Anthropic buzz eroded m-cap of IT biggies in lakhs of crores; AI firm became bigger than TCS, Infosys, HCLTech, Wipro, TechM combined

Growing investor interest in artificial intelligence (AI) companies has coincided with relatively subdued performance in Indian IT stocks, with Anthropic's recent funding round highlighting the stark contrast in valuations.

In February 2026, Anthropic secured a $30 billion Series G funding round, pushing its valuation to a staggering $380 billion. This figure eclipses the combined market capitalisation (m-cap) of India's top listed IT services companies. Tata Consultancy Services Ltd (TCS), Infosys Ltd, HCL Technologies Ltd, Wipro Ltd and Tech Mahindra Ltd together command a market value of roughly $241 billion (Rs 21.94 lakh crore) in Wednesday's trade.

At last check, TCS had a m-cap of Rs 9.51 lakh crore, while Infosys stood at Rs 5.23 lakh crore. HCLTech's m-cap was Rs 3.74 lakh crore. Wipro and Tech Mahindra were valued at Rs 2.12 lakh crore and Rs 1.33 lakh crore, respectively.

Anthropic positions itself as an AI safety and research company focused on building reliable, interpretable, and steerable AI systems. A key differentiator has been its strong emphasis on coding-focused models, with Claude Code gaining significant traction among developers and helping the company carve out an edge in the fast-growing enterprise AI market.

Kranthi Bathini, Equity Strategist at WealthMills Securities, said, "Market momentum and valuations are currently favouring AI-centric companies, and Anthropic has that advantage at this point. It follows a new-age business model, and with AI expected to drive the future, valuations remain on the higher side. Positive global sentiment around such companies is supporting elevated valuations for Anthropic, despite it being just a five-year-old firm."

Meanwhile, Infosys' recent collaboration with Anthropic has been viewed as a constructive signal for the IT sector. Vinod Nair, Head of Research at Geojit, said, "This development is encouraging, as it suggests that next-generation AI applications are unlikely to disrupt Indian IT companies' business models to the extent initially feared. Instead, these solutions are expected to be incorporated into both existing and new projects, which should help ease concerns around long-term business sustainability."

He added, "That said, some uncertainties persist. While the sector's outlook for FY27-28 appears muted compared with the strong performance of the past 2–3 years, this is getting reflected in current subdued valuations. At the same time, the environment is offering opportunities for long-term investors to re-enter the space, as more clarity is likely to emerge over the short to medium term."