Anthropic S-1 in 39 charts: 80%+ of revenue from models under six months old
Exponential View (Azeem Azhar) · rss · 2026-10-28
Azeem Azhar's analysis of Anthropic's S-1 across 39 charts and six key questions:
- Anthropic is no longer a lab but a business with satisfied customers, cash flow and a war chest — one that looks reliably profitable.
- Growth remains high but is slowing; 80%+ of current revenue comes from models six months old or less, so new models are the growth engine.
- The company may slip into a marginal loss in Q3 due to foundation payments; the open question is whether growth can sustain promised compute purchases.
- Customer concentration is judged not a major issue.
The piece also maps where demand is real, how economics are shifting, and what could constrain the next growth phase.
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