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> Since our Series G in February, adoption has continued to grow across global enterprise customers, and our run-rate revenue crossed $47 billion earlier this month.

OK, so their self-reported run-rate revenue hit $47bn in early May.

For comparison:

Apr 6th 2026: https://www.anthropic.com/news/google-broadcom-partnership-c... - "Demand from Claude customers has accelerated in 2026. Our run-rate revenue has now surpassed $30 billion—up from approximately $9 billion at the end of 2025."

So that's $30bn at the start of April.

Feb 12th 2026: https://www.anthropic.com/news/anthropic-raises-30-billion-s... - "Today, our run-rate revenue is $14 billion, with this figure growing over 10x annually in each of those past three years."

That was $14bn on Feb 12th.

And $9bn in December (according to the above April 6th link.)

Pretty unfathomable growth. I'm pretty sure I listened to Dario saying something along the lines of keeping Anthropic on track for 10x ARR growth (in December) and thinking that that was a bonkers idea for a $9B run-rate company, and now it's looking like that might be an underestimate ...
The wild thing to me, is that they're serving $47B run rate worth of requests on maybe 2-3 GW of compute currently [1], of which only a fraction goes to inference, vs R&D and training. Obviously there have been complaints on token limits and such so they're stretched a bit thin, but nonetheless.

Hard to imagine what a world with 100GW of compute looks like.

[1] https://epochai.substack.com/p/frontier-labs-dont-use-most-a...

^^ This quotes 1.4GW at the end of 2025. Add 0.3GW at Colossus 1, and some initial fraction of 1GW Trainium2 from [2]

[2] https://www.anthropic.com/news/anthropic-amazon-compute

ARR vs realized revenue are two different things - in software we like to conflate those 2.

funny enough - those 2 might not meet. then what happens ?

Instead of ARR they should report actual revenue for once.

Nitpick: earlier this month ≠ in early May. “Earlier this month” includes yesterday
Shhh, you’ll make the numbers not make sense…
Huh I thought AI didn’t have any use cases /s
Anthropic has a great product, but what's going on in the stock market is astonishing. Companies waiting to be valued at a trillion dollars before going public? (I'm writing this comment with the assumption that they will go public soon and the valuation will be higher than this $965 billion dollar private valuation) The stock market used to be a place for companies to raise money from investors. But that isn't what it is anymore, it's a dumping ground. Venture capitalists & private investors are sucking all of the possible growth and future upside from these companies and then dumping them on retail investors when there's nothing left. There is no growth or upside left by the time these companies go public. If you invest in these IPOs you are buying the absolute peak with all potential future profits baked into the price, with nowhere left to go but down.
Yeup, no shortage of tech IPOs over the past five years that are now valued at like 5% of what they were after being dumped onto the market: ZoomInfo, Bumble, Gemini

And many more that are 50% of what they were: Snowflake, Coinbase

And many more that went back to private companies and then were sold off: Carbon Black, etc...

I'm actually too lazy to go list out all of them.

But employees, beware, of those gnarly lockup periods post IPO where all the better classed options than yours get to exit.

I think index funds are a big reason for this change, as many of these stocks are now guaranteed to be bought by a huge chunk of the market, making it much easier for them to become bag holders.

Lots of professional investors are passing on the SpaceX IPO for example, which is why they had to increase the share of the retail investors.

> dumping them on retail investors

They are dumping them on your 401k -- especially SpaceX.

Often only minimal shares are floated on the public market - 5-10% now is not unusual. Also, founders keep priority shares to keep the company.

So IPO is not particularly a liquidity event for investors as much as a valuation/pricing event. Indeed, the tech IPO's that have done the worst were the ones where shareholders wanted liquidity.

Clearly none of the multi-trillion dollar companies could find a buyer now if they really needed to sell themselves, so they're not really "worth" that much. (Nor are their founders, who can't sell their shares without tanking the stock.)

So these stocks are more like derivatives: a way to bet on the future where betting volume is huge relative to the underlying asset.

I’m sorry, H? How much farther down the alphabet do they plan to go before anyone gets any of that money back?
Boys we got more subsidy for Claude Code Plans! Let the VC financed spending of 1000$ of datacenter cost for 200$ sales price continue!
What is run-rate revenue and how is it different than revenue (classic)?
Insane evaluation - Anthropic being around 50% of the Norwegian oil fund.
That you all have to pay of course. With interest. Directly or indirectly. Through subscriptions or through pension funds and such.
Probably the bigger headline here is that they’ve blown past OpenAI in revenue and valuation, with OpenAI looking increasingly shaky and vulnerable.
So close to being the first kilocorn. A unicorn = 1 billion, this is almost 1k.
Say you join Anthropic now as an employee. What are the chances of your equity appreciating in value? I don't think we have any historical precedents to this.
Deepseek MiMo and Qwen are now dirt cheap and give out free as well with quality about 95% against the very best so called fable mythos. And all that is on Huawei 7nm Ascend. All those companies added up nowhere near 1T and they affect EVERY SINGLE American lives producing parts that Americans used either via patents or parts. And we throw money to Anthropic with almost no moats at best 6 mths ahead. While Chinese companies holding patents more than Google Microsoft combined and with market bigger than entire USA economy. I think maybe investors too are hallucinating like AI. Sound like mega Lehman Groupon in the making!
As someone who knows admittedly knows nothing about startup funding rounds, how many more rounds of funding can they do before an IPO? Is it effectively infinite?
Until Anthropic, OpenAI, and Tesla have IPOs and are then bound by some laws to be truthful, I don’t want to bother about their possible valuations.

I do care about: how useful their products are vs. cost and how secure are their businesses. Actually I only care about the first thing since these services are hot swap-able with some effort.

I wish I could invest into it, I'd at the very least have invested in their Series F. It was a no brainer by that point. If anyone could teach me how to get into stuff like this, that'd be awesome. I'm from the Netherlands, so not American. Though I'm married to an American.
This is all getting a bit tiring. Show us the S1 already!
Well the market clearly thinks most of us will be without software engineering jobs by the end of the decade. There's clearly enough proof that the trend is heading in that direction to justify huge capital investments.
The amount of dollars that exist in this economy is mindblowing. Ten years ago, we were talking millions, and this was already incredible when companies could raise a couple of them.

Now, headlines are only about hundred of billions. I do not know what to think about that, apart from the fact that I wish that we were putting that money to enhance human lives in general. Of course, people will say that these tools will help humans in the future, but 1) at what costs, and 2) I would prefer, I don't know, bridges or infrastructure, or free healthcare, or food for everyone.

Everything will be clearer after they IPO

Until they IPO and the investors make their money, who knows what is behind the revenue stated

This did round involve a secondary? If yes, any data to suggest that these secondaries are leading to increased spending outside of housing and propping up the local economy?
What happens when they run out of letters in the alphabet?
Selfish

https://huggingface.co/Anthropic

  models 0
  None public yet
They're going to run out of letters pretty soon.
That announcement is a bit short on details. I suppose that, like in the previous rounds, there are some strings attached and they'll not get all of it at once.

Hynix is participating with a new circular deal. Hynix is also valued at $1 trillion now, which is positively insane.

This scam will implode harder that the housing bubble.

Does this mean no IPO this year? What are the likely chances a company at this stage needs two rounds of funding within a year?
I wonder if the investors used Claude to see whether they should invest or not hmm..
Smart move from Anthropic.

They're the belle of the ball right now, everybody is talking about them, everybody wants to invest in them, so they can call the shots.

Then they'll have money in the bank for a long time no matter what happens – IPO, market downturn, etc.

Takes off lots of pressure so they can continue focusing on the product.

I didn't know it went up to H.
Series H? Holy crap. I get the feeling they'll run it up to series ] before actually turning a profit though.
What is this, Series for ants? It barely covers Andrej's sign-on bonus.
I'll have some of that joint they be smokin'

/s

nice, that's another 4 years of spacex data center usage runway!