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Anthropic, an artificial intelligence startup, is anticipated to achieve an annualized revenue surpassing $850 million by the conclusion of 2024. Initially projecting a revenue rate of $100 million three months ago, the company had aimed for a $500 million target by 2024’s end. Anthropic, supported by and Alphabet’s Google, is among the cohort developing generative AI systems capable of generating human-like responses and content.

Founded by former executives from Microsoft-backed competitor OpenAI, Dario and Daniela Amodei, Anthropic’s Claude AI models compete with OpenAI’s GPT series. The Information’s sources suggest insiders anticipate the company hitting $1 billion in annualized revenue next year, translating to roughly $83 million in monthly revenue.

Moreover, Anthropic is actively discussing a funding round aiming to secure $750 million, led by Menlo Ventures, as revealed by a source familiar with the situation to Reuters last week. Google and Amazon have recently committed potential investments of up to $2 billion and $4 billion, respectively, underscoring growing interest and confidence in Anthropic’s AI endeavors.