Anthropic said on April 7 that its revenue run-rate had surpassed $30 billion, up from approximately $9 billion at the end of 2025.
The disclosure appeared in an announcement about a new agreement with Google and Broadcom for multiple gigawatts of next-generation TPU capacity expected to begin coming online in 2027. Anthropic said the agreement would support its frontier Claude models and rising customer demand. Krishna Rao, the company’s chief financial officer, said the company was making its largest compute commitment to date.
The new figure follows Anthropic’s February funding announcement, which put run-rate revenue at $14 billion. In that same statement, the company said the figure had grown more than 10x annually in each of the prior three years. Anthropic also said more than 500 business customers were spending over $1 million a year on an annualized basis at that point.
Less than two months later, Anthropic said that customer count had risen above 1,000.
The sequence matters because Anthropic has repeatedly described a rate of growth that reads as difficult to sustain, then followed it with a higher number. Reuters reported on May 30, 2025, that Anthropic had reached $3 billion in annualized revenue. Reuters later reported on October 15, 2025, that the company aimed to nearly triple annualized revenue in 2026. By February, Anthropic itself said run-rate revenue had reached $14 billion. By April 7, it said the figure had surpassed $30 billion.
Anthropic has not publicly framed those disclosures as missed guidance or revised forecasts. It has instead reported them as successive updates on demand. In February, the company said Claude Code had reached more than $2.5 billion in run-rate revenue and had more than doubled since the start of 2026. It also said business subscriptions to Claude Code had quadrupled over the same period and that enterprise customers represented more than half of Claude Code revenue.
OpenAI and Anthropic appear to be presenting revenue differently, which makes their headline figures difficult to compare directly.
A Forbes report claims iOpenAI reports some marketplace revenue from Microsoft Azure on a net basis after Microsoft’s share, while Anthropic reports some cloud-distributed revenue on a gross basis before paying hyperscaler partners. If that characterization is correct, the two companies’ top-line figures are not directly comparable on an apples-to-apples basis even when both use annualized pace metrics.
That point remains partly analytical rather than fully settled in public filings, because neither company is yet presenting the issue in public-company disclosure form. Still, it has direct implications for how investors read scale, growth rates, and margins. A gross presentation can make revenue appear larger while leaving margin percentages lower. A net presentation can do the reverse. The underlying economics may be closer than the headline numbers suggest.
That question may not be resolved until an IPO process forces fuller disclosure. Anthropic has been reported to be preparing for a possible IPO, though no timing has been confirmed. OpenAI has also been discussed as a potential future public-market candidate. If and when either company files publicly, the Securities and Exchange Commission is likely to scrutinize how those revenue definitions are presented, reconciled, and justified.
