Our Continued Partnership with Anthropic

It's rare to write about the same company twice in just shy of three months. But Anthropic is one of those generational companies that forces us to always re-underwrite what a truly compounding business looks like. As Boris, a Coatue alum and founder of Claude Code, likes to describe, he thinks in months. So what’s changed since three months ago (the last round was only three months ago, believe it or not)?

Three things:

1. We’ve seen the shift from co-pilots that help make us more efficient to agents actually doing long-form work tasks on our behalf. This has meant an explosion in both productivity and ROI for customers.

2. Anthropic introduced Mythos Preview, a whole new model class that demonstrates a step change in intelligence level as seen in the METR chart below. It not only shows dramatic improvement to coding and long-running agents, it is also defining a new frontier for security.

3. And finally —> use cases spreading from coding to “everything else.”

We’re seeing in our data science tracking that Claude Code is still in its early innings. Boris mentioned, “on the spectrum of what comes next — lower bound, productivity keeps compounding (within Anthropic, productivity is increasing by hundreds of percentage points per engineer, and accelerating). Upper bound, software itself disappears — the model just writes whatever software you need, on demand.”

Beyond coding, Claude is showing up in every workflow an enterprise touches — financial analysis, design, slide generation — and introducing entirely new product surfaces in legal, security, and life sciences. In aggregate, Anthropic launched dozens of new product features in the past quarter.

In our last post, we wrote about Anthropic’s topline growth generated in a compressed timeframe. A quarter later, the curve has steepened:

• Crossed $1B in run-rate revenue in Jan 2025, less than 2 years after earning their first dollar of revenue

• Crossed $14B in RRR roughly 1 year later in Feb 2026

• Crossed $47B RRR roughly 3 months later in May 2026

To put this into perspective, Anthropic’s trajectory has surpassed revenue of public software incumbents…

… and a single quarter of net adds now exceeds the combined net adds of the public SaaS universe.

This velocity is a testament to the harmony Anthropic has built across research, engineering, and product — all while staying true to their original vision — every enterprise workflow ultimately reduces to code. Claude itself is now accelerating that flywheel, helping build the next generation of models, optimizing infrastructure across heterogeneous compute, and compounding operational leverage as the company scales.

We're proud to say we're tripling down — and co-leading this round.