Anthropic raises $30 billion at a $380 billion valuation

What happened

On 12 February 2026, Anthropic announced a $30 billion Series G round at a $380 billion post-money valuation^[1]. The round was led by GIC and Coatue, and co-led by D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ and MGX^[1]. A Series G is a late-stage private financing round; the post-money valuation is what the company is reckoned to be worth once the newly raised money is counted in.

The revenue behind the round

Anthropic put its run-rate revenue at $14 billion^[1]. Run-rate revenue annualises the most recent period's business: a company booking $1 billion in a month has a $12 billion annual run rate. It is a snapshot of current scale rather than a completed year of booked revenue, which is why it moves quickly in fast-growing companies. Anthropic said revenue had grown more than 10x annually for each of the past three years^[1].

Who the customers are

More than 500 customers were spending over $1 million a year with Anthropic, and eight of the Fortune 10 were customers^[1]. At the same time, the number of customers spending more than $100,000 a year grew 7x over the past year^[1]. That second number matters as much as the first: it shows the customer base widening beyond a small set of very large accounts, since a company with only a handful of giant contracts would not see a sevenfold increase in mid-sized ones.

Claude Code

Anthropic's coding tool Claude Code had run-rate revenue above $2.5 billion, more than doubling since the start of 2026^[1]. Claude Code became available to the general public in May 2025^[1], so the tool went from public release to a multibillion-dollar run rate in a short span, and the figure cited here captures only the growth since the beginning of 2026. Coding assistants are one of the few places where AI models are used for hours at a time by working professionals, which tends to translate into steady paid usage rather than occasional trials.

Where the models can be bought

Anthropic noted that Claude is the only frontier AI model available on all three of the big cloud platforms: AWS through Bedrock, Google Cloud through Vertex AI, and Microsoft Azure through Foundry^[1]. Large organisations usually buy AI through the cloud provider they already have a contract with, so being listed in all three catalogues widens the number of buyers who can adopt the model without adding a new vendor.

Why it matters

The announcement is a useful snapshot of the economics of frontier AI at that moment: a private company raising at a valuation in the hundreds of billions while reporting revenue in the tens of billions on an annualised basis^[1]. Read together, the disclosed figures describe a business that had moved from experimental pilots to large, recurring enterprise contracts — measured both by the number of million-dollar accounts and by the rapid growth of smaller ones^[1]. The round itself, at $30 billion, is far larger than what venture-stage software companies have historically raised, and it reflects how much capital the build-out of AI models and the computing behind them requires.

For readers following the field, the numbers to watch in later disclosures are the same ones reported here: run-rate revenue, the count of large customers, and the split between the API and cloud business and products such as Claude Code^[1]. Those three together show whether growth is coming from a few enormous deals or from a broadening base of ordinary companies putting AI tools to work.