Our Partnership with Anthropic: Enterprise Intelligence has Liftoff

Is this the last blog we write entirely by hand?

As we draft this post, we’re burning through Opus tokens, building Claude Skills to web-fetch earnings transcripts, and getting a series of Claude Code agents to run data analysis scripts for hours in the background.

At Coatue, we have the privilege of experiencing technology shifts earlier than most. With 35 data scientists and engineers, we are still early in unlocking Claude’s full potential, yet it is already reshaping how we operate – and how many other organizations do as well.

In the weeks since Opus 4.6 released, Anthropic’s internal teams built a 100,000-line C compiler capable of compiling the Linux kernel in two weeks for roughly $20,000 in API costs. This work historically would’ve required a distributed systems team 1-2 years and seven figures to complete.

Anthropic’s focus on building one of the world’s leading coding models was key for two reasons:

1. It helped close the loop on software development, creating a self-reinforcing flywheel that accelerates the development of next-generation models.

2. It established a beachhead for broader analytical tasks in the enterprise. After all, Everything Is Code.

The chart below illustrates how Anthropic is compressing development cycles by releasing increasingly capable Claude models in weeks, not years. The curve is steepening.

We track enormous amounts of data at Coatue. One fun chart we like to update is Claude Code activity on public GitHub repos. Below shows the percentage of Claude commits over time, with a sharp inflection following the launch of Sonnet 4.5. Progress was always steady, but Fall 2025 marked a clear acceleration.

We also track repository metadata to measure how Claude is expanding into enterprise workflows beyond “pure coding.” That shift is now translating into real-world use cases with the latest model advances. For example, AIG uses Claude to automate underwriting, and Crowdstrike uses Claude for vulnerability detection. At Coatue, we use Claude for everything from compiling research reports to generating long ideas.

We’re moving from a world of human hours —> model hours and human inputs —> tokens. And Anthropic has built the token factory, resulting in incredible topline growth in a compressed timeframe:

• Less than 2 years to get to their first ~$1B in run-rate revenue.

• Another 12 months to reach >$9B in RR.

• 300,000+ customers across AI-native companies and scaled enterprises.

In the SaaS era, the hyperscalers were THE benchmark for platform growth. When they reached ~$9B of run-rate revenue, they grew 60% year-over-year on average. Anthropic grew >10x faster in one-third of the time.

Anthropic is an intentional organization. The team’s focus on code wasn’t an accident. Claude is accelerating its own development, helping build the next Claude, optimize its own infrastructure stack, and release new products like Claude Cowork in days. The coordination across research, engineering, and product is translating into sustained compounding velocity.

At Coatue, we focus on big ideas – our belief is that in technology, a select few companies produce the disproportionate share of outcomes. Each decade and architectural shift produces a handful of companies that have the potential to reach trillion-dollar market caps. We believe Anthropic is one of them.

We’ve worked closely with Anthropic for the past two years and are confident in the team’s ability to continue compounding its lead in building reliable, scalable enterprise intelligence. We’re proud to double down and co-lead this round.

Disclosures

The information in this post is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities, or an offer to buy or a solicitation to sell an interest in any Coatue product or fund.

Coatue Management, L.L.C. (“Coatue”) manages multiple investment vehicles and strategies and may hold positions in companies discussed in this post, including Anthropic. This creates a conflict of interest, as Coatue may benefit from the performance of such companies or increased public interest in them.

This post contains forward‑looking statements and views regarding artificial intelligence and its potential impacts. Such statements are based on current expectations and assumptions and are subject to risks, uncertainties, and change. Given that AI is an emerging technology, assessments of its future trajectory are inherently uncertain and may be based on incomplete information or subjective judgment.

Views expressed reflect the opinions of the authors as of the date of publication and should not be relied upon in making an investment decision. The publication of this post does not create a fiduciary relationship between Coatue and any reader.

There is no guarantee that any securities discussed have been or will be profitable, or that any investment strategy or product managed by Coatue will achieve its objectives. Past performance is not indicative of future results.

Information and data, including from third‑party sources, are believed to be reliable but have not necessarily been independently verified. Accuracy and completeness are not guaranteed, and actual results may differ materially from those expressed or implied.