Anthropic vs CoreWeave: Which AI Stock Has More Potential?

CoreWeave appears to offer greater investment potential than Anthropic because its valuation is materially lower despite rapid growth and structural competitive advantages.

• Anthropic’s annualized revenue run rate rose from $9 billion at the end of 2025 to $47 billion in May 2026 and more than $65 billion in July 2026; continued growth at a similar pace could take it to $100 billion–$120 billion by year-end.
• CoreWeave’s revenue increased from $229 million in 2023 to $1.91 billion in 2024 and $5.1 billion in 2025, while 2026 guidance of $12.4 billion–$13.2 billion implies roughly 150% growth at the midpoint.
• Anthropic’s moat rests on enterprise trust in regulated industries, developer adoption through Claude and Claude Code, and distribution partnerships with Amazon AWS and Google Cloud, but it faces commoditization and competition from major technology companies and other AI labs.
• CoreWeave’s advantages include data centers designed for AI workloads, high-volume access to Nvidia GPUs, and an approximately $104 billion backlog as of June 30, 2026, equivalent to about 20 times its 2025 revenue.
• Anthropic could enter public markets at an expected $2 trillion valuation, implying a price-to-sales ratio of about 31 based on its $65 billion annualized revenue; CoreWeave’s $45 billion market capitalization and midpoint 2026 guidance imply a ratio of approximately six.
• The average analyst price target for CoreWeave is $144, around 75% above its current stock price, although CoreWeave remains exposed to competition, power procurement constraints, delivery speed and margin pressure.

Takeaway: Both companies combine strong growth with competitive moats, but the article favors CoreWeave because its substantially lower valuation offers more potential, while acknowledging that its infrastructure execution and competitive position remain key risks.