The cytokine erythropoietin (EPO) is a potent inducer of erythrocyte development and one of the most prescribed biopharmaceuticals. The action of EPO on erythroid progenitor cells is well established, but its action on hematopoietic stem cells (HSCs) is still debated. Here, using cellular barcoding, we traced the differentiation of hundreds of single HSCs, after in vitro EPO exposure and transplantation, in five different hematopoietic cell lineages, and observed the occurrence of high-output Myeloid-Erythroid-megaKaryocyte (MEK)-biased and Myeloid-B-cell-Dendritic cell (MBDC)-biased clones. ScRNAseq analysis of in vitro EPO-exposed HSCs revealed upregulation of erythroid associated genes in a subset of HSCs. Collectively, as well as demonstrating a direct effect of EPO on HSCs, our results suggest an EPO-mediated induction of MEK-bias in multi-outcome HSCs, and that this change in output is functionally compensated by MBDC-biased HSCs.