80x. That’s how much Anthropic grew in Q1 2026 on an annualized basis. The company planned for 10x. Dario Amodei made the admission on stage at Anthropic’s developer conference in San Francisco on May 6, telling the crowd that the growth was “just crazy” and “too hard to handle.” He wasn’t exaggerating. Anthropic’s annualized revenue run rate has already crossed $30 billion, up from $9 billion at the end of 2025, and the company is now in talks to raise roughly $50 billion at a valuation above $900 billion, a number that would push it past OpenAI’s $852 billion post-money valuation from March for the first time.

The engine behind the surge is Claude Code. Anthropic’s AI coding assistant has torn through the developer world since launching in mid-2025 and Amodei pointed to software engineers as the earliest and fastest adopters of AI tooling. “It’s a foreshadowing of how things are going to work across the economy,” he said on stage. Claude Code hit $1 billion in annualized revenue within six months of launch, and the growth hasn’t slowed down. The company now counts over 1,000 enterprise customers spending more than $1 million per year on its Claude services, a figure that has doubled since February.

SpaceX, Amazon and a Compute Land Grab

Hours before Amodei took the stage, Anthropic dropped perhaps the most unexpected deal of the year. The company signed an agreement with SpaceX to use all of the compute capacity at the Colossus 1 data center in Memphis, giving it access to more than 300 megawatts of capacity and over 220,000 Nvidia GPUs within the month. This is the same facility Elon Musk’s xAI built to power Grok, now being handed over to a direct competitor.

Colossus 1 adds to a growing infrastructure stack that already includes a multibillion-dollar compute deal with Amazon for up to 5 gigawatts of capacity and a separate partnership with Google and Broadcom for an additional 3.5 gigawatts beginning in 2027. The immediate payoff for users is tangible. Anthropic said it would double Claude Code’s rate limits on paid plans, remove peak-hour usage caps for Pro and Max accounts, and increase request volumes for its Opus models.

The Race Isn’t Close Anymore

Two years ago, Anthropic was a safety-focused research lab burning through capital. Today, its revenue run rate exceeds OpenAI’s $25 billion ARR and roughly 80% of its revenue comes from enterprise customers rather than consumer subscriptions. Forty percent of its top 50 clients are financial institutions, including Goldman Sachs, Visa and Citi.

The $900 billion valuation round, if finalized, could also be Anthropic’s last private raise. Bloomberg has reported that the company is weighing an IPO as early as October 2026, with Goldman Sachs, JPMorgan and Morgan Stanley already in early discussions. On secondary markets, Anthropic shares have already traded at an implied $1 trillion valuation.

The story coming out of San Francisco isn’t about whether Anthropic can compete with OpenAI. Revenue already answered that question. The story now is whether anyone, compute providers included, can keep pace with the demand curve Anthropic is riding. 

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