Anthropic says its Claude business had more than 11,900 customers with at least $100,000 in trailing 12-month revenue as of Sept. 30, a jump that puts enterprise adoption at the center of its proposed initial public offering.
The count compares with more than 950 customers as of Sept. 30, 2025. In the quarter ended Sept. 30, more than half of customers above that revenue threshold used both the Claude Platform and at least one Anthropic application; the share was about 30% in the quarter ended Dec. 31, 2025. More than half of Fortune 500 companies and more than 30% of Global 2000 companies were among the high-revenue customers.
Anthropic put net revenue retention at about 900% as of Sept. 30. Its calculation compares eligible customers’ revenue in the three months through that date with revenue from the same customers in the corresponding three-month period a year earlier; Claude Pro and Max subscribers are excluded. The metric tracks revenue change for a group, not the share of customers who stayed. Anthropic says its operating metrics rely on internal data and have not been independently verified by third parties.
Revenue for the six months ended June 30, 2026, was $16.286 billion, up 1,300% from the same period a year earlier. Consumption-based revenue made up $13.1 billion, or 80%, while subscriptions contributed $3.2 billion, or 20%. Compute and infrastructure expenses totaled $8.945 billion, equal to 55% of revenue.
Anthropic recorded a $693 million operating loss in the first half, despite $974 million in operating income in the second quarter. Its $80.748 billion net loss for the six-month period included $72.388 billion in fair-value changes to convertible notes, derivative liabilities and SAFEs.
Noah Smith wrote in a Nov. 2 essay that Claude’s product appeal could become a competitive barrier for Anthropic. The filing names OpenAI and Google as direct rivals and says some competitors have greater financial, technical and marketing resources and larger customer bases. The adoption figures document growth, but do not show how readily customers could switch providers or whether use will persist as competitors improve.
Anthropic filed its Form S-1 on Oct. 26 and said it intends to list on the Nasdaq Global Select Market under the symbol ANT. The share count and price range remain undetermined, and the registration statement has not become effective. Reuters reported that some investors saw a potential $1.5 trillion valuation and that Anthropic could begin marketing shares the week of Nov. 9, with a mid-November listing target; the filing gives no timetable.
