The most interesting thing about Anthropic’s $65B Series H announcement (https://www.anthropic.com/news/series-h) is this line (emphasis mine):

Since our Series G in February, adoption has continued to grow across global enterprise customers, and our run-rate revenue crossed $47 billion earlier this month.

Anthropic have made a bit of a habit of sharing their “run-rate revenue” in this kind of announcement, which is an annualized projection of their current revenue - typically calculated by taking the most recent month and multiplying by 12.

Earlier this year:

• Apr 6, 2026 in Anthropic expands partnership with Google and Broadcom (https://www.anthropic.com/news/google-broadcom-partnership-compute): “Our run-rate revenue has now surpassed $30 billion—up from approximately $9 billion at the end of 2025.”

• Feb 12, 2026 in Anthropic raises $30 billion in Series G (https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation): “Today, our run-rate revenue is $14 billion, with this figure growing over 10x annually in each of those past three years.”

I had Claude Opus 4.8 make me (https://claude.ai/share/f52e82bd-7e09-49a5-b658-0b9999ce5a45) this chart using Matplotlib (https://matplotlib.org/) (Claude: “a data line chart is more straightforward matplotlib work—not really a design piece”):

Back in April Axios CEO Jim VandeHei wrote (https://www.axios.com/2026/04/13/anthropic-revenue-growth-ai) that he could not find “any company — in any industry, in any era — that has scaled organic revenue this quickly at this level as Anthropic” - and that was when they were at a paltry $30 billion.

(Also in Axios today (https://www.axios.com/2026/05/28/ai-spending-roi-enterprise-costs) is an anonymously sourced note that “An AI consultant tells Axios one of their clients recently spent half a billion dollars in a single month after failing to put usage limits on Claude licenses for employees” - times that by 12 and you get an extra $6 billion in annualized run-rate!)

Ed Zitron was extremely skeptical of that $30 billion number (https://www.wheresyoured.at/anthropics-profitability-swindle/) - I wonder if his skepticism will update for the new $47 billion figure.

I’ve seen a few people dismiss this as untrustworthy, because the numbers come from Anthropic. That doesn’t hold up: these numbers were included in announcements of their fundraises, and lying to investors who just put in $65 billion would be securities fraud. They’re even less likely to lie given that the real numbers will no doubt come out in their S-1 when they file for their IPO.

Tags: anthropic (https://simonwillison.net/tags/anthropic), ai (https://simonwillison.net/tags/ai)