And Raised $30 Billion at a $380 Billion Valuation To Boot.
So this week Anthropic officially closed its $30 billion Series G — the second-largest private tech round ever, behind only OpenAI’s $40 billion raise — at a $380 billion post-money valuation. That’s up from $183 billion just five months ago in the Series F.
But the metrics Anthropic disclosed alongside the raise are what really matter here. Because this is no longer a “promising AI startup.” This is the fastest-scaling B2B company in the history of software.
Let’s break down what we learned.
$14 Billion in Run-Rate Revenue. 10x Growth For 3 Straight Years.
Anthropic says it hit $14 billion in annualized revenue, growing over 10x annually in each of the past three years since it “earned its first dollar in revenue.” That first dollar came less than three years ago.
To put this in context: Anthropic was at roughly $1 billion ARR in December 2024. It hit $4 billion by mid-2025. It crossed $9 billion by end of 2025. And now $14 billion in February 2026.
That’s $1B → $14B in about 14 months. There is simply no precedent for this in B2B software. Not Slack, not Zoom, not Snowflake. Nothing. As Meritech’s Alex Clayton noted last year: “We’ve looked at the IPOs of over 200 public software companies, and this growth rate has never happened.”
And it still hasn’t slowed down.
Claude Code: $2.5 Billion ARR. Doubled Since January.
This is the number that should terrify every software CEO reading this.
Claude Code — Anthropic’s agentic coding tool that only launched to the public in May 2025 — now has run-rate revenue above $2.5 billion. That number has more than doubled since the start of 2026. Business subscriptions to Claude Code have quadrupled since January. Enterprise users now represent more than half of Claude Code revenue.
And according to a recent report, 4% of all GitHub public commits are now authored by Claude Code, with projections of 20%+ by year-end 2026.
This is a product that went from zero to $2.5B ARR in about 9 months. That’s not a feature. That’s an entire category.
The Enterprise Metrics Are Staggering
Here’s what Anthropic shared about its customer base:
- $100K+ customers grew 7x in the past year
- $1M+ customers went from a dozen to 500+ in two years
- 8 of the Fortune 10 are now Claude customers
- 80% of revenue comes from enterprises (per Dario Amodei on CNBC last month)
- 70-75% of revenue is pay-per-token API (the rest is subscriptions + enterprise contracts)
The Ramp data is equally telling: 1 in 5 businesses on Ramp now pay for Anthropic, up from 1 in 25 a year ago. And 79% of OpenAI customers also pay for Anthropic. This isn’t zero-sum. Enterprises are buying both.
The Revenue Mix Tells the Real Story
What makes Anthropic’s model fascinating from a B2B lens:
- API revenue (70-75%): Pay-per-token consumption from enterprises and developers. This is the engine.
- Consumer subscriptions (10-15%): Claude Pro at $20/mo, Claude Max at $100-200/mo. Nice but not the main event.
- Enterprise contracts & reserved capacity: Fixed-rate deals for guaranteed throughput. The highest-margin layer.
Anthropic monetizes at roughly $211 per monthly user vs. OpenAI at about $25 per weekly user. That’s an 8x difference in monetization efficiency. Smaller audience, massively higher revenue per user. This is the enterprise playbook working exactly as designed.
The Valuation Math
At $380 billion on $14 billion ARR, Anthropic trades at roughly 27x ARR. That’s actually not insane for a company growing 10x+ annually. For context:
- OpenAI is at $500B on ~$16-17B ARR (roughly 30x)
- Snowflake at IPO traded at ~175x ARR (a different time but)
- The multiple is actually compressing as revenue scales
The real question is when, not if, they IPO. Renaissance Capital now ranks Anthropic as the third most valuable private company globally, behind only OpenAI and SpaceX.
What This Means For B2B + AI Founders
A few takeaways:
- Enterprise-first can win even without consumer dominance. Claude has roughly 5% of ChatGPT’s consumer user base. But it’s generating 40%+ of OpenAI’s revenue. You don’t need 800 million weekly users if you’re monetizing the right ones.
- AI coding tools are the killer app right now. Claude Code going from $0 to $2.5B in 9 months is the single fastest product ramp I’ve ever tracked. If you’re building for developers, the TAM just got validated in a way nothing else has.
- The $2 trillion software selloff is real. Anthropic’s Claude Cowork agent — which automates white-collar computer tasks — has sparked a brutal selloff in global software stocks. Investors are repricing the entire sector. If you’re a SaaS founder, you need to be thinking about how AI agents will either augment or replace your product.
- Growth at this scale attracts extraordinary capital. 36+ investors participated in this round beyond the leads. GIC, Coatue, D.E. Shaw, Founders Fund, Sequoia, Lightspeed, Accel, General Catalyst, Jane Street, Qatar Investment Authority, Fidelity, Microsoft, Nvidia, Blackstone. When you’re growing 10x annually with enterprise customers, capital finds you.
Building at $14+ Billion Business in 3 Years
Anthropic just demonstrated that you can build a $14 billion ARR business in under three years, primarily on enterprise revenue, in a market that most people still think is “early.” They’ve raised $64 billion total since inception in 2021 and are now valued at $380 billion.
The AI race isn’t slowing down. It’s accelerating. And the companies that figured out enterprise monetization early — not just consumer virality — are the ones pulling away.
We’re watching the fastest-scaling B2B company ever. And they’re not done. Not even close.
