Anthropic eyes $100 billion valuation as investors bet on Claude Code and improved margins.
Investors are reportedly interested in a new funding round that could push Anthropic’s valuation above $100 billion, according to The Information. That would nearly double the company’s $58 billion valuation from March 2025, when Anthropic raised $3.5 billion and signaled plans to raise a total of $5.5 billion over the year.
Much of Anthropic’s momentum comes from Claude Code, its AI coding tool made widely available in May. The company says Claude Code has already generated over $200 million in annualized revenue, with weekly downloads increasing sixfold since June to three million. Claude Code is available via API and chatbot subscription.
Direct sales drive strong margins, cloud business still unprofitable
Anthropic earns a gross margin of about 60 percent on direct sales of its models to customers, with a target of reaching 70 percent. This margin accounts for revenue minus server and support costs. By contrast, margins drop to negative 30 percent when selling through Amazon Web Services and Google Cloud, which take a significant share of revenue. About 70 percent of Anthropic’s revenue comes from direct sales, helping offset losses in the cloud business.
Anthropic’s growth is also fueled by integration of its models into other startups. Cursor, a direct competitor to Claude Code, uses Anthropic’s models as well. Cursor’s annualized revenue jumped tenfold to $500 million between November 2024 and June 2025. Two developers who previously worked on Claude Code, left for Cursor, and have since returned to Anthropic.
