> The $5 billion figure refers to GAAP revenue generated from 2023 through to December 2025, a person familiar with the matter told Breakingviews; the $19 billion is an extrapolation. Anthropic defines “run-rate revenue” in two parts. Use the last 28 days of sales from customers charged on a consumption basis and multiply it by 13. Then, multiply the monthly subscription take by 12, and add the two together.

If anything, it suggests they’re seeing either existing customers increasing their spending or new customers coming to Anthropic in higher and higher numbers.