Anthropic, PBC is a frontier artificial intelligence safety and research company that develops state-of-the-art foundational large language and multimodal models. The company's flagship product portfolio centers on the Claude family of models (including the Haiku, Sonnet, and Opus series), which are designed to perform complex reasoning, coding, document synthesis, and autonomous agent workflows. Anthropic operates primarily through two commercial monetization channels: usage-based consumption and recurring software subscriptions. Its consumption model generates revenue from per-token API usage across developers, startups, and large enterprises accessing Claude directly or via major cloud marketplace distribution partners, including Amazon Web Services (Bedrock), Google Cloud (Vertex AI), and Microsoft Azure. Its subscription business comprises individual plans (Claude Pro, Claude Max), enterprise seat licenses (Claude Team, Claude Enterprise), and developer workflow products such as Claude Code. Enterprise and business customers account for approximately 80% of revenue. The company operates globally with corporate headquarters in San Francisco, California, supported by major compute and distribution infrastructure alliances with Amazon and Google. Anthropic is organized as a Delaware public benefit corporation with a governance architecture that includes a Long-Term Benefit Trust to oversee the responsible development and alignment of advanced artificial intelligence.
Market capitalization, or "market cap", is the aggregate market value of a company represented in a dollar amount. Since it represents the “market” value of a company, it is computed based on the current market price (CMP) of its shares and the total number of outstanding shares.
Enterprise value (EV) measures a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt and any cash or cash equivalents on the company's balance sheet.
The enterprise value-to-revenue multiple (EV/R) is a measure of the value of a stock that compares a company's enterprise value to its revenue. EV/R is one of several fundamental indicators that investors use to determine whether a stock is priced fairly. The EV/R multiple is also often used to determine a company's valuation in the case of a potential acquisition. It's also called the enterprise value-to-sales multiple.
The enterprise value to earnings before interest, taxes, depreciation, and amortization ratio (EV/EBITDA) compares the value of a company—debt included—to the company's cash earnings less non-cash expenses. It's best to use the EV/EBITDA metric when comparing companies within the same industry or sector. Typically, when evaluating a company, an EV/EBITDA value below 10 is seen as healthy.
It follows the same logic as the EV/EBITDA indicator, but instead of EBITDA, EBIT is used, which considers non-cash D&A expenses in the company's operating result.
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