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Anthropic Records 9% Secondary Market Gain Since Confidential IPO Filing
Weekly Edition & Stock Spotlight
August 5, 2026
MSCI Private Company Insights (f.k.a. PM Insights) provides independent, market-driven data for private growth and pre-IPO companies, delivering transparency and helping asset managers, banks, consultants, investors and regulators understand trading conditions and risk in this dynamic market.
This report examines Anthropic’s business performance, competitive positioning and market momentum leading up to its June 2026 S-1 filing for a proposed initial public offering (IPO). The filing comes at a time when enterprise adoption of generative AI continues to expand across industries, as organizations increase investment in AI capabilities and integrate generative AI into business processes.
Founded to develop frontier AI systems, Anthropic has developed the Claude family of models and an enterprise AI platform for commercial applications. This report reviews Anthropic’s business performance, competitive positioning and market momentum to provide context for evaluating its long-term opportunities and the factors that may influence investor assessment of the company following its proposed IPO.
Key takeaways
- 90-day stock performance: Anthropic ranked second among the 10 most active private-market companies and delivered positive returns over the past 90 days
- Revenue expansion: Anthropic's annualized revenue run rate grew 57% in one month, rising from $30 billion in early April 2026 to $47 billion in early May 2026
- Largest bid-side activity: Anthropic recorded its highest level of bid-side activity in Q1 2023, with bids representing 100% of the $5 million volume
- Largest ask-side activity: Anthropic recorded its highest level of ask-side activity in Q2 2024, with asks accounting for 90.07% of the $1.08 billion volume
Note: The largest bid-side and ask-side observations reflect the displayed data through Q4 2024. Data from Q1 2025–2026 QTD is excluded from this version and available exclusively to clients.
Data as of August 3, 2026. Past performance, whether actual, backtested or simulated, is no indication or guarantee of future performance. Source: MSCI Private Company Insights secondary market data. Unless otherwise stated, all analysis and statistics in this report are derived from MSCI Private Company Insights observations of secondary market activity and all amounts are in U.S. dollars (USD).
MSCI Private Company Insights (f.k.a. PM Insights) provides independent, market-driven data for private growth and pre-IPO companies, delivering transparency and helping asset managers, banks, consultants, investors and regulators understand trading conditions and risk in this dynamic market.
PM50 Growth vs. selected public indexes year to date
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The PM50 Growth tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted aggregation, rebalanced on a monthly basis.
This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.
Most active names performance across all sectors
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Stock Spotlight - Anthropic
“Making AI systems you can rely on”
Anthropic is an artificial intelligence research and development company focused on building reliable, interpretable and steerable AI systems. Founded in 2021 and headquartered in San Francisco, the company develops the Claude family of large language models (LLMs) for developers, enterprises and individual consumers. Operating as a public benefit corporation, Anthropic competes with other foundation model developers while collaborating with major cloud providers to expand access to Claude through multiple cloud platforms. The company emphasizes AI safety as a core component of its approach to developing and deploying frontier AI models.
Business model
Anthropic generates revenue primarily through a pay-per-token API used by developers and businesses to access its Claude large language models, which accounts for approximately 70-75% of total revenue, with subscriptions contributing an additional 10 -15%. Subscription tiers on Claude.ai range from a Pro plan at $20 per month to Team and Enterprise plans with higher usage limits, collaboration features and security controls. Claude is available through Amazon Bedrock, Google Vertex AI, Databricks and Microsoft Azure AI Foundry, positioning Anthropic as a model provider across multiple cloud ecosystems.
Scale and growth
- Customer base: 300,000+ business customers as of October 2025, representing approximately 80% of revenue
- Enterprise traction: Customers spending $100K+ annually grew 7x in the past year; 1,000+ now spend over 1M annually
- Product performance: Claude Code reached $2.5 billion in annualized revenue as of February 2026, with 29 million daily VS Code extension installs
- Funding and valuation: Closed a $65 billion Series H in May 2026 at a $965 billion post-money valuation
Anthropic's timeline
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Anthropic's competitive landscape by similarity and market cap
The chart below shows Anthropic’s peer companies. Bubble size represents each company’s valuation based on MSCI Private Company Insights data as of August 3, 2026, while line width indicates similarity to Anthropic. Thicker lines represent a higher degree of similarity.
Revenue
The graph below displays the Revenue Run Rate trend of Anthropic from 2022 to 2026.
- Revenue trajectory: Anthropic’s annualized revenue run rate increased from $10 million in December 2022 to $47 billion by early May 2026, crossing key milestones at $1 billion (December 2024), $5 billion (August 2025) and $30 billion (early April 2026)
- Acceleration phase: Revenue growth accelerated through 2025 and early 2026, expanding from a $3 billion run rate in May 2025 to $47 billion by early may 2026, driven by rapid enterprise adoption of Claude and API demand
- Recent growth: Annualized revenue run rate grew 57% in one month, rising from $30 billion in March 2026 to $47 billion in April 2026, after more than doubling from $19 billion in February 2026
Funding round in USD
- Primary funding round: Anthropic raised $65 billion in Series H on May 27, 2026, at a $965 billion post-money valuation
- Investors: Series H saw participation from Altimeter, Amp PBC, Baillie Gifford, Blackstone, Brookfield Technology Partners, Capital Group, Coatue, D1 Capital Partners, Dragoneer Investment Group, DST Global, Fidelity, General Catalyst, GIC, Greenoaks Capital, ICONIQ Capital, Insight Partners, Jane Street, Lightspeed Venture Partners, MGX, NTTVC, NX1 Capital, Sequoia Capital, Shaw Ventures, Situational Awareness LP, T. Rowe Price, Temasek and XN
- Secondary market valuation: $1.26 trillion on August 3, 2026, according to MSCI Private Company Insights
<row>
<card>
Primary round valuation
<span class="date">2026-05-27</span>
<span class="value">$965B</span>
</card>
<card>
Secondary market valuation
<span class="date">2026-08-03</span>
<span class="value">$1.26T</span>
</card>
<card>
Valuation change
<span class="date">Primary → secondary</span>
<span class="value green">+30.57%<span>
</card>
</row>
Quarterly bid-to-ask volume ratio
MSCI Private Company Insights presents the quarterly bid-to-ask volume ratio of Anthropic from 2023 Q1 to 2024 Q4. The stacked bar chart below shows total quarterly bid and ask volumes alongside their relative ratios, illustrating market activity.
- Largest bid-side activity: 100% of $5 million in 2023 Q1
- Largest ask-side activity: 90.7% of $1.08 billion in 2024 Q2
%20Quarterly%20Bid-to-Ask%20Volume%20Ratio%20(1).png)
Note: 2025 onwards data was intentionally hidden and is available only to clients
Anthropic’s comparable private companies
MSCI Private Company Insights highlights three private companies, all active as of August 3, 2026, that are close competitors of Anthropic. These companies develop LLMs and AI platforms or provide the infrastructure used to train, deploy and serve them. Collectively, they support generative AI applications through model APIs, inference services, enterprise AI solutions and developer tools.
Note: Latest known revenue metrics: OpenAI, Anthropic and Mistral AI are reported on a revenue run-rate basis, while Together AI is reported on an ARR basis.
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