Anthropic’s IPO filing reveals its strategy for keeping enterprise customers hooked

Anthropic's S-1 filing shows that more than half of customers spending at least $100,000 annually now use both the Claude platform and a first-party app like Claude Code or Cowork, up from about 30% at the end of last year. As of September 30, Anthropic had more than 11,900 customers spending at least $100,000, more than 1,900 spending upwards of $1 million, and about 250 spending $10 million or more annually, with net revenue retention of about 900% at the end of the third quarter. The filing also flags risks including cloud partners viewing Anthropic as a competitor and customer concentration.