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SemiAnalysis estimates ~90% of Anthropic's business comes from agentic AI, while sources say nearly 25% of its revenue in 2025 came from just two clients

Powerful AI tools burn through budgets, prompting a rethink of how the technology is priced ahead of frontier lab IPOs.

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Financial Times — SemiAnalysis estimates ~90% of Anthropic's business comes from agentic AI, while sources say nearly 25% of its revenue in 2025 came from just two clients ↗

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Reuters: Anthropic projects 2028 revenue of ~$190B-$200B, vs. a revenue run rate of $47B in May, as bankers and investors price the company ahead of an IPO

Bloomberg: Anthropic says Claude "leads" 26% of its AI R&D work, up from 1% in March, and "collaborates" on 90%+, doing large chunks of work under close human direction

Reuters: IPO filing: Anthropic routed 47% of its sales, or ~$2.16B, in 2025 through cloud partners Amazon and Google; analysis: it paid ~$351M back in distribution fees

Wall Street Journal: Anthropic is likely to tell IPO investors that its potential revenue opportunities are above $30T, topping SpaceX's $28.5T; Uber predicted $6T in 2019

New York Times: Meta internally projected that it could spend as much as $10B annually on Anthropic's AI models, even as Zuckerberg publicly criticized Anthropic

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