Sacra estimates that Anthropic hit $43B in annualized revenue in April 2026, up from $9B at the end of 2025.

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, with 100,000+ of those running Claude on Amazon Bedrock as of April 2026.

Anthropic reports revenue from cloud resellers (AWS, Google, Microsoft) on a gross basis—counting total end-customer spend as revenue and booking partner payouts as expenses—which inflates top-line figures relative to net-reporting peers.

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 1,000 customers now spend over $1 million annually, doubling from 500+ in under two months as of April 2026, and 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 became generally available in May 2025, hit $1B in annualized revenue by November 2025, and reached $2.5B in annualized revenue in February 2026, with this figure more than doubling since the beginning of 2026. Enterprise use represents over half of Claude Code revenue, with customers including Netflix, Spotify, KPMG, L'Oréal, and Salesforce.

Anthropic is in early talks to raise at least $30 billion at a pre-money valuation exceeding $900 billion, as of May 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, with participation from BlackRock-affiliated funds, Fidelity, General Catalyst, Sequoia, Temasek, and TPG. Amazon has invested $8 billion in the company to date.

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, with Nvidia committing to invest up to $10 billion and Microsoft up to $5 billion, alongside a $30 billion Azure compute commitment from Anthropic.

Alongside the primary fundraising, Anthropic launched an employee tender offer in February 2026 sized at $5 billion to $6 billion, allowing current and former employees to sell shares at a valuation of approximately $350 billion.

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, headlined by Claude Opus 4.7 for high‑complexity reasoning and Claude Sonnet 4.5 for faster, cheaper code and agent workflows. Opus 4.7 is a notable improvement over its predecessor in advanced software engineering—particularly on difficult, long-running tasks—and adds higher-resolution image understanding (up to 2,576 pixels on the long edge, ~3.75 MP), stronger instruction following, effort controls, and task budgets in public beta. Pricing is unchanged at $5 per million input tokens and $25 per million output tokens, with premium pricing of $10/$37.50 for extended context. Opus 4.7 is generally available across Claude products, API, Amazon Bedrock, Google Cloud Vertex AI, and Microsoft Foundry. The launch also marks Anthropic's first public test of cybersecurity controls tied to Project Glasswing—a coalition with AWS, Apple, Broadcom, Cisco, CrowdStrike, Google, JPMorganChase, the Linux Foundation, Microsoft, Nvidia, and Palo Alto Networks—with Opus 4.7 incorporating safeguards designed to detect and block prohibited or high-risk cybersecurity requests. Security professionals seeking to use Opus 4.7 for permitted work such as vulnerability research, penetration testing, and red-teaming can apply to a new Cyber Verification Program. 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 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 regarded as one of the most capable coding assistants on the market, with 29 million daily installs on VS Code and a footprint representing approximately 4% of all public GitHub commits. 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. Anthropic has deepened Claude Code's execution environment through its acquisition of Bun, the high-performance JavaScript runtime, accelerating capabilities for JavaScript and TypeScript workflows.

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, and can monitor and direct agentic coding sessions remotely from mobile via Claude Code Remote Control. 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.

Now in research preview for Pro, Max, Team, and Enterprise users, Claude Design enables creation of designs, prototypes, slides, one-pagers, and marketing collateral, with exports to Canva, PDF, PPTX, and standalone HTML and direct handoff to Claude Code. Anthropic has also rolled out creative-work connectors covering Adobe Creative Cloud (50+ tools), Ableton, Affinity by Canva, Autodesk Fusion, Blender, Resolume, SketchUp, and Splice, extending Claude into creative and design professional workflows.

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. The Legal plug-ins—a suite of over a dozen tools—automate document search, contract review, deposition preparation, NDA 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 tools are 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 surface area 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 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. Anthropic has extended this offering into drug discovery and life-sciences research through its acquisition of Coefficient Bio—a biotech startup with partnerships across major pharma—adding specialized biological modeling capabilities to Claude's healthcare unit.

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's Claude Sonnet 4.5 API is priced 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. Microsoft has also integrated 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.

Amazon's relationship with Anthropic is the most structurally significant. Anthropic has committed more than $100 billion over 10 years to AWS technologies in exchange for up to 5 GW of compute capacity—with nearly 1 GW of Trainium2/Trainium3 capacity expected by end-2026—while Amazon has committed a new $5 billion immediate investment with up to $20 billion more possible, on top of $8 billion previously invested. Alongside this, Microsoft and NVIDIA have entered strategic partnerships with Anthropic: Anthropic has committed to purchasing $30 billion of Azure compute capacity and contracting up to 1 GW of additional NVIDIA-powered compute, while NVIDIA has committed to invest up to $10 billion and Microsoft up to $5 billion in Anthropic. Anthropic has secured further compute capacity through a partnership with Google and Broadcom for multiple gigawatts of next-generation TPU capacity expected to come online starting in 2027. Additional near-term capacity comes from an agreement with SpaceX to use all compute at the Colossus 1 data center in Memphis, Tennessee, adding more than 300 MW—equivalent to more than 220,000 Nvidia GPUs—with Anthropic also expressing interest in working with SpaceX on multiple gigawatts of orbital AI compute capacity. Anthropic is separately undertaking a $50 billion US infrastructure buildout with Fluidstack, with data centers in Texas and New York coming online through 2026.

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. Maryland has partnered with Anthropic to deploy 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.

Enterprise traction at scale is substantial. Deloitte has undertaken its largest-ever enterprise AI deployment, rolling out Claude across more than 470,000 employees in 150 countries. Anthropic and Snowflake have expanded their partnership through a $200 million multi‑year agreement to bring Claude models directly into Snowflake's platform, reaching more than 12,600 Snowflake customers. Anthropic has also expanded its alliance with PwC to deploy Claude Code and Claude Cowork across PwC's global workforce of hundreds of thousands of professionals, with 30,000 US staff to be trained and certified, a joint Center of Excellence, and production deployments already live in insurance underwriting, cybersecurity, HR transformation, and mainframe modernization—including one engagement where underwriting cycles fell from 10 weeks to 10 days.

To accelerate enterprise distribution, Anthropic has built out the Claude Partner Network (launched March 2026), committing an initial $100 million in 2026 for partner training, dedicated technical support, joint market development, and co-marketing, while scaling its partner-facing team fivefold and introducing its first technical certification, Claude Certified Architect, Foundations.

Anthropic has raised two large rounds in quick succession. In September 2025, Anthropic raised a $13 billion Series F led by ICONIQ, co-led by Fidelity Management & Research Company and Lightspeed Venture Partners, valuing the company at $183 billion post-money. Anthropic subsequently closed a $30 billion Series G led by GIC and Coatue, co-led by D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ, and MGX, with participation from BlackRock-affiliated funds, Fidelity, General Catalyst, Sequoia, Temasek, TPG, and others, valuing the company at $380 billion post-money.

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, with the company now generating approximately $25B 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). Anthropic has also 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.

A growing point of differentiation is trust. 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 as labeled sponsored content—while Plus, Pro, Business, and Enterprise accounts remain ad-free. Anthropic responded with a Super Bowl LX campaign pledging that "Claude will remain ad-free" and positioning the move as a user-interest issue, prompting OpenAI CEO Sam Altman to publicly criticize the campaign as "clearly dishonest" while OpenAI simultaneously ran its own Super Bowl ad promoting Codex.

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 3 has since surpassed rival models on industry benchmarks and accelerated user growth—Google now reports 650 million monthly Gemini users, boosted by the launch of Nano Banana and a broader AI product push, compared to ChatGPT's 800 million weekly users.

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.

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.

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.

Anthropic's addressable market has expanded significantly, 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.

With a long-context window and improved memory, Claude is 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 vast amounts 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 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. For finance professionals specifically, Claude's Excel add-in—paired with connectors to LSEG, Moody's, Aiera/Third Bridge, Chronograph, Egnyte, and MT Newswires—enables six pre-built Agent Skills covering tasks like comparable company analysis, DCF models, and initiating coverage, bringing Claude directly into existing financial analyst workflows.

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.

Claude Code, a command-line and IDE-integrated assistant, extends 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.

PwC and Anthropic have framed their expanded alliance around more than $2 trillion in technical debt embedded in enterprise operations globally—spanning mainframe modernization, software migration, and the redesign of core functions such as finance, supply chain, and HR. This positions Claude as an infrastructure-layer tool for code modernization at scale, a category distinct from net-new software development. PwC's launch of a Claude-based finance business group, initially targeting regulated sectors including banking, insurance, and healthcare, illustrates how professional services firms are packaging Claude into vertical-specific offerings that reach enterprise buyers who would not otherwise engage directly with an AI model provider.

Anthropic is targeting the legal industry with a dedicated suite of over a dozen Claude Cowork plug-ins that automate document search, contract review, NDA triage, deposition preparation, compliance workflows, and legal briefings, competing directly with specialist legal AI vendors. The legal market represents a large, high-value professional services category where AI adoption has historically been slow, giving early movers a compounding distribution advantage as law firms and corporate legal departments build workflow dependencies.

Claude for Healthcare positions Anthropic to address the $4.9 trillion healthcare market with a HIPAA-ready offering for providers and payers, covering clinical and administrative workflows including prior authorization, claims appeals, medical record summarization, and patient care coordination. The acquisition of Coefficient Bio extends this footprint into drug discovery and biotech, opening access to the broader life-sciences R&D market—where AI-accelerated compound screening, target identification, and clinical trial analysis represent a distinct and large spending category from clinical IT. Bristol-Myers Squibb has deployed Claude across its 30,000 employees, adding a major pharma validation to Anthropic's life-sciences customer base alongside the Coefficient Bio capabilities.

Anthropic has established a significant presence in India with an office in Bengaluru, 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. In Japan, Anthropic has named NEC as its first Japan-based global partner, with NEC deploying Claude to approximately 30,000 NEC Group employees worldwide and an initial commercial focus on finance, manufacturing, and local government.

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.

Pentagon supply-chain risk: The Pentagon designated Anthropic a supply-chain risk to U.S. national security, requiring defense contractors to cut ties with the company—a designation Anthropic has said it plans to challenge in court—with the restriction applying to Claude use that is a direct part of Department of War contracts. The outcome could meaningfully limit Anthropic's access to government and defense-adjacent enterprise customers at a critical growth stage, and the Pentagon is now actively developing alternatives.

Cybersecurity capability overhang: Anthropic's most powerful model, Mythos Preview, has been withheld from general release after it was found capable of identifying thousands of high-severity software vulnerabilities in major operating systems and browsers. The company is using Opus 4.7's real-world deployment—which incorporates deliberate capability reductions and blocking safeguards under Project Glasswing—to validate whether "Mythos-class" models can be released safely, creating an ongoing constraint on how aggressively Anthropic can commercialize its most capable frontier models.

Cash burn trajectory: Anthropic projects approximately $70 billion in revenue and approximately $17 billion in cash flow in 2028, with gross margin improving from roughly 50% in 2025 to roughly 77% by 2028, but must sustain an estimated $80 billion in cloud infrastructure costs through 2029 and does not expect to stop burning cash until 2027.