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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 IPO filing. As one of the most closely watched private AI companies, Anthropic enters the public markets at a time when enterprise adoption of generative AI is accelerating and investor interest is shifting toward companies building the foundation models and infrastructure underpinning the AI economy.
Founded to develop safe and capable frontier AI systems, Anthropic has emerged as one of the industry’s leading foundation model developers through its Claude family of models, enterprise AI platform, and strong commercial execution. The report evaluates the company’s growth trajectory, financial performance, competitive position, and private market activity to provide insight into how investors may assess its long-term opportunity within the rapidly evolving artificial intelligence landscape.
Key Takeaways
- 90-Day Stock Performance: Anthropic ranked 1st among the ten 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 March 2026 to $47 billion in April 2026
- Peak Bid-Ask Volume: Anthropic's quarterly bid-ask volume peaked at $18.54 billion in 2026 QTD
Past performance, whether actual, backtested or simulated, is no indication or guarantee of future performance.
PM50 Growth vs. Selected Public Indices
|| Performance from Dec 31, 2025 until June 22, 2026.
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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
Data as of June 22, 2026.
90D Return △ - Trend of return on composite price
90D % △ - Change in composite price in terms of percentage
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Price (USD) estimated based on secondary market activity observed by MSCI Private Company Insights. Valuation is estimated based on said price and share count from state filings and/or news in the public domain. Note that share count in calculations may change as new filing documents are obtained.
Stock Spotlight - Anthropic
“Making AI systems you can rely on”
Anthropic is an AI safety and research company dedicated to 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 for use by developers, enterprises, and individual consumers. Operating as a public benefit corporation, Anthropic is working at the frontier of a rapidly expanding market, competing directly with OpenAI and Google while simultaneously partnering with major cloud platforms to broaden Claude's reach. Its defining proposition is that safety and capability are not at odds, making it a distinct voice in an industry where the stakes of getting AI right are high.
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 to 75% of total revenue, with subscriptions contributing an additional 10 to 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 accessible across AWS Bedrock, Google Cloud Vertex AI, Databricks, and Microsoft Foundry, positioning Anthropic as a model provider embedded within multiple major cloud ecosystems.
Scale and Growth
- Revenue: Annualized revenue hit $47 billion in May 2026, up from $9 billion at end of 2025
- 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 $1 million 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 June 22, 2026, while line width indicates similarity to Anthropic. Thicker lines represent a higher degree of similarity.
Source: Syntax Data. Classification data as of April 8, 2026.
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 April 2026, crossing key milestones at $1 billion (December 2024), $5 billion (August 2025), and $30 billion (March 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 April 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 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: $1.16 trillion on June 22, 2026, according to MSCI Private Company Insights
<row>
<card>
Primary Round Valuation
<span class="date">2026-05-27</span>
<span class="value">$965 billion</span>
</card>
<card>
Secondary Market Valuation
<span class="date">2026-06-22</span>
<span class="value">$1.16 trillion</span>
</card>
<card>
Valuation Change
<span class="date">primary → secondary</span>
<span class="value green">+19.84%<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 2026 QTD. 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: 94.04% of $285.10 million in 2025 Q1
- 2026 QTD: Ask-side activity was 71% of $18.54 billion
%20Quarterly%20Bid-to-Ask%20Volume%20Ratio.png)
Note: 2025 onwards data was intentionally hidden and is available only to clients
Anthropic’s Private Company Comparables
MSCI Private Company Insights highlights three private companies, all active as of June 22, 2026, that are close competitors of Anthropic. These companies develop large language models (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.
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