Anthropic is seeing growing adoption of multiple Claude products among enterprise customers, with more than half of its high-spending clients now using both its AI development platform and applications such as Claude Code or Cowork. The company disclosed the figures in its October 26, 2026, initial public offering (IPO) filing, highlighting how businesses are expanding their use of Claude across different operations.
According to Anthropic’s SEC filing, the proportion of customers spending at least $100,000 annually who use both product categories has increased from approximately 30% at the end of 2025 to more than 50%. The company attributes this growth to organizations adopting additional Claude applications after initially integrating its AI models.
Enterprise Spending and Customer Retention Increase
As of September 30, Anthropic had more than 11,900 customers generating at least $100,000 in annual revenue, including more than 1,900 generating $1 million or more. Approximately 250 customers contributed at least $10 million each on an annual basis.
Anthropic also reported net revenue retention of approximately 900%, indicating that qualifying existing customers were spending roughly nine times as much as they had during the comparable period a year earlier. The metric measures spending changes among existing customers and excludes certain consumer subscriptions.
Claude Code has become an important contributor to higher enterprise spending. During the third quarter, the highest-spending 5% of Claude Enterprise users who adopted Claude Code spent approximately 20 times more per month than the average enterprise user who did not use the coding tool.
Anthropic Expands AI Products Across Business Operations
Anthropic’s enterprise strategy combines three components: its AI models, the Claude developer platform and applications that employees use directly. The company says improvements to its underlying models can support additional capabilities across all three product categories.
The company has also invested in Applied AI teams that help businesses integrate Claude into existing software systems and workflows. Its recently established venture, Ode with Anthropic, works with Blackstone and other private equity firms to place engineers inside businesses and develop customized AI applications.
Anthropic distributes Claude through Amazon Web Services, Google Cloud and Microsoft Azure while maintaining direct contractual relationships with customers. Under these arrangements, Anthropic pays cloud providers distribution fees, allowing the company to manage customer pricing and commercial relationships.
Cloud Partnerships and Customer Concentration Present Risks
Despite reporting $16.3 billion in revenue during the first half of 2026, compared with $1.2 billion a year earlier, Anthropic acknowledged several risks associated with its enterprise business.
The company warned that Amazon, Google and Microsoft also develop competing AI products and could prioritize their own computing requirements or other AI partners. Such decisions could affect Anthropic’s access to the computing infrastructure required to operate and develop Claude.
Customer concentration presents another concern, with Anthropic disclosing that its five largest customers accounted for approximately 25% of revenue during the first nine months of 2026. The company warned that reduced spending or the loss of major customers could adversely affect its financial performance.
Featured image credits: Wikimedia Commons
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