Anthropic, PBC (ANT)

Anthropic is an AI research lab founded in 2021 by a team of researchers behind many of the breakthroughs that define modern AI. Its mission is the responsible development and maintenance of advanced AI for the long-term benefit of humanity. The company builds and sells Claude, its frontier AI, and says that frontier capability and safety research are deeply integrated and shape model design, training, and deployment. Revenue grew from $0 at commercial launch in the first quarter of 2023 to $17.0 billion for the three months ended September 30, 2026. Anthropic reported an operating loss of $567 million (a (3)% operating margin) and Adjusted Operating Income of $2.5 billion (a 15% Adjusted Operating Margin) for that quarter.

Claude is delivered at three layers: the models, a platform for building on them, and first-party applications. Claude Platform is an agentic development environment that gives customers the primitives to build, deploy, and scale their own applications. Claude Code is a coding agent that works with developers on end-to-end software development. Claude Cowork is a knowledge work agent with computer use capability that handles research, drafting, analysis, and other business tasks. Anthropic also offers security products such as Claude Security, which scans codebases, triages vulnerabilities, and writes fixes, and OSS Scanner for open-source projects. It is extending Claude into life sciences and robotics through its Model Hardware Standard, which lets AI agents operate lab and manufacturing equipment.

Anthropic's strategy centers on enterprises. As of September 30, 2026, it had more than 11,900 customers with $100,000 or more of trailing-twelve-month revenue, more than 1,900 with $1 million or more, and about 250 with $10 million or more. Net Revenue Retention was approximately 900%. Target sectors include software development, business and professional services, cybersecurity, financial services, and healthcare and life sciences, with possible expansion into robotics, advanced manufacturing, and logistics. Claude is available on AWS, GCP, and Azure, and Anthropic holds direct contracts with customers while paying each cloud provider a fee. It also reaches customers through systems integrators (Accenture, Deloitte, KPMG, PwC), consultants, and data platforms such as Salesforce and Snowflake. It recently launched Ode with Anthropic, an AI services company formed with private equity firms to serve mid-sized companies.

Anthropic manages compute as a single, fungible pool from multiple strategic partners. Its multi-chip architecture spans AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs, with workloads orchestrated for price and performance. As of and after September 30, 2026, it had purchase commitments and lease agreements of about $895.4 billion in aggregate, substantially all for compute and infrastructure. Anthropic uses Claude extensively in its own research, engineering, and operations, and reported that over 90% of contributions to its codebase in September 2026 were written by Claude. It had raised $141.1 billion of capital in total, and held $95.6 billion of cash and cash equivalents and $36.3 billion of short-term investments. Its Responsible Scaling Policy governs how it monitors and mitigates risks as AI development accelerates.