AI-generated analysis, not investment advice. The articles are written by AI, edited, and checked against company filings — but the judgements are opinions and the figures go stale. How this is made · Terms

The Models That Cost NothingThin moat

Anthropic (ANT) — moat facet

The best freely licensed model scores within a few points of Claude and above both rivals Anthropic names, which caps the price of routine work rather than taking the customer.

The competitor that will never take an enterprise account can still decide what Anthropic is allowed to charge for one.

Artificial Analysis Intelligence Index, top models, 25 October 2026Claude Opus 5.557.6Claude Sonnet 5.556.0Kimi K3.1 Pro, open55.1Qwen3.8 Max, open53.4GPT-6 Astra52.7Gemini 4 Argon52.6OpenRouter model rankings; it cautions the data covers traffic routed through OpenRouter
Two free models outscored both named rivals.

The filing puts the category in its own words: a growing range of open-weight or open-source models, meaning shared weights, training data and code, "released by state actors and international and domestic research organizations"1. Anthropic argues these models "seek to prioritize cost efficiency over maximum intelligence"2, and its risk factors concede the consequence: such models "may capture a portion of the market for certain use cases", which could "exert pricing pressure on our offerings" or lead some customers to adopt open alternatives outright3.

The distance is measurable, and it is small. In the September 2026 Arena snapshot Anthropic's claude-opus-5-max led at 1505 against 1476 for Moonshot's kimi-k3-max, the best openly licensed model — 29 rating points, after running out to 51.1 in March 2026 and back; the open-licence leaders through the year were GLM from Z.ai, Kimi from Moonshot and Qwen from Alibaba4. A buyer sending routine work somewhere is choosing between 29 points and a bill.

A second measure makes the point harder and does not flatter either named rival. On the Artificial Analysis Intelligence Index as OpenRouter published it through 25 October 2026, Claude Opus 5.5 scored 57.6 and Claude Sonnet 5.5 56.0, then came Moonshot's Kimi K3.1 Pro at 55.1, ahead of OpenAI's GPT-6 Astra at 52.7 and Google's Gemini 4 Argon at 52.6, with Qwen3.8 Max level with Claude Fable 5.1 at 53.45. Two openly licensed models scored above the flagships of the only two competitors Anthropic names, and the best of them sat within three points of the top. OpenRouter cautions that its rankings cover traffic routed through OpenRouter: "None of them measures users or spend"6.

Commercially, though, the open field is going backwards. Menlo Ventures recorded "a decline in overall enterprise open-source share from 19% last year to 11% today", with Google, OpenAI and Anthropic together said to "account for 88% of enterprise LLM API usage" and the remainder spread across Meta Llama, Cohere, Mistral and a long tail of smaller providers7. Sharper still: the Chinese open-weight models that score closest to Claude on the index "account for just 1% of total LLM API usage", about a tenth of enterprise open-source, because "Enterprises remain particularly cautious toward Chinese open-source models"8. Near-parity on capability, one per cent of the spending.

Anthropic's answer is not to argue quality but to cut the price of its own intelligence: Claude Opus 5.5 "reduced customer costs per task by approximately 40%" against Claude Opus 59. That is the right response to a free rival and also the shape of the problem, because the defence against models that cost nothing is to charge less.

Every number here is somebody's sample, Anthropic's included: it says its capability claims rest on "internal benchmarks developed and maintained by us" and that its metrics "have not been independently verified by third parties"10. The filing's fourth competitor belongs on this page too, because the Status Quo and the free model are the two rivals that charge nothing, and together they set the floor: routine work can go to an open model or not be done at all11.

Nothing about this competitor shows up as a lost customer, so the gap itself is the gauge. If the best open model closes to within single digits and stays there, the price of routine intelligence goes to roughly nothing, and Anthropic will be left selling only the work that genuinely demands the frontier.

Moat trajectory: Narrowing

Gap 26.2 points in October 2025, 51.1 in March 2026, 29 in September 2026.

The number that tests this moat
Third-party estimate
Arena gap to the best open-weight model
29 rating points, September 2026 (1505 against 1476)

What the frontier is still worth paying for; a gap in single digits would push the price of routine intelligence toward zero.

Source: BenchLM LLM leaderboard history ↗
References
  1. ReportedThe filing puts the category in its own words: a growing range of open-weight or open-source models, meaning shared weights, training data and code, "released by state actors and international and domestic research organizations".
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the business section: the mission, the core advantages, the enterprise strategy and the partner programmes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  2. ReportedAnthropic argues these models "seek to prioritize cost efficiency over maximum intelligence", and its risk factors concede the consequence: such models "may capture a portion of the market for certain use cases", which could "exert pricing pressure on our offerings" or lead some customers to adopt open alternatives outright.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the business section: the mission, the core advantages, the enterprise strategy and the partner programmes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  3. ReportedAnthropic argues these models "seek to prioritize cost efficiency over maximum intelligence", and its risk factors concede the consequence: such models "may capture a portion of the market for certain use cases", which could "exert pricing pressure on our offerings" or lead some customers to adopt open alternatives outright.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - Item 1A risk factors: compute, power, metrics and the absence of a public market. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  4. Third-party estimateIn the September 2026 Arena snapshot Anthropic's claude-opus-5-max led at 1505 against 1476 for Moonshot's kimi-k3-max, the best openly licensed model — 29 rating points, after running out to 51.1 in March 2026 and back; the open-licence leaders through the year were GLM from Z.ai, Kimi from Moonshot and Qwen from Alibaba.
    BenchLM.ai, LLM Leaderboard History - monthly Arena preference snapshots of the leading proprietary and openly licensed models. In the September 2026 snapshot claude-opus-5-max leads at 1505 and kimi-k3-max (Moonshot) is the top open model at 1476, 29 points behind; the open-licence leaders since late 2025 have been GLM (Z.ai), Kimi (Moonshot) and Qwen (Alibaba), and the gap ranged from 26.2 points (2025-10) to 51.1 (2026-03). — October 2025 - September 2026 · publ. September 2026 · source ↗
  5. Third-party estimateOn the Artificial Analysis Intelligence Index as OpenRouter published it through 25 October 2026, Claude Opus 5.5 scored 57.6 and Claude Sonnet 5.5 56.0, then came Moonshot's Kimi K3.1 Pro at 55.1, ahead of OpenAI's GPT-6 Astra at 52.7 and Google's Gemini 4 Argon at 52.6, with Qwen3.8 Max level with Claude Fable 5.1 at 53.4.
    OpenRouter model rankings, usage data through 25 October 2026 - on the Artificial Analysis Intelligence Index, Claude Opus 5.5 ranks first, Moonshot Kimi K3.1 Pro third and Qwen3.8 Max fifth, above GPT-6 Astra sixth and Gemini 4 Argon seventh, on index scores of Claude Opus 5.5 57.6, Claude Sonnet 5.5 56.0, Kimi K3.1 Pro 55.1, Fable 5.1 53.4, Qwen3.8 Max 53.4, GPT-6 Astra 52.7 and Gemini 4 Argon 52.6 - four Anthropic models in the top ten, the best open model within three points of the leader, and both named rivals below it. OpenRouter cautions that the rankings show traffic routed through OpenRouter and that "None of them measures users or spend". — October 2026 · publ. 25 October 2026 · source ↗
  6. Third-party estimateOpenRouter cautions that its rankings cover traffic routed through OpenRouter: "None of them measures users or spend".
    OpenRouter model rankings, usage data through 25 October 2026 - on the Artificial Analysis Intelligence Index, Claude Opus 5.5 ranks first, Moonshot Kimi K3.1 Pro third and Qwen3.8 Max fifth, above GPT-6 Astra sixth and Gemini 4 Argon seventh, on index scores of Claude Opus 5.5 57.6, Claude Sonnet 5.5 56.0, Kimi K3.1 Pro 55.1, Fable 5.1 53.4, Qwen3.8 Max 53.4, GPT-6 Astra 52.7 and Gemini 4 Argon 52.6 - four Anthropic models in the top ten, the best open model within three points of the leader, and both named rivals below it. OpenRouter cautions that the rankings show traffic routed through OpenRouter and that "None of them measures users or spend". — October 2026 · publ. 25 October 2026 · source ↗
  7. Third-party estimateMenlo Ventures recorded "a decline in overall enterprise open-source share from 19% last year to 11% today", with Google, OpenAI and Anthropic together said to "account for 88% of enterprise LLM API usage" and the remainder spread across Meta Llama, Cohere, Mistral and a long tail of smaller providers.
    Menlo Ventures, The State of Generative AI in the Enterprise, December 2025 - enterprise LLM API spend shares of Anthropic 40%, OpenAI 27% and Google 21%, with Anthropic up from 24% a year earlier and 12% in 2023 and OpenAI down from 50% in 2023; enterprise coding Anthropic 54% against OpenAI 21%, up from 42% six months earlier; Google, OpenAI and Anthropic together 88% of enterprise LLM API usage with the remaining 12% spread across Meta Llama, Cohere, Mistral and a long tail; Google rose from 7% in 2023 to 21% in 2025; enterprise open-source share declined "from 19% last year to 11% today" and open-source LLMs "hold only 11% of today's market"; Chinese open-weight models "account for just 1% of total LLM API usage (roughly 10% of enterprise open-source)"; enterprise LLM spend $3.5bn in November 2024 and $8.4bn by mid-2025. Based on a survey of 495 US enterprise AI decision-makers conducted 7-25 November 2025, measuring estimated dollars spent on production API usage. Menlo Ventures is an investor in Anthropic and marks it a portfolio company in the report. — December 2025 · publ. December 2025 · source ↗
  8. Third-party estimateSharper still: the Chinese open-weight models that score closest to Claude on the index "account for just 1% of total LLM API usage", about a tenth of enterprise open-source, because "Enterprises remain particularly cautious toward Chinese open-source models".
    Menlo Ventures, The State of Generative AI in the Enterprise, December 2025 - enterprise LLM API spend shares of Anthropic 40%, OpenAI 27% and Google 21%, with Anthropic up from 24% a year earlier and 12% in 2023 and OpenAI down from 50% in 2023; enterprise coding Anthropic 54% against OpenAI 21%, up from 42% six months earlier; Google, OpenAI and Anthropic together 88% of enterprise LLM API usage with the remaining 12% spread across Meta Llama, Cohere, Mistral and a long tail; Google rose from 7% in 2023 to 21% in 2025; enterprise open-source share declined "from 19% last year to 11% today" and open-source LLMs "hold only 11% of today's market"; Chinese open-weight models "account for just 1% of total LLM API usage (roughly 10% of enterprise open-source)"; enterprise LLM spend $3.5bn in November 2024 and $8.4bn by mid-2025. Based on a survey of 495 US enterprise AI decision-makers conducted 7-25 November 2025, measuring estimated dollars spent on production API usage. Menlo Ventures is an investor in Anthropic and marks it a portfolio company in the report. — December 2025 · publ. December 2025 · source ↗
  9. ReportedAnthropic's answer is not to argue quality but to cut the price of its own intelligence: Claude Opus 5.5 "reduced customer costs per task by approximately 40%" against Claude Opus 5.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the operating metrics and their definitions and limitations. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  10. ReportedEvery number here is somebody's sample, Anthropic's included: it says its capability claims rest on "internal benchmarks developed and maintained by us" and that its metrics "have not been independently verified by third parties".
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the operating metrics and their definitions and limitations. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  11. ReportedThe filing's fourth competitor belongs on this page too, because the Status Quo and the free model are the two rivals that charge nothing, and together they set the floor: routine work can go to an open model or not be done at all.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the business section: the mission, the core advantages, the enterprise strategy and the partner programmes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
Sources
Generated October 26, 2026