Anthropic Quietly Raises the Ceiling

This article first appeared on GuruFocus.

Anthropic is clearly feeling bolder about how fast it can scale. The AI startup quietly lifted its internal 2026 revenue forecast by about 20% to as much as $18 billion, according to a report from The Information.

That update came late last year and reflects how quickly demand for Anthropic’s models has picked up, especially from business customers. In its most optimistic scenarios, the company now sees revenue hitting $55 billion in 2027 and as much as $148 billion by 2029, slightly ahead of what OpenAI has projected for the same period. Anthropic, which is backed by Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOG), didn’t comment on the report.

The growth story is mostly enterprise-driven. Anthropic has found real traction selling access to its models through APIs, particularly for coding-heavy workloads. Its coding agent, Claude Code, crossed $1 billion in annualized revenue by November 2025, helping push the company’s overall revenue run rate above $9 billion by year-end.

But the spending is just as eye-catching. Anthropic now expects to turn cash-flow positive in 2028, a year later than previously planned, as costs keep climbing. In 2026 alone, it expects to spend about $12 billion training models and another $7 billion running them. The company is also raising more than $10 billion at a $350 billion valuation, with backing from GIC and Coatue.