Anthropic IPO filing shows big customers buying more of its products, TechCrunch reports
More than half of Anthropic's customers spending at least $100,000 a year now use more than one of its products, according to TechCrunch's reading of the company's S-1.
Anthropic has filed to go public, and its filing shows large business customers increasingly using more than one of its products, according to TechCrunch. The report rests on the S-1 that Anthropic filed with the Securities and Exchange Commission on Monday.
More than half of customers spending at least $100,000 a year now use both the Claude platform and a first-party app such as Claude Code or Cowork, TechCrunch reported. At the end of last year that figure was about 30%.
As of September 30, the filing counts more than 11,900 customers spending at least $100,000 a year, more than 1,900 spending over $1 million, and about 250 spending $10 million or more. TechCrunch reported net revenue retention of about 900% at the end of the third quarter. It also reported revenue of $16.3 billion for the first half of 2026, up from $1.2 billion in the same period last year.
The numbers matter because they show how Anthropic hopes to grow inside the accounts it already has. TechCrunch compared the approach to Amazon and Uber, which expanded from one service into many. A business that starts with Anthropic's API can later roll out Claude Code to engineers and Cowork to other staff. According to the filing, in the third quarter the top-spending 5% of Claude Enterprise customers who used Claude Code spent about 20 times as much per month as the average enterprise user who did not use the coding tool.
The filing describes the models, the developer platform and the apps as connected layers:
“"An advance at any layer compounds across all three layers, accelerating the pace at which we can deliver more capable intelligence."”Anthropic S-1 filing
TechCrunch reported that Anthropic also sells through AWS, Google Cloud and Microsoft Azure. Anthropic keeps the direct contract with the customer and pays each cloud provider a fee.
The filing also lists risks. According to TechCrunch, Anthropic says those cloud partners increasingly see it as a competitor, which could make it harder to get the computing capacity it needs. The filing says Amazon, Google and Microsoft may put their own needs first, or favor rivals they have invested in. It also warns that "a significant reduction in spending by, or the loss of, one or more of our largest customers" could hurt its business if other customers do not make up the difference.
Some things are still unknown. Anthropic did not immediately respond to TechCrunch's request for comment. The report does not say when shares might start trading, how many shares would be offered or at what price. This story relies on a single report and has not been independently confirmed.
