"Making AI systems you can rely on”

Anthropic is a leading artificial intelligence research and safety company focused on building reliable, interpretable, and steerable AI systems for enterprise and public sector use. Headquartered in San Francisco, Anthropic has rapidly become a major player in the global AI landscape, with a strong emphasis on responsible development and deployment of large language models like Claude. The company’s work is increasingly shaping industry standards for AI safety and transparency, positioning it at the forefront of the next wave of AI innovation and adoption.

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Business Model

Anthropic operates primarily through a business-to-business (B2B) model, generating revenue by offering enterprise subscriptions, API access, and custom engineering contracts for its AI models. Its flagship product, Claude, is deployed programmatically via APIs and integrated into business workflows, enabling companies to automate tasks, enhance productivity, and improve decision-making. Anthropic also partners with major technology firms such as Microsoft and Salesforce, embedding its models into their platforms and expanding its reach across industries. Revenue streams are further diversified through professional services, including on-premise deployments and safety assessments, which contribute to higher margins and long-term client relationships.

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Scale and Growth

Anthropic has experienced explosive growth, scaling from a few hundred employees to over 1,200 by late 2025, with plans to triple its international workforce and quintuple its applied AI team. The company’s customer base has expanded from fewer than 1,000 businesses to over 300,000 in just two years, reflecting strong demand for its AI solutions across sectors such as finance, life sciences, and government. Recent performance highlights include a projected $9 billion in annualized revenue by the end of 2025, with ambitious targets of $26 billion by 2026. Key drivers of growth include rapid enterprise adoption, strategic partnerships, and continuous improvements in model efficiency and specialization. Anthropic’s global expansion and focus on high-margin services have positioned it as one of the fastest-growing and most valuable private AI companies worldwide.​

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Competitive Edge

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The AI foundation model marketplace exhibits strategic divergence between safety-prioritizing and innovation-accelerating approaches. Anthropic leads with Constitutional AI methodology emphasizing ethical alignment and interpretability, while OpenAI maximizes capabilities with its GPT ecosystem. Google DeepMind and Microsoft balance technological advancement with regulatory compliance through institutional safeguards. Enterprise-oriented providers like Cohere and AI21 Labs occupy middle-market positions, while platforms like Hugging Face enable broader innovation with fewer compliance guarantees. This positioning reflects differing philosophies on responsible AI development and go-to-market strategies.

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Targeted Impact

Advancing safe, reliable AI to benefit society by prioritizing security, transparency, and responsible technology development.

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What Comes Next?

Anthropic is developing more advanced Claude AI models, expanding enterprise partnerships, and building global cloud infrastructure.

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Who will benefit?

Enterprises and software developers seeking advanced, secure AI models for automation, research, and productivity gain from Anthropic.

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Anthropic's Timeline

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Bull and Bear Case

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Prominent News

Anthropic Is on Track to Turn a Profit Much Faster Than OpenAI, November 10, 2025 - WSJ documents show Anthropic is expected to break even by 2028, helped by rising enterprise use of Claude. OpenAI, facing much higher compute costs, projects about $74 billion in losses in 2028 and isn’t expected to turn a profit until 2030. Click here to read more

Anthropic projects $70B in revenue by 2028: Report, November 4, 2025 - Anthropic could generate up to $70 billion in revenue and $17 billion in cash flow by 2028. The surge is driven by strong enterprise adoption of Anthropic’s AI-business products. Click here to read more.

Anthropic agrees to pay $1.5 billion to settle author class action, September 5, 2025 - Artificial-intelligence firm Anthropic has agreed to pay $1.5 billion to resolve a class-action lawsuit by authors who alleged the company used their copyrighted books without permission to train its chatbot. Click here to read more.

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Revenue

The graph below displays the revenue and revenue growth of Anthropic from 2022 to 2025.

• As of August 2025, revenue is up 400% from $1 billion in 2024
• Annual run rate approached $7B in October 2025
• Anthropic projects their annualized revenue to hit $9 billion by the end of 2025 and $26 billion in 2026

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Return on Investment (ROI)

The graph below displays Anthropic's ROI over the past 180, 90, and 30 days, computed as of November 10, 2025.

• 180D: ↑ +188.78.% since May 15, 2025‍
• 90D: ↑ +39.32% since August 13, 2025‍
• 30D: ↑ +8.23% since October 12, 2025

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Funding Round in USD

• Primary Funding Round: Anthropic raised $13B in Series F on August 27, 2025, at a $183B valuation and a share price of $140.97
• Investors:  Series F saw participation from Altimeter, Baillie Gifford, Blackrock, Blackstone, Coatue, D1 Capital, Fidelity, Iconiq Capital, Insight Partners, Lightspeed Venture Partners, Ontario Teachers' Pension Plan, and Qatar Investment Authority‍
• Current Implied Valuation: $229B on November 10, 2025, according to PM Insights‍
• Change Since Last Primary Round: Up 25.14% from its Series F valuation

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Primary Round Valuation

<span class="date">2025-08-27</span>
<span class="value">$183B</span>

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Implied Valuation

<span class="date">2025-11-10</span>
<span class="value">$229B</span>

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Change Since Last Round

<span class="date">2025-08-27 → 2025-11-10</span>
<span class="value green">+25.14%<span>

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Quarterly Bid:Ask Volume Ratio

PM Insights highlights the quarterly bid:ask volume ratio of Anthropic where there were at least three institutionally-sized broker contributions within that period. The stacked bar chart below shows the total quarterly bid and ask volumes alongside their relative ratios.

• Highest volume: $2.22 Billion in Q3 2025‍
• Lowest volume: $275.14 million in‍ Q1 2025‍
• Largest bid-side activity: 87% of $346.95 million in Q3 2023
• Largest ask-side activity: 97% of $275.14 million in Q1 2025

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Volatility of Composite Price

The volatility of the composite price is calculated based on price movements within a 90-day rolling window ending on each respective date. The graph below illustrates the trend in volatility of composite price for Anthropic for a one year period from November 11, 2025 until November 10, 2025.

• Volatility began at 7.92% in early November 2024
• It trended upward and then spiked from 16.21% to 46.75% at the end of January 2025
• It stayed elevated until April before dropping sharply to 17.07%
• It continued to decline, reaching a low of 5.43% in June 2025
• A gradual rebound followed, peaking near 20.39% in August 2025
• Volatility settled at 15.18% by November 10, 2025

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