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 actualRev growth
>5x run-ratein ~5 months ($9B Dec-25 → $47B May-26); ~30x off $1B Jan-25Gross margin
~40%2025, cut from prior target per The Information); forecast ~77% by 2028 — not auditedOp margin
not disclosedstill loss-making; first operating profit guided Q2 2026 per pressCapex intensity
very high — multi-GW compute commitmentsAmazon up to 5GW/$25B, Google up to 1M TPUs/~$40B); ~1GW demand 2026 → 3GW+ 2027Valuation
~$965B post-moneySeries H, $65B raise led by Altimeter/Dragoneer/Greenoaks/Sequoia, priced ~Apr 21 2026 / announced May 28 2026Valuation 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
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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
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