Anthropic’s annualized revenue run rate topped $65 billion in July, seven times its year-ago level.

  • The company has reportedly committed $80 billion to computing capacity through Lambda and Nscale deals.
  • PitchBook senior analyst Harrison Rolfes estimated a 44% gross margin but said Anthropic needs about 70% to sustain its long-term commitments.
  • Claude Code topped a $2.5 billion run rate, while enterprises generate 80% of revenue.

Anthropic could eclipse SpaceX with the largest stock offering in history, but a PitchBook analyst warned that the AI giant may need Microsoft-like gross margins of about 70% to sustain its massive computing commitments.

To top SpaceX’s record, Anthropic would need to price at a market cap above $1.8 trillion and raise more than SpaceX’s $86 billion haul, including the greenshoe, rather than just match its $965 billion private valuation.

Anthropic Posts ‘Unprecedented’ AI Profit Milestone

PitchBook senior analyst Harrison Rolfes called Anthropic’s reported positive adjusted operating income “unprecedented for an AI company,” as second-quarter (Q2) revenue surged past $11.5 billion from $4.73 billion in the first quarter and $787 million a year earlier. 

Anthropic’s annualized revenue run rate hit over $65 billion in July, equivalent to $5.4 billion per month and seven times its year-ago level. Rolfes said the figure represents about one-third of Anthropic’s projected 2028 revenue, suggesting the company may be on track, although a run rate is not guaranteed future sales. Investors still lack audited GAAP earnings, cash flow, gross-margin and customer-concentration data, which are expected in Anthropic’s S-1 filing.

Anthropic’s $80B Compute Bet

Meanwhile, Anthropic has reportedly committed $35 billion to Nvidia-backed Lambda for capacity at a 350-megawatt Texas data center developed by Hut 8 (HUT), following a separate $45 billion deal for computing power at Nscale’s West Virginia campus.

Against those massive commitments, Rolfes estimated Anthropic’s gross margin at about 44%, well below the 70% generated by Microsoft (MSFT) and ServiceNow (NOW). “That number seems realistic, but it is not enough to compete with SaaS companies. And it isn’t really attractive to public market investors, because we know Anthropic has too large of commitments that extend out to 2030-32,” he said. “To survive those commitments, you need to bump that gross margin up to like 70%.”

Claude Code Drives Anthropic’s Growth

“Claude Code is the biggest catalyst,” Rolfes said, noting that the coding tool exceeded a $2.5 billion run rate in February. Enterprise customers account for 80% of Anthropic’s revenue, while more than 1,000 customers were spending over $1 million on an annualized basis as of April. Rolfes said Claude is moving into “production-level API workflows” rather than remaining confined to “isolated experiments.”

Still, how much of the revenue is contractually secured remains unclear. “It looks repeatable but not necessarily contractual,” he said, adding that investors need more information on retention, contract duration and committed usage. 

Rolfes also expects Anthropic to move away from subscriptions and ultimately charge by completed task, making costs easier for businesses to predict. “Anthropic needs to find a way to structure a durable revenue model that’s easy to track,” he said.

Anthropic Deepens Enterprise AI Push

Anthropic last week expanded its Salesforce (CRM) partnership with Claudeforce, a Claude plugin offering 37 pre-built sales skills. Salesforce CEO Marc Benioff called it “a first in the industry” and said it represented “the way all enterprise systems are going to run in the future.”

The AI company also reversed a controversial 30-day data-retention requirement for business customers following “a lot of feedback.” Its replacement, Enterprise Frontier Safeguards, will let companies control how their data is reviewed, stored and monitored without human review by Anthropic.

How Do Retail Traders Feel About Anthropic And SpaceX?

On Stocktwits, retail sentiment toward Anthropic was ‘bullish’ amid ‘high’ message volume, while sentiment toward SpaceX was ‘bearish’ amid ‘extremely low’ chatter. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.<