Anthropic’s B2B bet helped diversify its customer base

Transcript

Transcribed by machine (Whisper) from the episode’s audio, so a word may be off here and there.

1. 14:09

   of this that we got um there was two customers making up 25 of their revenue uh here's the update today that i think was most newsworthy no single customer represented more than 10 percent of our revenue uh for the nine months ended september 30th 2026 approximately 79 of our revenue came from customers outside of our top five customers for the three months ended september 30th 2026. i mean that is there's there's a real diversification of revenue that they have going on there which they need and that's i mean it's a very long tail but i mean which is what a company like that's going to need, right? If you want to be, you know, the foundation of business and of society, as I said, I mean, you need that, right? You need everybody using it, or at least close to everybody using it. Yep. But they do have, they do have some concentration in,

2. 14:56

   well, in the hyperscales. I don't know what you'd make of this. 48% of total revenue comes from Anthropic, Google, and Microsoft marketplaces. I guess that's still coming from a diverse base of customers, but it is interesting that they rely so heavily on the hyperscalers, two of the three of which have invested in them. Yeah, I mean, I'm not terribly surprised by that when you think about what the business is, but you're right.

3. 15:18

   But what the question becomes, and it's not really in there, but I don't even know how you do this. What are really the end users of that? As you say, you know, Amazon and Google marketplaces, okay, that's everyone, right, essentially. And so, I mean, it's not surprising they're concentrated with the hyperscalers. Who else is going to sign giant contracts with them up front and who's going to kind of go into them?

4. 15:36

   So it doesn't surprise me, but it's, again, it is this broader diversification, though, of everything from consumers to the business use. And again, just to go back to the business use thing or the, you know, the B2B piece of this, they made a they made a bet that most people weren't making, you know, a couple of years ago to start there or if not start there to really hit there hard from a sales perspective.

5. 16:01

   And it has paid it is clearly paid off. And again, it's worth remembering the decision to go public before OpenAI or the decision to go public now and not push it into next year was not a sure thing. There's all sorts of reasons. People for two months have been doing this. Will they or won't they? Should they or shouldn't they? Every time revenue comes out, obviously, when the safety stuff came out, the fact that they're going forward, I think, is, at least from their perspective, is a show of strength.

6. 16:26

   Yeah. And I mean, one of the things that, you know, obviously you point to the revenue growth, which we've discussed.