Anthropic's top 2 customers fell from 54% of revenue in 2023 to about 21% by 2026
BenBajarin · x · 2026-10-26
Ben Bajarin cites ReHouse Research data showing Anthropic's customer base has become far more diversified: top 2 customers represented 54% of revenue in 2023, 24% in 2025, and by the first half of 2026 the top customer is at 11% with no other above 10% (top 2 at most 20.99%). For the first nine months of 2026, no single customer exceeds 10% and the top 5 account for just 25%. Bajarin argues that while Q3 showed revenue deceleration, this reflects an adoption cycle for the broader enterprise base — and revenue quality has improved materially.
- 2023: top 2 customers = 54% of revenue
- 2025: top 2 customers = 24%
- H1 2026: top customer = 11%, top 2 at most 20.99%
- First 9 months of 2026: no customer >10%, top 5 = 25%
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