Anthropic is an AI safety company founded in 2021 by Dario and Daniela Amodei, building the Claude family of large language models. The company reached $14 billion in annualized run-rate revenue as of February 2026, growing 10x annually for three consecutive years (Anthropic, Axios). Valued at $380 billion in its $30 billion Series G round, Anthropic stock is not publicly traded. Accredited investors can access Anthropic pre-IPO shares through UpMarket, a FINRA-registered broker-dealer, with a $50,000 minimum investment.
Anthropic Valuation History
Round
Date
Price/Share
Valuation
Series A
May 2021
$2.57
-
Series B
Feb 2023
$11.23
-
Series C
May 2023
$11.23
-
Series D
May 2024
$30.00
-
Series E
Jan 2025
$56.09
$61.5B
Series F
Sep 2025
$140.97
$183B
Series G
Feb 2026
$259.14
$380.0B
Source: Sacra COI filings, Anthropic, Axios.
Anthropic Annualized Run-Rate Revenue
$100M
Q3 '23
$1B
End '24
$2B
Q1 '25
$3B
May '25
$4B
Jul '25
$5B
Aug '25
$7B
Oct '25
$9B+
End '25
$14B
Jan '26
~$19-20B
Mar '26E
10x
Annual Revenue Growth, 3 Years
$2.5B+
Claude Code Run-Rate
$30B
Series G Raised
Source: Anthropic, Axios, Bloomberg, The Information. Run-rate figures, not annual recognized revenue.
Why Investors Are Watching Anthropic
$380B
Valuation (Series G)
$19B
Annualized Revenue
10x
3-Year Annual Growth
500+
$1M+ Enterprise Customers
Regulation
Pentagon Supply-Chain Risk Designation
The Department of Defense labeled Anthropic a supply-chain risk after a dispute over AI military safeguards. Anthropic is suing to reverse the designation, which could impact "billions in revenue" according to company filings.
Bloomberg, TechCrunch · Mar 2026
Fundraise
$380B Series G, $30B Raised
The largest AI fundraise on record. $259.14/share per COI filing. Investors include Amazon, Google, and institutional backers.
Anthropic, Axios · Feb 2026
Revenue
$19-20B Annualized Revenue
More than doubled from $9B at end of 2025. Growing faster than OpenAI ($25B ARR). Revenue acceleration driven by enterprise adoption and Claude Code.
Bloomberg, The Information · Mar 2026
Product
Claude Code $2.5B+ Run-Rate
AI coding assistant doubled its run-rate since January 2026. Becoming a significant revenue driver for enterprise developer workflows.
Anthropic, Axios
Product
Claude Marketplace Launch
Enterprise app marketplace with integrations from Replit, GitLab, Harvey, and Snowflake. Expanding the Claude ecosystem beyond direct API access.
Bloomberg, VentureBeat · Mar 2026
Partnership
PE Consulting Joint Venture
In talks with Blackstone and Hellman & Friedman for a Palantir-style AI consulting joint venture targeting enterprise deployment.
The Information · Mar 2026
Growth
$18B Revenue Forecast 2026, $70B by 2028
Internal projections shared with investors during Series G fundraise. Implies continued 3-4x annual growth trajectory.
The Information
Expansion
Sydney Office, Global Expansion
Expanding operations into Australia and New Zealand, broadening international presence beyond the U.S. and UK.
Bloomberg · Mar 2026
Private market investments carry meaningful risks, including illiquidity and possible total loss of capital.
PPM review, fee analysis, and portfolio-fit evaluation support.
5
Fund your investment
Minimum typically $50,000. Wire or ACH. Monitor via UpMarket portal.
Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.
About UpMarket
UpMarket's mission is to unlock the private markets for individual investors.
We provide access to a range of asset classes and investment strategies that span private equity, hedge funds, crypto, real estate, and other alternative assets.
The problem
Historically, accessing private market investments had these challenges:
A large barrier to entry due to high investment minimums
Time-intensive because sourcing deals is a lot of work even if you've got a great network, and
Costly because of investment-related diligence costs, paperwork, and legal fees
The solution
UpMarket works to address these barriers for individual investors by:
Offering lower investment minimums
Sourcing and conducting diligence on opportunities for investors, empowering them to pick and choose from pre-screened opportunities
Making the investment process entirely digital, straightforward, and easy to manage from a single portal
UpMarket has brokered over $1 billion in alternative investments*
*Includes principal invested and appreciation of investments originated via the UpMarket platform based on historical trade volume and valuation estimates through December 31, 2025. Of the total, approximately $146 million is managed by UpMarket Management, with the remaining originated investments managed by affiliates. Past performance is not predictive of future results.
UpMarket Investment Curation Process
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We review every offering's strategy, risk management, liquidity management, fees and expenses, valuation methodology, tax matters, as well as the fund's third-party providers including legal counsel, auditor, administrator, and custodian.
We aim to offer our clients investments from disciplined managers that pursue unique strategies across an array of asset classes.
Our goal is to empower you to build a portfolio that best meets your individual Investment objectives.
Unlock the private markets today, with UpMarket.
Anthropic Stock FAQ
Is Anthropic publicly traded?
No. As of March 2026, Anthropic is private, valued at $380 billion following its Series G round. There is no confirmed IPO date. Anthropic stock is available to accredited investors through secondary market platforms like UpMarket.
When is Anthropic going public?
No announced date. The company raised $30 billion in its Series G (February 2026), suggesting it is well-capitalized and not in a rush to IPO.
What is Anthropic's stock price?
Series G price: $259.14/share (COI filing per Sacra). At the UpMarket estimate of $542B and assuming approximately 1.47 billion shares outstanding, that implies roughly $370/share.
The Claude family of AI models (Claude 4.5/4.6 Opus, Sonnet, Haiku). Products include Claude.ai (chatbot), Claude Code (developer tool, $2.5B+ run-rate), Claude API, and Claude Marketplace. The company's research focuses on AI safety and interpretability.
What are the risks of investing in Anthropic pre-IPO?
Intense AI competition from OpenAI, Google, and Meta. High compute costs. The Pentagon supply-chain risk designation could impact government revenue. Regulatory uncertainty around AI. Pre-IPO shares are illiquid with no guaranteed exit. Consult your own advisors before investing.
How do pre-IPO trades work?
Accredited investors purchase from existing shareholders through secondary market platforms. Anthropic does not issue new shares in these transactions.
How do I exit my Anthropic investment?
Sell on secondary market or hold until IPO/acquisition. Timing is unpredictable.
What is the minimum investment in Anthropic on UpMarket?
The minimum for most Anthropic offerings is $50,000. May vary by offering and share class. No fees to create an account.
How does UpMarket estimate Anthropic's valuation?
The Series G implied 27.1x on current run-rate revenue. UpMarket uses a proprietary model incorporating funding round data (Caplight), revenue data (Sacra), and public company comparables. Current estimate: $542 billion. For informational purposes only.
What is Anthropic's revenue?
$14 billion in annualized run-rate revenue as of February 2026 (confirmed by Anthropic). Approaching $19-20 billion by March 2026 (Bloomberg). The company has grown 10x annually for three consecutive years.
What is Claude Code?
An AI coding assistant for developers with over $2.5 billion in run-rate revenue, doubled since January 2026. Used by enterprise developers for code generation, debugging, and analysis. Code Review feature launched in March 2026.
What is the Pentagon dispute?
The Department of Defense designated Anthropic a "supply-chain risk" after a dispute over AI military safeguards. Anthropic is suing to reverse the designation. Microsoft, Google, and Amazon say Claude remains available to non-defense customers.
Who are Anthropic's competitors?
OpenAI (~$25B ARR, 920M users), Google DeepMind (Gemini), Meta (Llama open-source), Mistral AI, and xAI (Grok).
Anthropic has emerged as the leading AI safety company, with Claude models powering enterprise applications across 500+ customers paying at least $1 million annually. Run-rate revenue reached $14 billion as of its February 2026 Series G, growing 10x annually for three consecutive years, and has since approached $19-20 billion (Bloomberg, March 2026).
The $30 billion Series G at a $380 billion valuation made it one of the most valuable private companies globally. Claude Code alone generates over $2.5 billion in run-rate revenue. The company projects $18 billion in 2026 revenue and $70 billion by 2028 (The Information).
Accredited investors can access Anthropic shares through UpMarket, a FINRA-registered broker-dealer that has brokered over $1 billion in alternative investments since 2019. All private market investments involve risk, including potential loss of principal. Past performance is not indicative of future results.
Any financial forecasts or financial returns displayed on this website are for illustrative purposes only, and are not a guarantee of future results. Past performance is not indicative of future performance. Alternative investments possess a certain level of risk, and cannot guarantee investment objectives or return on capital. This website is only available to certain qualified investors.
The information on this website does not constitute investment advice. The sole basis for the purchase of any securities is the final base sale document. Investors should make their own independent evaluation and analysis, consult financial, tax, investment consultants, etc., and decide whether to invest.
Pro Forma forecasts have been deducted management fees, but may include other fees. Fund returns, dividends and other forecasts are for reference only. Investment returns may be impacted by many uncertain factors. Investors must be willing and able to withstand the risk of potential investment losses.
