Anthropic Hits $30B as Google–Broadcom Deal Powers AI Boom and Bubble Debate

Anthropic’s revenue has climbed sharply this year, and its latest deals are adding to the momentum. At the same time, the scale of this growth is starting to raise questions. Is this growth really backed by steady demand, or is the industry moving too fast? The new partnerships with Google and Broadcom show how quickly things are shifting. But they also hint at how much is being spent behind the scenes.

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Google & Broadcom Deals Expand Anthropic’s Multi-Gigawatt AI Infrastructure

Anthropic’s $30 billion revenue run-rate marks a notable jump from about $9 billion at the end of 2025. This growth has come faster than expected. The company crossed about $14 billion earlier this year before climbing further to $19 billion and then $30 billion within weeks.

This puts Anthropic ahead of OpenAI. This is estimated to be running at around $25 billion. The scale becomes clearer when compared to public software firms. Companies like Datadog, Cloudflare, Snowflake, MongoDB, and HubSpot together generate just over $15 billion in annual revenue. This is still well below Anthropic’s current run rate.

The growth is being matched by infrastructure. The Google-Broadcom deal gives Anthropic access to around 3.5 gigawatts of compute powered by Google TPU systems. This allows for more capacity to be planned. Broadcom is also set to build future versions of Google’s AI chips. Krishna Rao, CFO of Anthropic, said,

“This groundbreaking partnership with Google and Broadcom is a continuation of our disciplined approach to scaling infrastructure: we are building the capacity necessary to serve the exponential growth we have seen in our customer base while also enabling Claude to define the frontier of AI development.”

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This level of Anthropic TPU capacity points to how quickly AI infrastructure demand is rising. Broadcom CEO Hock Tan has said demand linked to Anthropic alone could exceed 3 gigawatts by 2027. Analysts at Mizuho estimate the Broadcom and Anthropic deal could generate $21 billion in 2026 and as much as $42 billion in 2027.

Anthropic is also spreading its workloads across Amazon Web Services, Google Cloud, and Microsoft Azure, along with chips from Nvidia and AMD. Securing compute has become a core part of the business.

Fast Growth Draws Attention

The latest data is starting to add to AI bubble concerns. Market concentration in AI stocks has reached around 41% of the S&P 500. This matches levels seen during past peaks, such as the dot-com era and early 2000s tech cycle. This data was brought to light by Bank of America Global Research.

This level of concentration has historically appeared near market tops. This is when capital becomes focused on a narrow set of high-growth sectors. At the same time, the AI spending boom continues, and more firms pour in billions to build.

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