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Anthropic filing shows most big customers now use both its API and its apps
Anthropic's S-1 shows 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, up from about 30% at the end of last year. The filing reports net revenue retention of about 900% at the end of the third quarter. It also warns that cloud partners increasingly see Anthropic as a competitor.
Key points
- Over half of $100,000-plus customers use both the Claude Platform and an Anthropic app.
- Net revenue retention was about 900% at the end of the third quarter.
- The filing warns cloud partners may prioritize themselves, risking Anthropic's compute supply.
What happened: Anthropic's IPO filing describes a strategy of keeping enterprise customers across several products at once, TechCrunch reported. 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, up from about 30% at the end of last year.
The details: The filing reports net revenue retention of about 900% at the end of the third quarter. In that quarter, the top 5% of Claude Enterprise customers using Claude Code spent about 20 times as much per month as the average enterprise user who did not use it. Customers often start with the API, then add Claude Code for engineers and Cowork for the wider workforce. Anthropic also launched Ode with Anthropic, a venture with Blackstone and other private equity firms, to embed forward deployed engineers in businesses.
Background: Through a joint go-to-market approach with AWS, Google Cloud and Microsoft Azure, Anthropic holds the direct customer contract and pays each cloud provider a fee, which the filing says lets it "avoid channel conflict" and "set pricing."
What to watch: The filing warns that Amazon, Google and Microsoft increasingly see Anthropic as a competitor and may prioritize their own needs, which could make compute harder to secure. It also flags dependence on its largest customers. Anthropic did not immediately respond to TechCrunch's request for comment.
Our take
Teams buying Claude should expect a bundled push across API, Claude Code and Cowork, and should weigh the lock-in that comes with it.