Investors shove another $30B into the Anthropic money furnace

The AI bubble continues to inflate with Anthropic's announcement of $30 billion in Series G funding at a $380 billion post-money valuation.

The figures offer insight into the mentality of investors in AI platforms. Anthropic, like its rival OpenAI, has yet to turn a profit, although there are hopes that it will do so any moment now. Investors continue to surf a wave of expected returns. The outfit is heavily burning cash to fund AI model development - and has made billions in headline compute and infrastructure commitments.

Anthropic began generating revenue less than three years ago. Its announcement said: "Today, our run-rate revenue is $14 billion, with this figure growing over 10x annually in each of those past three years."

A chunk of that is being driven by Claude Code, the company's agentic coding model. The company stated that business subscriptions to the service have quadrupled since the start of 2026, and enterprise usage accounts for more than half of all Claude Code revenue.

According to a February report, 4 percent of GitHub public commits are authored by Claude Code. The same report optimistically reckons that Claude Code will account for more than 20 percent of daily commits by the end of 2026.

Such projections warrant caution. Developers are unlikely to surrender production workloads - or even personal projects - to machine-generated code without debate. The bigger question is what Anthropic will ultimately need to charge to deliver returns for investors.

Then there is code quality. Recently, Anthropic's Claude Opus 4.6 spent $20K to produce a partly functional C compiler. A researcher characterized the resulting Rust as "reasonable" but "nowhere near" expert level.

Ads won't bolster the company's revenues in the same way as planned by its rivals. Anthropic has committed to keeping advertising out of the Claude model family, even as it has run marketing campaigns joking about the idea of inserting ads into chatbot conversations.

That said, OpenAI is unlikely to be too worried about Anthropic's barbs. Last year, it achieved a nominal value of $500 billion, a figure that could hit $750 billion or more in 2026. As 2025 drew to a close, SoftBank announced it had invested another $22.5 billion in the company. ®