Anthropic’s $380 billion valuation tops 77 Indian IT firms combined, 3 years after first revenue

Anthropic, the AI company behind the trillion-dollar selloff in global technology stocks, earned its first revenue dollar just three years ago. Today, the AI disruptor is valued at $380 billion following its latest funding round, exceeding the combined market capitalisation of 77 constituents of the BSE IT index, which stood at $351 billion as of Thursday, based on a rupee-dollar exchange rate of 90.61.

Anthropic, which recently launched plug-ins for its Claude Code agent designed to automate tasks across legal, sales, marketing and data analysis functions, raised $30 billion in Series G funding led by GIC and Coatue, valuing it at $380 billion post-money. The company had earlier raised $20 billion and was valued at $350 billion, up from an estimated $183 billion last September and $61.5 billion in March 2025, Jefferies said in a recent note.

The AI company said it has been less than three years since it earned its first dollar in revenue. Its run-rate revenue now stands at $14 billion, having grown more than tenfold annually in each of the past three years.

In comparison, the 77 BSE IT companies recorded nearly $100 billion in revenues in FY25 and almost $15 billion in profits during the same period, according to data compiled from corporate database AceEquity. The comparison is based on the prevailing rupee-dollar exchange rate. Tata Consultancy Services generated revenue of Rs 2,55,324 crore in FY25, which translates to $28.17 billion at current exchange rates. Infosys reported sales of Rs 1,62,990 crore in FY25, equivalent to $17.98 billion in dollar terms.

On February 12, Anthropic said the fresh investment will fuel frontier research, product development and infrastructure expansion that have made it a market leader in enterprise AI and coding.

“Anthropic’s AI coding tool Claude Code was only publicly launched in May last year and reached $1 billion in annualised recurring revenue in November. With such performance, it is no wonder that estimates of Anthropic’s value are surging,” Jefferies said on January 29.

Anthropic said Claude Code represents a new era of agentic coding, fundamentally changing how teams build software. It said Claude Code’s run-rate revenue has grown to over $2.5 billion, more than doubling since the beginning of 2026. The number of weekly active Claude Code users has also doubled since January 1, it said.

A recent analysis estimated that 4 per cent of all GitHub public commits worldwide were authored by Claude Code, double the share from a month earlier, Anthropic said.

“Business subscriptions to Claude Code have quadrupled since the start of 2026, and enterprise use has grown to represent over half of all Claude Code revenue. The same capabilities that make Claude exceptional for coding are also unlocking other new categories of work: financial and data analysis, sales, cybersecurity, scientific discovery, and beyond,” the company said.

The real impact of the ‘Anthropic shock’ on the IT sector is yet to be ascertained, said VK Vijayakumar, Chief Investment Strategist, Geojit Investments, who believes a panic selling in IT stocks at this stage may not be a good idea. Investors may wait and watch for the dust to settle, he said. 

Earlier in the day, Infosys opened lower at Rs 1,298 and plunged 7.61 per cent further to hit a low of Rs 1,387.20 apiece. TCS dropped 6.28 per cent to hit a low of Rs 2,579. Wipro declined 4.45 per cent to Rs 209.15. HCL Technologies Ltd shed 4.32 per cent to Rs 1,412.40. Tech Mahindra also fell 2.41 per cent to Rs 1,499.35.  

Nirmal Bang Institutional Equities in a recent note on Indian IT firms said the management commentary has leaned heavily on AI-led deal momentum, yet the aggregate numbers tell a more restrained story.

"We believe this reflects two forces working simultaneously. The first is macro caution. US enterprises remain conservative on discretionary spending amid economic uncertainty, political noise and an unclear rate trajectory. Decision-making cycles are longer. Scope sizes are smaller. Clients are choosing containment over transformation. AI has not yet been enough to override that caution,” it said.