Temasek and GIC Could See Over 100% Returns on Anthropic Investment

Singapore's sovereign wealth funds Temasek and GIC are sitting on potential returns exceeding 100% on their investments in Anthropic, the company behind the Claude AI assistant, according to analysis by Vulcan Post. The funds have invested aggressively across multiple funding rounds as Anthropic's valuation surged from US83 billion in September 2025 to an estimated US65 billion in its latest Series H round in May 2026.

Anthropic has distinguished itself from competitors like OpenAI by focusing primarily on enterprise customers. Roughly 85% of its revenue comes from business clients, compared to OpenAI's heavy reliance on individual consumer subscriptions. This enterprise-first approach has translated into an annualized run rate of approximately US0 billion as of mid-2026, roughly double OpenAI's estimated US5 billion despite having a fraction of the user base.

The key catalyst driving Anthropic's growth has been Claude Code, an agentic coding tool that allows developers to work with AI directly in the terminal. The product has proven highly sticky among enterprise engineering teams, creating significant switching costs once integrated into existing workflows. Neither OpenAI nor Google has yet produced a direct competitor matching Claude Code's capabilities.

Why it matters for Singapore: The potential returns for Temasek and GIC underscore how Singapore's sovereign wealth vehicles are positioning themselves at the center of the global AI boom. Their early conviction in Anthropic's enterprise thesis, informed partly by direct visibility into which AI tools their portfolio companies were adopting, demonstrates how the city-state's investment ecosystem benefits from its deep corporate network. Anthropic is expected to pursue an IPO as early as this year.