Breaking: On the eve of Anthropic’s IPO, a new uncertainty emerges
Media reports say Meta and Microsoft are two of Anthropic’s largest enterprise customers.
Both companies are now taking steps to limit employees’ use of Anthropic’s Claude models. At Meta, the number of internal Claude Code users has fallen from about 60,000 to about 30,000. Microsoft, meanwhile, has cut its annual budget for internal Claude use by more than a third and is steering employees toward its own tools and those from OpenAI. The two tech giants are scaling back their internal use of Claude at the same time Anthropic is pursuing what could be the largest IPO in history. This has put its customer concentration and the sustainability of its growth under scrutiny, adding uncertainty to the IPO outlook.
A draft of the IPO prospectus shows that nearly a quarter of Anthropic’s revenue last year came from just two customers, indicating a high degree of customer concentration. The company has not disclosed their names, but market observers widely believe they are Meta and Microsoft. If they are indeed the two major customers in question, their internal cutbacks could put structural pressure on Anthropic’s revenue mix—even if demand for its platform from external users remains unchanged—and challenge the company’s ability to sustain its explosive growth.
Anthropic’s growth figures remain compelling for now. According to reports, its annualized revenue topped $65 billion in July, more than seven times its level at the start of the year. In the 12 months through June, around 6,000 companies spent at least $100,000 on its AI software, four times the total for all of 2025. More than 1,000 companies spent over $1 million each, and more than 100 spent over $10 million each.
Media reports say Meta and Microsoft are two of Anthropic’s largest enterprise customers.
Both companies are now taking steps to limit employees’ use of Anthropic’s Claude models. At Meta, the number of internal Claude Code users has fallen from about 60,000 to about 30,000. Microsoft, meanwhile, has cut its annual budget for internal Claude use by more than a third and is steering employees toward its own tools and those from OpenAI. The two tech giants are scaling back their internal use of Claude at the same time Anthropic is pursuing what could be the largest IPO in history. This has put its customer concentration and the sustainability of its growth under scrutiny, adding uncertainty to the IPO outlook.
A draft of the IPO prospectus shows that nearly a quarter of Anthropic’s revenue last year came from just two customers, indicating a high degree of customer concentration. The company has not disclosed their names, but market observers widely believe they are Meta and Microsoft. If they are indeed the two major customers in question, their internal cutbacks could put structural pressure on Anthropic’s revenue mix—even if demand for its platform from external users remains unchanged—and challenge the company’s ability to sustain its explosive growth.
Anthropic’s growth figures remain compelling for now. According to reports, its annualized revenue topped $65 billion in July, more than seven times its level at the start of the year. In the 12 months through June, around 6,000 companies spent at least $100,000 on its AI software, four times the total for all of 2025. More than 1,000 companies spent over $1 million each, and more than 100 spent over $10 million each.