Anthropic Investors Aren’t Just Buying a Chatbot—Here’s How the Company Behind Claude Makes Money

Investopedia Markets News (all except PF) · Oct 28, 2026

Anthropic’s filing sets up the year’s second blockbuster IPO, after SpaceX.

Credit: Bloomberg/ Getty Images

What You Need to Know

Four-fifths of Anthropic’s revenue for the first half of 2026 came from metered usage, priced per token and by model tier.

Subscriptions, including the Claude app, made up the rest.

Nearly 12,000 customers spending $100,000 or more a year accounted for about three-quarters of 2025 revenue.

Anthropic asks investors not to treat its stock as “purely transactional.” Anyone buying in will still want a look under the hood.

The company’s seven co-founders are pitching…