# Anthropic reported rapid revenue growth and enterprise adoption

Markdown copy of https://realalpha.app/s/anthropic-reported-rapid-revenue-growth-and-enterprise/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

- Speaker: [Dario Amodei](https://realalpha.app/builders/dario-amodei/) · Dario Amodei is CEO of Anthropic. · Co-founded Anthropic, the AI safety company behind Claude; earlier led OpenAI's GPT-2 and GPT-3 research.
- Host: [Dwarkesh Patel](https://realalpha.app/people/dwarkesh-patel/) · Host, Dwarkesh Podcast · Co-wrote The Scaling Era, an oral history of AI; named to TIME100 AI.
- Show: Dwarkesh Podcast
- Episode: [Dario Amodei — “We are near the end of the exponential”](https://realalpha.app/v/n1E9IZfvGMA/), Feb 13, 2026
- Moment: 20:23 to 27:38 of the episode (7 min), playing on https://realalpha.app/s/anthropic-reported-rapid-revenue-growth-and-enterprise/; the episode from there: https://realalpha.app/v/n1E9IZfvGMA/?t=1223

## Quote

> “there's this bizarre **10x per year growth** in revenue that we've seen”
> — [Dario Amodei](https://realalpha.app/builders/dario-amodei/) at [21:25](https://realalpha.app/v/n1E9IZfvGMA/?t=1285) · Dwarkesh Podcast

## Takeaways

1. Revenue rose roughly tenfold a year after reaching $100 million.
2. January added several billion to annualized revenue, he says.
3. Legal, security and rollout steps slow enterprise adoption.

## About this segment

Dario Amodei says Anthropic’s revenue rose from near zero to $100 million in 2023, $1 billion in 2024, and $9–10 billion in 2025. He says enterprise adoption is fast, but procurement and rollout still take time.

From “Dario Amodei — “We are near the end of the exponential””, Feb 13, 2026. [Watch the full episode](https://realalpha.app/v/n1E9IZfvGMA/)

## Transcript

Transcribed by machine (Whisper) from the episode’s audio, so a word may be off here and there.

[20:26](https://realalpha.app/v/n1E9IZfvGMA/?t=1226) simultaneously i simultaneously agree with you agree that it's a reason why these things don't happen instantly. But at the same time, I think the effect is going to be very fast. So like, I don't know, you can have these two poles, right? One is like, you know, AI is like, you know, it's not going to make progress. It's slow. Like it's going to take, you know, kind of forever to diffuse within the economy, right? Economic diffusion has become one of these buzzwords that's like a reason why we're not going to make AI progress or why AI progress doesn't matter.

[21:00](https://realalpha.app/v/n1E9IZfvGMA/?t=1260) And, you know, the other axis is like, we'll get recursive self-improvement. You know, the whole thing, you know, can't you just draw an exponential line on the curve? You know, we're going to have, you know, Dyson spheres around the sun in like, you know, so many nanoseconds after, you know, after we get recursive. I mean, I'm completely caricaturing the view here, but like, you know, there are these two extremes. But what we've seen from the beginning, you know, at least if you look within Anthropic, there's this bizarre 10x per year growth in revenue that we've seen right so you know in 2023 it was like zero to 100 million 2024 it was 100 million to a billion 2025 it was a billion to like nine or 10 billion and then you guys should have just bought like a billion dollars with your own products so you

[21:48](https://realalpha.app/v/n1E9IZfvGMA/?t=1308) could just like have a clean 10b and and the first month of this year like that that exponential is you would think it would slow down but it would like you know we we added another few billion to like, you know, we added another few billion to revenue in January. And so, you know, obviously that curve can't go on forever, right? You know, the GDP is only so large. I don't, you know, I would even guess that it bends somewhat this year, but like that is like a fast curve, right? That's like a really fast curve. And I would bet it stays pretty fast even as the scale goes to the entire economy. So like, I think we should be thinking about this middle world where things are like extremely fast, but not instant where they take time because of economic diffusion, because of the need to close the loop, because, you know, it's like this fiddly, oh man,

[22:42](https://realalpha.app/v/n1E9IZfvGMA/?t=1362) I have to do change management within my enterprise. You know, I have to like, you know, you know, I like, I set this up, but, but, you know, I have to change the security permissions on this in order to make it actually work. Or, you know, I had this like old piece of software that, you know, that like, you know, checks the model before it's compiled and like released and I have to rewrite it. And yes, the model can do that, but I have to tell the model to do that.

[23:06](https://realalpha.app/v/n1E9IZfvGMA/?t=1386) It has to take time to do that. And so I think everything we've seen so far is compatible with the idea that there's one fast exponential that's the capability of the model. And then there's another fast exponential that's downstream of that, which is the diffusion of the model into the economy. Not instant, not slow, much faster than any previous technology, but it has its limits. And this is what we, you know, when I look inside Anthropic, when I look at our customers, fast adoption, but not infinitely fast. Can I try a hot take on you? Yeah. I feel like diffusion is cope that people use to say when it's like, if the model isn't able to do something, they're like, oh, but it's like a diffusion issue. But then you should use the comparison to humans.

[23:56](https://realalpha.app/v/n1E9IZfvGMA/?t=1436) You would think that the inherent advantages that AIs have would make diffusion a much easier problem for new AIs getting onboarded than new humans getting onboarded. So an AI can read your entire Slack and your drive in minutes. They can share all the knowledge that the other copies of the same instance have. You don't have this adverse selection problem when you're hiring AIs who can just hire copies of a vetted AI model.

[24:17](https://realalpha.app/v/n1E9IZfvGMA/?t=1457) Hiring a human is like so much more hassle and people hire humans all the time, right? We pay humans upwards of $50 trillion in wages because they're useful, even though it's like, in principle, it would be much easier to integrate AIs into the economy than it is to hire humans. I think like the diffusion, I feel like, doesn't really explain. I think diffusion is very real and doesn't have to, you know, doesn't exclusively have to do with limitations limitations on the AI models. Like, again, there are people who use diffusion to, you know, as kind of a buzzword to say this isn't a big deal. I'm not talking about that. I'm not talking about, you know, AI will diffuse at the speed that previous. I think AI will diffuse much faster than previous technologies have, but not infinitely fast. So I'll just give an example of this,

[25:05](https://realalpha.app/v/n1E9IZfvGMA/?t=1505) right? Like there's like cloud code. Like cloud code is extremely easy to set up. You know, if you're a developer, you can kind of just start using cloud code. There is no reason why a developer at a large enterprise should not be adopting cloud code as quickly as, you know, individual developer or developer at a startup. And we do everything we can to promote it, right? We sell cloud code to enterprises and big enterprises like, you know, big financial companies, big pharmaceutical companies, all of them, they're adopting cloud code much faster than enterprises typically adopt new technology, right?

[25:44](https://realalpha.app/v/n1E9IZfvGMA/?t=1544) But again, it takes time. Like any given feature or any given product, like Cloud Code or like Cowork, will get adopted by the individual developers who are on Twitter all the time, by the like Series A startups, many months faster than they will get adopted by like, you know, a like large enterprise that does food sales. There are a number of factors like you have to go through legal. You have to provision it for everyone.

[26:16](https://realalpha.app/v/n1E9IZfvGMA/?t=1576) It has to, you know, like it has to pass security and compliance. The leaders of the company who are further away from the AI revolution, you know, are forward looking, but they have to say, oh, it makes sense for us to spend 50 million. This is what this Claude Code thing is. This is why it helps our company. This is why it makes us more productive. And then they have to explain to the people two levels below and they have to say, okay, we have 3000 developers.

[26:42](https://realalpha.app/v/n1E9IZfvGMA/?t=1602) Like here's how we're going to roll it out to our developers. And we have conversations like this every day. Like, you know, we are doing everything we can to make Anthropics revenue grow 20 or 30 X a year instead of 10 X a year. You know, and, and, and again, you know, many enterprises are just saying, this is so productive. like, you know, we're going to take shortcuts on our usual procurement process, right?

[27:04](https://realalpha.app/v/n1E9IZfvGMA/?t=1624) They're moving much faster than, you know, when we tried to sell them just the ordinary API, which many of them use, but quad code is a more compelling product. But it's not an infinitely compelling product. And I don't think even AGI or powerful AI or country of geniuses in the data center will be an infinitely compelling product. It will be a compelling product enough maybe to get three or five or 10 X a year growth, even when you're in the hundreds of billions of dollars, which is extremely hard to do and has never been done in history before, but not infinitely fast.

[27:34](https://realalpha.app/v/n1E9IZfvGMA/?t=1654) I buy that it would be a slight slowdown. And maybe this is not your claim,