Anthropic’s Silicon Valley Past
The next round of reshuffling in Silicon Valley may well begin right here.
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After reading the prospectus, I finally understand why Anthropic no longer cares about its users.
The big one has finally arrived. On October 26, Anthropic publicly filed its S‑1 registration statement with the U.S. Securities and Exchange Commission, preparing to list on the Nasdaq Global Select Market under the ticker symbol ANT. Media reports suggest the company’s valuation is being discussed in a range of $1.5 trillion to $2 trillion, though the proposed offering price range remains undisclosed. Within 24 hours, this more than 300-page prospectus had already been scrutinized inside and outside the tech and finance communities, with everyone focusing on the most eye‑catching figures: revenue of $16.286 billion in the first half of 2026, compared to just $1.163 billion in the same period last year; operating profit of $974 million in the second quarter, marking the company’s first-ever quarterly operating profit; and a net loss of $80.7 billion, largely driven by $72.388 billion in changes to the fair value of convertible bonds, derivative liabilities, and SAFE notes—non‑cash accounting expenses. Yet beyond these Wall Street narratives, domestic developers and everyday users experience something quite different. In the eyes of mainland Chinese users, Claude is arguably the AI product currently facing the most account bans, the strictest risk controls, and the most frustrating user experience. Why does a company that has built a state‑of‑the‑art large model consistently appear so indifferent when dealing with ordinary individual users? After poring over the financial footnotes and risk disclosures in the prospectus, the answer is actually right there in the numbers. In Anthropic’s business landscape, personal users contribute only a very small share of its revenue. 01 Less Than 20% from Individual Users To understand who a company truly prioritizes, the simplest approach is to examine its revenue breakdown. In Note 2 of the financial statements attached to the prospectus, Anthropic splits its revenue into two main categories: usage‑based revenue and subscription revenue. The contrast is stark: for the full year 2025, usage‑based revenue totaled $3.796 billion, while subscription revenue was just $789 million—roughly an 83% to 17% split. By the first half of 2026, usage‑based revenue surged to $13.064 billion, with subscription revenue at $3.222 billion, still leaving usage‑based revenue accounting for about 80% and subscriptions making up roughly 20%. Even more telling details lie hidden within the composition of subscription revenue. Of that 20%, there are both individual users’ Cl
Anthropic still has to keep “charging ahead”
The prospectus shows that in the first half of 2026, the company generated revenue of US$16.286 billion, roughly 14 times that of the same period last year, while its operating loss narrowed from US$2.135 billion to US$693 million.
In the era of large models, who will become that “iPhone” no one is willing to replace?
The champion on the AI rankings may change, but the products users rely on every day don’t necessarily. The next round of competition in large models will hinge not just on whose model is stronger, but on turning a single use into a habit.
[AINews] Anthropic files for $2T IPO in 2 weeks: 1400% growth rate, 48% of revenue through cloud partners, 85% margin, $1B op profit in Q2, $134B cash in bank and $10B lifetime burn
The S-1, the numbers, and the reactions.
Expanding our partnership with GSA to bring Claude to all levels of government
We are expanding our partnership with the General Services Administration (GSA) through a new agreement that gives government partners a 40% discount on Claude Enterprise, Claude for Government, and the Claude API.
Early progress on accelerating drug development with Claude
We're at the start of a major effort to speed up drug development with Claude. Over the past several months, our scientists have engaged in deep research partnerships with six organizations developing new medicines.
Inside dbt Wizard, the AI agent built to show its work
dbt Wizard's designer and engineering lead show how the agent validates its own work before code ever reaches production.
Anthropic’s IPO filing reveals its strategy for keeping enterprise customers hooked
Anthropic’s S-1 shows more than half of its $100,000-plus customers now use both the Claude Platform and a first-party app, a cross-selling playbook reminiscent of Amazon that’s making enterprise customers stickier.
Nace AI Releases Drex for Search for AI Agents: 92.05% on BrowseComp-Plus With 12.6 Search Calls
Nace AI has released Drex for Search, bringing its Drex decision models to document search for AI agents. Nace reports 92.05% on BrowseComp-Plus with 12.6 search calls, and fewer agent turns on OfficeQA Pro. The post Nace AI Releases Drex for Search for AI Agents: 92.05% on BrowseComp-Plus With 12.6 Search Calls appeared first on MarkTechPost.
Showing our work: a controlled experiment in context engineering
We ran one AI skill 80 times against four context sources. Engineered summaries cut cost 48.5% and run time 43.2%.
Having lost $80.7 billion in half a year, Anthropic has publicly filed its prospectus: What makes it worth $2 trillion?
If the income statement is shocking, then the commitments on the balance sheet are where the real story lies.
How Ramp's internal AI agents crossed a million sessions
Ramp shares the agents, sandboxes, and dashboards it built by treating internal AI as analytics engineering.
From mainframe to AI-powered maturity: Verisk's data modernization journey
Verisk modernized decades of insurance data, from mainframe to dbt, to get AI-ready.
How DocuSign cut analytics engineering time in half by pairing Claude Code with dbt v2, dbt MCP, and agent skills
DocuSign wired Claude Code, dbt Agent Skills, dbt MCP, and dbt v2 into one workflow and measured a 50% productivity gain.
From prompt to PR: how Careem’s AI writes and validates dbt models before a human ever sees them
Careem's AI agent writes and validates dbt models end to end before a human ever reviews the PR.
How a data scientist at Kilo built the business context layer his AI agents were missing
How a data scientist built an AI context layer for organizational knowledge a dbt project alone can't hold.
What a swarm of rogue AI agents can teach us about having better ideas
Benn Stancil uses the Hugging Face hack to explain why the most useful ideas come from the weirdest connections.
How to solve dashboard debugging in six minutes with an MCP-connected AI agent
An AI agent used dbt lineage from inside the BI layer to answer three data mysteries in the time it takes to get coffee.
Kevin Roose is AGI-pilled. Why aren’t you?
Today, I’m talking to Kevin Roose, journalist and author of the new book The AGI Chronicles, which details the recent and explosive transformation of the AI industry. Kevin was a longtime New York Times reporter and host of the popular podcast Hard Fork, but he and friend of the show Casey Newton just left the […]
