Anthropic's October ARR likely went vertical after token price cuts
GavinSBaker · x · 2026-10-26
Investor Gavin Baker calculates from OpenRouter data that Anthropic's October revenue likely went vertical after token price cuts, and Anthropic wouldn't disclose October ARR in a future S-1 unless positive. GPU rental prices surged while token prices fell across the whole market, making $100B+ year-end AI ARR plausible again.
He keeps three caveats: a runaway Anthropic/OpenAI win is net negative for AI infra; mid-single-digit-billion Q3 compute spend isn't market-relevant; and $35B in future annual commitments is easily digestible. The cited S-1 excerpt shows $100K+ TTM customers grew from 950 to 11,900 in a year.
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