Anthropic is on track to produce annual recurring revenue in excess of $19 billion, the company's CEO, Dario Amodei, said at a Morgan Stanley TMT conference, confirming a $6 billion rise in the firm's run rate during February.
The latest projection more than doubles the run rate that prevailed late last year. Company guidance has been climbing rapidly: the new target is up from a $9 billion projection that applied at the end of 2025 and from roughly $14 billion just weeks earlier. Bloomberg News first reported the development.
According to Amodei, the primary driver behind the acceleration is customer adoption of Anthropic's AI models and product suite, with particular mention of its coding tool, Claude Code. The company, now valued at $380 billion, has seen notable momentum this year as its offerings have drawn attention for automating a range of tasks, including software development workflows aided by Claude Code.
At the same time, Anthropic's commercial trajectory faces a potential headwind stemming from a dispute with the U.S. Department of Defense. On Friday, Defense Secretary Pete Hegseth designated Anthropic as a supply-chain risk, a designation the announcement said is typically applied to companies from countries the U.S. regards as adversaries. That declaration follows a standoff in which Anthropic sought restrictions on how the Pentagon might use its AI technologies, specifically asking for limits on applications related to surveillance and autonomous weaponry.
The supply-chain risk designation is intended to curtail Anthropic's ability to sell to the U.S. government and to other firms that rely on government-approved suppliers. The company is continuing to engage with officials to address the dispute. "We believe in America & we believe in helping to defend our country…will continue to work to figure out a solution with DOW," Amodei said at the event, according to investor Brad Gerstner.
The firm's rapid escalation in revenue expectations highlights both strong demand for its AI capabilities and the regulatory and national-security questions that can intersect with commercial growth. The larger run-rate guidance reflects recent client adoption patterns, while the government's actions could affect a portion of Anthropic's prospective sales until the dispute is resolved.
Context and next steps
Anthropic's updated run-rate figures reflect the firm's internal reporting at the conference; company officials and market participants will likely monitor how adoption trends sustain the new level over coming quarters. The impact of the Pentagon's designation on Anthropic's government and enterprise contracts remains contingent on subsequent policy and procurement decisions.