~80% of Anthropic's revenue comes from usage-based billing
FinanceYF5 · x · 2026-10-27
Per Anthropic's S-1: consumption-based revenue was 75% of total in 2024 ($288M vs $98M subscription), 83% in 2025 ($3.8B vs $789M), and 80% in H1 2026 ($13.1B vs $3.2B). API pay-as-you-go remains the dominant revenue stream, with subscriptions holding steady at 17-25%.
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