"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."
"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."
Anthropic raised $30 billion in Series G funding at a $380 billion post-money valuation while continuing heavy cash burn to build AI models and infrastructure. Run-rate revenue is reported at $14 billion after less than three years of sales, with claimed 10x annual growth. Claude Code drives a significant portion of revenue, with business subscriptions quadrupling since early 2026 and enterprise usage exceeding half of Claude Code revenue. Independent reports attribute 4 percent of public GitHub commits to Claude Code and project over 20 percent by year-end 2026. Concerns persist about profitability, pricing, adoption of machine-generated code, and code quality.
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