True tipping points in technology are rare. Over the past few decades, we’ve witnessed the rise of software, the internet, the cloud, and mobile, each wave reshaping how companies operate and how people live. The impact has been extraordinary but so too was the noise that surrounded them, as the technologies matured and the true winners emerged.

AI is different. Its potential to transform our lives is even more profound. As the past three years have shown, the pace and intensity of change have been almost relentless. Amid this whirlwind, Anthropic has stood out as a steady force. Their mission is simple yet powerful: to scale intelligence that is both trustworthy and safe. The team’s execution against that vision has been exceptional, and it’s why we’re proud to deepen our partnership with Anthropic in their Series F.

Singular Focus – Clarity in the Chaos

Amid the daily noise in the AI world – Anthropic’s vision has remained simple and clear from the beginning:

1. Scaling Intelligence: Anthropic’s team has been laser-focused on advancing frontier foundation models, driven by the conviction that core model performance, not “application scaffolding”, is the key to unlocking new capabilities. When the world seemingly panicked as DeepSeek launched their models in early 2025, Anthropic stayed disciplined pushing forward on the fundamentals of advancing intelligence.
2. Safety & Reliability: Anthropic’s obsessive focus on safety and reliability is more than good citizenship – it’s their ultimate competitive advantage. At some point we’ll see a “WannaCry moment” in AI, just as the 2017 ransomware attack forced enterprises to take cybersecurity seriously. When it comes, the world will demand the safety and alignment capabilities Anthropic has been building since day one.
3. Enterprise: Anthropic’s enterprise focus flows directly from its priorities on responsibly scaling intelligence so it is both powerful and reliable and safe. Nowhere else is trustworthy intelligence more valuable than in businesses and government institutions. For these stakeholders and institutions safety isn’t theoretical. It’s existential. We believe Anthropic’s mission-driven approach to safety makes them a natural and valuable partner in the enterprise market.

When Focus Meets Opportunity

When a clear strategy meets an opportunity of unprecedented scale, the result is adoption at a speed rarely seen in history. At the start of 2025, fresh off their Series E, Anthropic had already reached run-rate revenue of ~$1B, less than two years after publicly launching their first model. Today, the company has surpassed $5B, making Anthropic the fastest growing technology company ever.

This growth is a direct result of scaling intelligence. Each leap in model capabilities, unlocks new use-cases and opens trillion-dollar markets for innovation. We are now seeing this acceleration across healthcare, legal, financial services, biotech and drug discovery, and nearly every type of knowledge work.

Nowhere is this shift clearer than in software development. Over the past 18 months, Anthropic’s models have gone from simple code completion to more than seven hours of independent, autonomous coding. Claude’s agentic coding product, Claude Code, has grown from research preview to >$500M in run-rate revenue in just three months. Claude Code exemplifies the paradigm shift underway – while apps package existing capabilities, it is core model intelligence that creates new ones. The value is in the model.

Our Partnership: Backing the Future

For over two years, Lightspeed has backed Anthropic’s singular mission through three consecutive investments. We believe they represent the rare combination of incredible ambition, technical excellence, and unwavering commitment to beneficial outcomes.

Anthropic’s talent-dense team understands that intelligence matters more than features, depth more than breadth. Their technology aims to enhance our public institutions, supercharge economic activity across enterprises, and help individuals solve their most complex problems.

As frontier AI advances exponentially, Anthropic is positioned to become one of the most transformational companies of our generation. We’re proud to support them on this journey to scale intelligence for the benefit of all.

The content here should not be viewed as investment advice, nor does it constitute an offer to sell, or a solicitation of an offer to buy, any securities. Certain statements herein are the opinions and beliefs of Lightspeed; other market participants could take different views.