Anthropic is growing at a pace that makes even Silicon Valley's most optimistic projections look conservative. The company has more than doubled its annualized revenue to $19 billion during the first two months of 2026, up from $9 billion at the end of 2025, according to The Information and Bloomberg.

That growth is so aggressive it's causing physical problems. The Information reports Anthropic is now facing a "server crunch" as demand for Claude outstrips available compute. The company that built the AI everyone wants can't build servers fast enough to run it.

Coatue's Leaked Projections Tell the Full Story

Leaked slides from Coatue Management, one of Anthropic's biggest backers, reveal what the smart money actually thinks. In a January 2026 presentation to prospective investors obtained by Newcomer, Coatue projected Anthropic would hit $18 billion in revenue for 2026, losing $14 billion in EBITDA along the way. Anthropic is already running ahead of those numbers.

The longer-term projections are staggering: $200 billion in revenue by 2031, $48 billion in EBITDA profit, and a valuation of $1.995 trillion by 2030, rising to $2.413 trillion by 2031. For context, that would make Anthropic roughly the size Apple is today.

Coatue put its money where its slides are. In February, it co-led Anthropic's $30 billion Series G at a $380 billion valuation.

The Race to Overtake OpenAI

Here's the number that should terrify Sam Altman: Epoch AI projects that at current growth rates, Anthropic will surpass OpenAI in annualized revenue by mid-2026. Anthropic is growing at roughly 10x per year. OpenAI is growing at 3.4x. The math is simple and brutal.

What's driving it? Coding tools, primarily. Anthropic's automated coding capabilities have become the product that enterprise customers can't live without. While OpenAI chases a "super app" strategy and prepares for its IPO, Anthropic found the use case that prints money: making developers faster.

The server crunch is actually a bullish signal disguised as a problem. Anthropic has more demand than it can serve. Google's $5 billion Texas data center deal with Anthropic suddenly looks less like a generous investment and more like barely adequate preparation.

With a potential $60 billion IPO on the horizon for Q4 2026, Anthropic is building the kind of revenue story that makes bankers salivate. The question isn't whether Anthropic is a serious company anymore. The question is whether anyone can keep up.