The numbers
Anthropic filed its S-1 with the SEC on Monday. Revenue in the first half of 2026 reached $16.3 billion, against $1.2 billion in the same period last year. As of September 30 the company had more than 11,900 customers spending at least $100,000 a year, over 1,900 above $1 million and about 250 above $10 million. Net revenue retention was around 900%, which Anthropic explains by customers rolling Claude out across whole organizations.
How it keeps customers
The pattern is land and expand. A company starts with the API, then adds Claude Code for engineers and Cowork for everyone else. More than half of the $100,000 customers now use both the Claude Platform and a first-party app, up from roughly 30% at the end of last year. The top 5% of Claude Enterprise customers using Claude Code spend about 20 times more per month than those who do not. An applied AI team helps customers fit Claude into their systems, and a venture with Blackstone and other investors places forward-deployed engineers.
Sales through the clouds
Anthropic also sells through AWS, Google Cloud and Azure. It keeps the direct contract with the customer and pays the cloud provider a fee.
Risks the filing names
The cloud partners increasingly see Anthropic as a competitor and may put their own needs or the rivals they back first when compute is scarce. The company also depends on a small number of large customers, so a sharp drop in their spending would hurt.