In December 2025, Anthropic (ANTHRO) forecasted to generate up to $18B in 2026, about 20% more than its summer forecast, and $55B next year, The Information reported.
Anthropic — which is backed by Amazon (AMZN) and Alphabet’s (GOOG) (GOOGL) Google — expects to generate up to $148B in 2029 in its most optimistic projections, about $3B more than what OpenAI (OPENAI) projected to make that year, the report added.
Anthropic did not immediately respond to a request for comment from Seeking Alpha.
Some of the fast revenue growth is from Anthropic’s success in selling access to its AI models through an application programming interface, or API, to business customers. Especially, the company has become popular for coding-related tasks, in part because of its coding agent Claude Code, which generated over $1B in annualized revenue in November 2025.
However, costs are adding up. Anthropic revised its most optimistic forecast to delay turning cash flow positive till 2028, a year later than previously expected. Anthropic expects to generate $2.2B in cash in 2028. Higher costs to train and run its AI models have contributed to the delay, the report noted.
In 2026, Anthropic expects to spend $12B on training its models and $7B on running them for its paying users. The company is raising over $10B at a valuation of $350B before the financing in a round led by Singapore’s GIC and Coatue Management.
Last week, it was reported that Anthropic’s (ANTHRO) revenue run rate surpassed $9B at the end of 2025.
In November 2025, Nvidia (NVDA) and Microsoft committed to invest up to $10B and up to $5B, respectively, in Anthropic. Microsoft has invested over $13B in OpenAI, giving it nearly a 27% stake in the ChatGPT maker.
Earlier this month, it was reported that Microsoft (MSFT) has become one of Anthropic’s (ANTHRO) top customers and was recently on track to spend about $500M a year for Anthropic AI to power Microsoft products.
Both AI companies, OpenAI (OPENAI) and Anthropic (ANTHRO), have their eyes on enterprise customers this year as they race to win more revenue, users, and market share.