Anthropic now earns billions of dollars a quarter, mostly from customers who pay for Claude by use. This page tracks its revenue, customers, costs, valuation and how it stacks up against OpenAI.
01 · 6 stats
How Much Revenue Does Anthropic Make?
Anthropic now brings in billions of dollars in revenue every quarter.
$16.3 billion was Anthropic’s revenue in January–June 2026.
$11,555 million was Anthropic’s revenue in Q2 2026.
$16.8 billion was Anthropic’s Q3 2026 revenue, two investor-day attendees said.
$4.6 billion was Anthropic’s revenue in 2025.
$386 million was Anthropic’s revenue in 2024.
$1.2 billion was Anthropic’s revenue in January–June 2025.
| Quarter | Revenue ($M) |
|---|---|
| Q4 2024 | 197 |
| Q1 2025 | 376 |
| Q2 2025 | 787 |
| Q3 2025 | 1,382 |
| Q4 2025 | 2,040 |
| Q1 2026 | 4,731 |
| Q2 2026 | 11,555 |
02 · 3 stats
What Is Anthropic’s Run-Rate Revenue?
Anthropic’s run-rate revenue has climbed at each milestone shown below.
Over $47 billion was Anthropic’s run-rate revenue in May 2026.
$65 billion was Anthropic’s run rate at the end of July.
About $74 billion was Anthropic’s annualized revenue, per SemiAnalysis.
| Milestone | Run-rate revenue |
|---|---|
| Start of 2025 (about) | 1 |
| Aug 2025 (over) | 5 |
| Oct 2025 | 7 |
| End of 2025 (about) | 9 |
| Feb 2026 | 14 |
| Apr 2026 (over) | 30 |
| May 2026 (over) | 47 |
03 · 7 stats
Where Does Anthropic’s Revenue Come From?
Anthropic earns money from pay-per-use customers, subscriptions and sales through cloud partners.
$13.1 billion of Anthropic’s revenue came from pay-per-use pricing.
$3.2 billion of Anthropic’s revenue came from subscriptions.
About 80% of Anthropic’s business comes from enterprises.
About 48% of Anthropic’s revenue came through cloud marketplaces.
$11,763 million of Anthropic’s revenue came from US-billed customers.
12% of Anthropic’s 2025 revenue came from each of two customers.
About 25% of Anthropic’s revenue came from its top five customers.
| Year | Share |
|---|---|
| 2023 | 11 |
| 2024 | 32 |
| 2025 | 47 |
| H1 2026 | 48 |
04 · 4 stats
How Big Is Anthropic’s Coding Business?
Claude Code, Anthropic’s coding tool, has reached a run rate in the billions of dollars.
Over $2.5 billion was Claude Code’s run-rate revenue in February 2026.
Over 50% of Claude Code revenue comes from enterprise use.
4x was Claude Code’s business subscription growth in early 2026.
An estimated 54% of US enterprise LLM coding spend is Anthropic’s.
| Milestone | Run-rate revenue |
|---|---|
| Sep 2025 (over) | 0.5 |
| Nov 2025 | 1 |
| Feb 2026 (over) | 2.5 |
05 · 6 stats
How Many Customers Does Anthropic Have?
Anthropic has tens of millions of customers, and thousands spend large sums each year.
About 40 million customers spend under $100,000 a year with Anthropic.
Over 11,900 customers spend $100,000+ a year with Anthropic.
Over 1,900 customers spend $1 million+ a year with Anthropic.
About 250 customers spend $10 million+ a year with Anthropic.
Over 50% of the Fortune 500 spend $100,000+ yearly with Anthropic.
43.8% of US businesses on Ramp paid Anthropic in September 2026.
| Month | Anthropic | OpenAI |
|---|---|---|
| Jan 2023 | 0.2 | 2.1 |
| Feb 2023 | 0.2 | 7.7 |
| Mar 2023 | 0.3 | 17.6 |
| Apr 2023 | 0.2 | 21.6 |
| May 2023 | 0.3 | 23.6 |
| Jun 2023 | 0.3 | 23.1 |
| Jul 2023 | 0.2 | 24.5 |
| Aug 2023 | 0.2 | 25.4 |
| Sep 2023 | 0.6 | 26.4 |
| Oct 2023 | 0.8 | 27.1 |
| Nov 2023 | 0.9 | 28.0 |
| Dec 2023 | 1.0 | 29.2 |
| Jan 2024 | 1.1 | 30.2 |
| Feb 2024 | 1.1 | 30.5 |
| Mar 2024 | 4.3 | 30.7 |
| Apr 2024 | 4.9 | 30.2 |
| May 2024 | 4.8 | 30.6 |
| Jun 2024 | 5.5 | 30.6 |
| Jul 2024 | 6.9 | 30.8 |
| Aug 2024 | 7.8 | 30.7 |
| Sep 2024 | 8.4 | 31.6 |
| Oct 2024 | 9.1 | 32.0 |
| Nov 2024 | 9.9 | 32.4 |
| Dec 2024 | 10.2 | 32.8 |
| Jan 2025 | 10.6 | 33.8 |
| Feb 2025 | 11.0 | 34.8 |
| Mar 2025 | 11.9 | 35.5 |
| Apr 2025 | 11.9 | 37.2 |
| May 2025 | 12.4 | 38.5 |
| Jun 2025 | 13.6 | 39.2 |
| Jul 2025 | 14.9 | 40.1 |
| Aug 2025 | 15.7 | 40.8 |
| Sep 2025 | 16.0 | 41.0 |
| Oct 2025 | 16.6 | 40.7 |
| Nov 2025 | 17.3 | 41.1 |
| Dec 2025 | 17.8 | 41.0 |
| Jan 2026 | 21.2 | 40.9 |
| Feb 2026 | 27.0 | 40.9 |
| Mar 2026 | 33.7 | 40.0 |
| Apr 2026 | 38.2 | 39.4 |
| May 2026 | 40.7 | 39.3 |
| Jun 2026 | 42.1 | 39.1 |
| Jul 2026 | 43.2 | 39.5 |
| Aug 2026 | 43.5 | 39.5 |
| Sep 2026 | 43.8 | 40.6 |
06 · 9 stats
Is Anthropic Profitable?
Anthropic still posts large net losses, but its core operations recently turned a profit.
$80.7 billion was Anthropic’s net loss in January–June 2026.
$72.4 billion of Anthropic’s net loss came from revaluing financing instruments.
$42.0 billion was Anthropic’s net loss in 2025.
$8,060 million was Anthropic’s operating loss in 2025.
$974 million was Anthropic’s operating income in Q2 2026.
19% was Anthropic’s adjusted operating margin in Q2 2026.
Over 11% was Anthropic’s adjusted operating margin in the third quarter.
85% was Anthropic’s gross margin in the third quarter.
48% was Anthropic’s compute and infrastructure cost-to-revenue ratio in Q2 2026.
07 · 7 stats
How Much Does Anthropic Spend on Computing?
Anthropic plans to spend hundreds of billions of dollars on cloud and computing.
$8,945 million went to Anthropic’s compute and infrastructure in January–June 2026.
$7,326 million went to Anthropic’s compute and infrastructure in 2025.
At least about $114.5 billion is Anthropic’s Google commitment through 2033.
At least $110.0 billion is Anthropic’s Amazon commitment through April 2036.
At least $44.9 billion is Anthropic’s Microsoft commitment through May 2033.
Up to $120.5 billion is Anthropic’s agreed spend with SpaceXAI.
About $161.2 billion is Anthropic’s Broadcom lease rent, excluding interest.
| Provider | Committed spend |
|---|---|
| 114.5 | |
| Amazon | 110.0 |
| Microsoft | 44.9 |
08 · 3 stats
What Is Anthropic’s Valuation?
Investors put a new value on Anthropic each time it raises money.
$965 billion was Anthropic’s valuation after its Series H round.
$65 billion came into Anthropic in its Series H round.
$141.1 billion is the capital Anthropic had raised by June 2026.
| Round | Post-money valuation |
|---|---|
| Series E | 61.5 |
| Series F | 183 |
| Series G | 380 |
| Series H | 965 |
09 · 7 stats
How Much Have Big Tech Companies Invested in Anthropic?
Amazon, Google, Microsoft, NVIDIA and AMD have each committed billions of dollars to Anthropic.
$10.0 billion went from Amazon into Anthropic stock in Q2 2026.
About $50.5 billion lifted Amazon’s Anthropic stock value in Q2 2026.
$15.0 billion in new funding can come from Amazon.
Up to $20.0 billion in new funding can come from Google.
Up to $10 billion is NVIDIA’s committed investment in Anthropic.
Up to $5 billion is Microsoft’s committed investment in Anthropic.
Up to $5.0 billion of Anthropic stock is AMD’s purchase commitment.
| Quarter | Upward adjustment |
|---|---|
| Q3 2025 | 7.2 |
| Q1 2026 | 12.3 |
| Q2 2026 | 50.5 |
10 · 3 stats
How Much Revenue Does Anthropic Expect to Make?
Anthropic expects its revenue to keep climbing over the next few years, reports show.
About $55 billion is Anthropic’s projected revenue for 2027.
Up to $70 billion is Anthropic’s expected revenue in 2028.
Reportedly under $100 billion is Anthropic’s run rate expected for end-2026.
11 · 4 stats
How Does Anthropic’s Revenue Compare With OpenAI’s?
Anthropic’s annualized revenue has grown faster than OpenAI’s since each reached the same milestone.
10x yearly was Anthropic’s annualized revenue growth after hitting $1 billion.
$2 billion a month is OpenAI’s revenue.
An estimated 40% of US enterprise LLM spend went to Anthropic.
60.1% of business AI token spend on Ramp went to Anthropic.