coverage).

Code generation has become one of the largest drivers of AI usage. With Claude Opus 4, Anthropic has pushed deeper into the developer tooling market, offering capabilities on par with or better than OpenAI's Codex and GPT-4 models for multi-file reasoning, debugging, and test generation.

Anthropic launched Claude Code, a command-line and IDE-integrated assistant, to extend Claude's presence inside the development environment. Use cases include pair programming, refactoring, dependency management, and autonomous agent-style code editing. By enabling Claude to persist memory and reason across large codebases, Anthropic is expanding from a conversational assistant to a semi-autonomous engineering collaborator.

This opens up TAM not just within engineering orgs but across any company building with software—startups integrating AI into their workflows, enterprise teams maintaining legacy systems, and agencies using AI for client deliverables.

Claude for Healthcare positions Anthropic to address the $4.9 trillion healthcare market with a HIPAA-ready offering for providers and payers. Native integrations to the CMS Coverage Database, ICD-10 codes, and PubMed enable clinical and administrative workflows including prior authorization, claims appeals, medical record summarization, and patient care coordination, expanding Claude's addressable market beyond knowledge work into regulated healthcare operations.

With the launch of MCP (Model Context Protocol), Anthropic is positioning Claude as a platform for integrating AI into existing business systems. MCP allows developers to plug Claude into real-time data sources, knowledge bases, and SaaS applications, enabling AI workflows that extend beyond simple Q&A.

This creates the foundation for Claude to operate as part of larger agentic systems—teams of AI instances that coordinate tasks, execute code, and interact with software interfaces. Claude can already handle tool invocation and memory persistence, two prerequisites for autonomous agent behavior. As orchestration layers mature, Anthropic is well-positioned to power the backend intelligence layer across support, operations, and back-office automation.

These developments grow Claude's addressable market from "chat-based interfaces" to broader categories of enterprise AI infrastructure, RPA (robotic process automation), and intelligent agents.

Anthropic has established a significant presence in India with an office in Bengaluru (opened February 16, 2026), its second in Asia after Tokyo, led by Managing Director Irina Ghose. CEO Dario Amodei has noted that adoption in India is outpacing other regions, observing "we can run experiments here involving hundreds of millions of people," enabling faster iteration than in smaller markets.

The company is hiring locally to support customers building Claude-powered applications and pursuing commercial partnerships across Indian enterprises.

Compute constraints: Anthropic's model development depends on access to scarce AI compute—specifically H100 GPUs and other high-end chips—which are in limited global supply. Any disruption in availability or spike in compute pricing could delay Claude training cycles, degrade product performance, or force a scale-back in model ambitions.

Pentagon supply-chain risk: Defense Secretary Pete Hegseth is close to designating Anthropic a Pentagon "supply chain risk," which would require defense contractors and other vendors to cut ties with the company to continue doing business with the U.S. military. The dispute centers on Anthropic's usage policy restrictions—including limits on mass surveillance of Americans and weapons that fire without human involvement—which conflict with the Pentagon's push for AI systems available for "all lawful purposes." The designation could force disentanglement from Claude across defense supply chains despite the model being the only AI currently available in the military's classified systems, and separate Defense Department supply-chain security prohibitions are scheduled to begin taking effect on June 30, 2026.

Cash burn trajectory: Anthropic expects to burn approximately $3B in cash in 2025, down from $5.6B in the prior year, with internal projections showing the company will stop burning cash in 2027 and reach break-even in 2028. The company's path to profitability depends on sustained revenue growth outpacing the high variable costs of inference and training, which remain structurally challenging for foundation model providers.