ANTHROPIC·Generative AI / Foundation Models & Developer ToolsPre-IPO · Private

Anthropic

ConvictionStrong

Usage-based API (pay-per-token) + Claude.ai consumer/Pro subscriptions + Claude Code agentic coding; sold direct and via AWS Bedrock / Google Vertex / Microsoft resale (revenue booked gross).

Revenue

~$47B annualized run-ratemid-May 2026, company-disclosed); ~$9–10B end-2025 actual

Rev growth

>5x run-ratein ~5 months ($9B Dec-25 → $47B May-26); ~30x off $1B Jan-25

Gross margin

~40%2025, cut from prior target per The Information); forecast ~77% by 2028 — not audited

Op margin

not disclosedstill loss-making; first operating profit guided Q2 2026 per press

Capex intensity

very high — multi-GW compute commitmentsAmazon up to 5GW/$25B, Google up to 1M TPUs/~$40B); ~1GW demand 2026 → 3GW+ 2027

Valuation

~$965B post-moneySeries H, $65B raise led by Altimeter/Dragoneer/Greenoaks/Sequoia, priced ~Apr 21 2026 / announced May 28 2026

Valuation trail

$965B235.4× since May 2023

7 marks · May 2023–May 2026

private — no public price

Priced round Secondary / SPAC mark

Priced primary rounds from Series C on are well-disclosed; 2021 Series A ($124M) and 2022 Series B ($580M, incl. FTX) are omitted because their post-money valuations were never disclosed, as is the Oct-2023 Google round (only a rumored $20-30B range).

Across the boards

The thesis on this name

subject

AI Compute Value-Chain

Full context

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Anthropic

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence