Anthropic Revenue Surpassing $11.5B Sparks Market Selloff
The market took a hit on news that Anthropic's preliminary second-quarter revenue topped $11.5 billion, according to Bloomberg.
Shares of Health Catalyst (HCAT), GitLab, Elastic, and Marqeta plummeted in response, with Health Catalyst experiencing an especially sharp decline of 25.2% since the beginning of the year.
The market's reaction suggests that investors believe Anthropic's tools are generating real dollars, not just demos, which could be a concern for software companies like Salesforce that have been under pressure to adapt to AI assistants.
Health Catalyst's volatility has been a concern for some time, with 53 moves greater than 5% over the last year. The company's shares are trading at $1.71 per share, which is 53.8% below its 52-week high of $3.69 from August 2025.