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Written by Claude, edited by humans
“Software engineers are the ones who are fastest to adopt new technology,” Dario Amodei said at Anthropic’s Code With Claude developer conference earlier this month. “It’s a foreshadowing of how things are going to work across the economy.”
That foreshadowing is already playing out. Companies still experimenting with AI when we met them last year are now building and standardizing around the Claude ecosystem. That shift is showing up in numbers: Anthropic's run-rate revenue crossed $47B earlier this month, with adoption continuing to grow across global enterprise customers.
That is the arc we have been watching closely across the ICONIQ community. And it is why we are honored to co-lead Anthropic’s Series H for the third consecutive round alongside a company we believe is defining the era of AI.
From Models to a Platform
When we first partnered with Anthropic in their Series F, we believed they were building the world's best frontier AI models. That thesis has only grown stronger and they’ve built something far bigger than we originally imagined on top of it.
Claude has evolved from a model family into a full platform, with leading frontier models now powering products and applications at every layer.
Claude for Healthcare. Claude Agents for Financial Services. Claude Design. Claude Security. These are purpose-built products for markets that barely existed a year ago. The companies we talk to are no longer just evaluating AI vendors. They’re choosing long-term platforms to build on for years to come. Increasingly, they’re choosing Claude.
Claude Code and the Agentic Shift
Claude Code has become a clear sign in enterprise AI that agentic capability can deliver measurable ROI at scale. We've seen it clearly across some companies in the ICONIQ portfolio: Ramp implemented over a million lines of AI-suggested code in 30 days and cut incident investigation time by 80%. Stripe deployed Claude Code to 1,370 engineers, migrating 10,000 lines of Scala to Java in four days, a project estimated at ten engineering weeks without AI. Notion teams kick off 30-plus concurrent agent tasks from a single task board, with Claude handling coding, artifact creation, and client deliverables.
Anthropic has done the same internally. Mike Krieger, who co-leads the Labs team, said it at the Cisco AI Summit: "Claude is now writing Claude." Anthropic’s pace of iteration reflects the advantage of building with its own products. Since the Series G, the company has shipped dozens of product and feature releases — including Claude Sonnet 4.6, Claude Opus 4.7, Opus 4.8, Claude Mythos Preview, Claude Agents for Financial Services, Claude for Small Businesses, and Claude for Creative Work — extending Claude across models, enterprise tooling, and vertical applications.
With Cowork extending that same agentic ambition into knowledge work, the scope of what Anthropic can do for a business keeps growing. We believe the domains where Claude is just getting started: healthcare, life sciences, financial services, cybersecurity, and more, represent an enormous opportunity still ahead.
The Compounding Factor: The Team
What has changed across three rounds is the breadth of Anthropic's impact — in coding, enterprise workflows, and mission-critical domains just beginning to understand what Claude can do for them. What hasn't changed is our confidence in the team.
Dario and Daniela lead with the same clarity and mission-orientation we first saw in 2023. The culture they've built has attracted talent at a density that we haven't seen before. Dario has said he spends nearly 40% of his time on company culture, because at 3,000+ people it's the only thing that truly scales. Daniela put it plainly when expanding Labs earlier this year: "The speed of advancement in AI demands a different approach to how we build, how we organize, and where we focus." We believe the decisions they make on research priorities, product sequencing, and compute strategy all reflect a long-term orientation that is increasingly rare in today's fast-moving world.
The opportunities ahead, and the responsibility that comes with them, are significant. We’re grateful to deepen this partnership for the third time, and excited to continue learning alongside Dario, Daniela, and the broader Anthropic team.
Published:
May 28, 2026
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