HSBC: Anthropic May Contribute $43 Billion in Annual Revenue to Microsoft by 2030

HSBC analyst Stephen Bersey pointed out in the latest report that Microsoft's cooperation with artificial intelligence start-up Anthropic is expected to bring Microsoft an additional annual revenue of up to $43 billion by 2030.

Bersey has set a target price of $571 for Microsoft and maintains a buy rating. Currently, Microsoft's income from Anthropic is still at a relatively low level, but the latter's rapid growth will become the key source of Microsoft's future revenue growth.

HSBC estimates that Anthropic's annual revenue will increase from less than $5 billion in 2025 to about $241 billion in 2030. In Microsoft's current remaining performance obligations, Anthropic accounts for about 5%, while OpenAI accounts for about 46%. Based on the assumption that Anthropic's computing demand expenditure in 2030 will account for 60% of its total revenue, cloud infrastructure providers will face an annual market space of $144 billion at that time.

If Microsoft Azure cloud services can take 30% of the market as expected by 2030, it can achieve an annual revenue of $43 billion. This commercial return is based on the earlier capital layout, under the leadership of CEO Satya Nadella, Microsoft and Nvidia jointly invested $5 billion in Anthropic in November 2025. Anthropic pledged to invest $30 billion in Microsoft Azure cloud services and plans to add up to 10 GW of additional computing power.