Anthropic thread, part 3: free cash flow positive even after stock-based compensation
FinanceYF5 · x · 2026-10-27
Part 3 of a thread on Anthropic's finances: the company's free cash flow remains positive even after accounting for stock-based compensation, contradicting the narrative that frontier labs burn money endlessly. An apparent S-1 excerpt shows customers with $100k+ TTM revenue grew from 950 to over 11,900 in the year to September 30, 2026.
Part 2 adds: October revenue is inferred from OpenRouter; Gavin Baker still thinks a single-lab dominance would hurt the AI infra market, but $35B in future annual compute commitments look digestible relative to revenue, with the market possibly in a "Goldilocks zone."
Related event: Leaked Anthropic Financials Show Positive FCF as Token Usage Soars(15 posts)→
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