Anthropic was already the fastest-growing company in history, and its growth seems to be showing no signs of slowing down.
Anthropic has disclosed that its annualized revenue run-rate crossed $47 billion earlier this month, alongside its announcement of a $65 billion Series H funding round at a $965 billion valuation. The number represents another step-change in a growth trajectory that has consistently outpaced even the most optimistic forecasts — and one that has quietly redrawn the competitive map of the AI industry.
A Trajectory With No Real Precedent
The speed of Anthropic’s revenue climb is almost difficult to process on a conventional scale. The company started 2025 at $1 billion in annualized run-rate revenue. It hit $5 billion eight months later. By the end of 2025, that figure had reached $9 billion. When it raised its Series G in February 2026 at a $380 billion valuation, revenue had touched $14 billion. By April, it had reached $30 billion — a 3x jump in three months. And now, weeks later, it has crossed $47 billion.
Anthropic is growing at roughly 10x annually. OpenAI, its closest rival, is growing at approximately 3x. That gap in growth velocity is, at this point, as consequential as any gap in absolute revenue.
Enterprise Is The Engine
This isn’t a consumer story. Anthropic’s rise has been built almost entirely on enterprise adoption, and the numbers back that up. Eight of the Fortune 10 are now Claude customers. The number of businesses spending over $1 million annually on Claude has grown from a dozen two years ago to over 1,000 today. Customers spending over $100,000 annually have grown 7x in the past year alone.
Ramp data tracking payments across 50,000-plus U.S. businesses showed Anthropic’s share of combined OpenAI-Anthropic business spend going from roughly 10% at the start of 2025 to over 65% by February 2026. Among VC-backed firms — typically the most sophisticated AI buyers — Anthropic is now the leading vendor. That cohort tends to predict where the rest of the market goes next.
Claude Code Is A Breakout
A significant share of the recent growth is attributable to Claude Code, Anthropic’s agentic coding platform launched publicly in May 2025. It crossed $2.5 billion in annualized revenue by February 2026, with weekly active users doubling since January. Recent analysis estimates that 4% of all GitHub public commits worldwide are now being authored by Claude Code. Enterprise use accounts for more than half of its revenue.
The product has been so popular it has started to strain Anthropic’s capacity. The company has had to manage subscription limits and tighten access during peak hours — a problem most software companies would welcome.
The Margin Story Is Just As Interesting
Revenue growth at this pace would be remarkable on its own. Combined with rapidly improving unit economics, it starts to look like a structurally different kind of business. A Semi Analysis report from last month found that Anthropic’s gross margins have expanded from 38% to over 70% — a dramatic shift that suggests the company is not simply buying market share with subsidized compute, but building a business that could sustain itself. Anthropic projects profitability by 2028, years ahead of OpenAI, which does not expect to break even until after 2030.
The OpenAI Comparison
Anthropic is now generating roughly 35% more revenue than OpenAI on a run-rate basis, according to The Information. OpenAI disputes the framing, arguing that Anthropic books revenue from its cloud distribution partners — AWS, Google Cloud, Azure — on a gross basis, inflating the headline figure by as much as $8 billion. The accounting debate is real, but even adjusting for it, the direction of travel is unmistakable.
The $47 billion figure arrives as Anthropic prepares to channel fresh capital into compute expansion, safety research, and the products — Claude Code, Cowork, and the broader enterprise suite — that have made it indispensable to the world’s most demanding organizations. The company has no obvious reason to expect the curve to flatten. Neither, it seems, does anyone funding it.