Anthropic

Anthropic describes itself as "an AI safety and research company" that builds "reliable, interpretable, and steerable AI systems." It was founded in January 2021 by seven former OpenAI employees, including the siblings Daniela Amodei and Dario Amodei, who had been OpenAI's Vice President of Research. The company is organized as a public benefit corporation whose stated purpose is "the responsible development and maintenance of advanced AI for the long-term benefit of humanity," with additional oversight from a Long-Term Benefit Trust, and it is headquartered at 500 Howard Street in San Francisco.

Its product line is built around Claude, an AI assistant sold through an API and through subscriptions, alongside Claude Code, Claude Cowork, Claude Design, Claude Science and Claude Security. Models ship in the Haiku, Sonnet, Opus and Fable tiers. According to Sacra, token-based API revenue accounts for roughly 70-75% of the total and subscriptions such as Claude Pro, Max, Team and Enterprise for 10-15%, with reserved-capacity contracts sold to large enterprises on top. Claude Code alone reached a $1 billion annualized run rate by November 2025 and about $2.5 billion by February 2026, with enterprise users - among them Netflix, Spotify, KPMG and Salesforce - representing more than half of that.

Anthropic sits unusually across the hyperscalers: Microsoft says Claude is the only frontier model available on all three major clouds, after Anthropic committed to purchase $30 billion of Azure compute capacity in November 2025. It also agreed in October 2025 to use up to one million Google Cloud TPUs, bringing well over a gigawatt of capacity online during 2026, and expanded that in April 2026 into a multi-gigawatt next-generation TPU partnership with Google and Broadcom starting in 2027. Separately it committed $50 billion to American computing infrastructure, beginning with Fluidstack-built data centers in Texas and New York.

Growth has been steep. Anthropic told investors its annualized revenue run rate reached roughly $9 billion at the end of 2025, surpassed $30 billion by April 2026, crossed $47 billion in May and passed $65 billion at the end of July 2026, with investors expecting the year to close between $100 billion and $120 billion. In May 2026 it raised a $65 billion Series H at a $965 billion post-money valuation, and it has since filed confidentially for an initial public offering.