Anthropic’s October 26 S-1 filing says more than half of its customers spending at least $100,000 annually use both Claude’s platform and a first-party app.
Anthropic’s S-1 filing, submitted to the U.S. Securities and Exchange Commission on October 26, describes a sales strategy built around getting business customers to use Claude in multiple ways. The company said 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. That share was about 30% at the end of 2025.
As of September 30, Anthropic counted more than 11,900 customers spending at least $100,000 annually. More than 1,900 spent upward of $1 million, and about 250 spent $10 million or more. The company reported net revenue retention of about 900% at the end of the third quarter, which it attributed to customers expanding Claude usage across their organizations.
The filing also describes a large spending gap associated with Claude Code: in the third quarter, the highest-spending 5% of Claude Enterprise customers using the coding tool spent about 20 times as much per month as the average enterprise user who did not use it. Anthropic says its Applied AI teams help organizations integrate Claude into existing technology systems. It also described Ode with Anthropic, a venture with Blackstone and other private equity firms that places engineers in businesses to build custom AI tools.
Cloud companies are both distribution partners and potential competitors. Anthropic’s agreements with AWS, Google Cloud, and Microsoft Azure let it maintain direct customer contracts while paying providers fees, according to the filing. But Anthropic also warned that those providers could favor their own needs or companies they have invested in, potentially making it harder for Anthropic to secure computing capacity.
The filing reported first-half 2026 revenue of $16.3 billion, compared with $1.2 billion in the same period of 2025. It also warned that reduced spending by major customers could hurt its business. The company’s strategy therefore combines expanding product use within existing accounts with reliance on cloud partners whose interests may not always align with its own.