# Anthropic's enterprise revenue is more diversified than critics suggest

Markdown copy of https://realalpha.app/s/anthropics-enterprise-revenue-is-more-diversified-than/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

- Speaker: [Gavin Baker](https://realalpha.app/people/gavin-baker/) · Managing partner & CIO, Atreides Management · Runs the Atreides Management investment firm, a technology investor and former Fidelity OTC Fund portfolio manager.
- Host: [John Coogan](https://realalpha.app/people/john-coogan/) · Co-host, TBPN · Co-founded Soylent and Lucy; OpenAI bought his show TBPN in April 2026.
- Host: [Jordi Hays](https://realalpha.app/people/jordi-hays/) · Co-host, TBPN · Founded Branded Native; co-founded fintech Capital, which Rho bought.
- Show: TBPN
- Episode: [Technology Is Back, Gavin Baker Live, Math Solved Again, Anduril Laptop, DoorDash + Instacart](https://realalpha.app/v/OV1QfQ3C29Q/), Oct 27, 2026
- Moment: 1:21:41 to 1:27:41 of the episode (6 min), playing on https://realalpha.app/s/anthropics-enterprise-revenue-is-more-diversified-than/; the episode from there: https://realalpha.app/v/OV1QfQ3C29Q/?t=4901

## Quote

> “I was actually shocked how **diversified their customer base** actually was.”
> — [Gavin Baker](https://realalpha.app/people/gavin-baker/) at [1:25:17](https://realalpha.app/v/OV1QfQ3C29Q/?t=5117) · TBPN

## Takeaways

1. Anthropic reported 250 accounts spending over $10 million.
2. Some 11,000–12,000 accounts spend more than $100,000.
3. Baker says open-weight inference providers are scaling quickly.

## About this segment

Gavin Baker uses Anthropic’s S1 to challenge claims that a handful of customers drive its AI revenue. The customer counts suggest enterprise adoption is broadening, while open-weight providers are also growing quickly.

From “Technology Is Back, Gavin Baker Live, Math Solved Again, Anduril Laptop, DoorDash + Instacart”, Oct 27, 2026. [Watch the full episode](https://realalpha.app/v/OV1QfQ3C29Q/)

## Transcript

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

[1:21:48](https://realalpha.app/v/OV1QfQ3C29Q/?t=4908) Like things are, you know, it seems like things are on track. But what is your interpretation been this week? i do think the anthropic s1 was pretty clearly an upside surprise yeah um the fact that they've only burned 10 billion dollars yeah the um profitability the cash generation the unit economics they're all very encouraging um the you know i put it on x but i just cannot believe that whatever it is half of the fortune 500 has adopted anthropic and it's 0.1 percent of their expenses yeah it's just a wild stat yeah the the funny thing is that the internet just i read that i read that as the uh no we can still hear you no no we can hear you uh i i read that 50 percent what yeah yeah oh just as like like okay yeah that's incredibly impressive for a company in just a few years to get half the fortune 500 the s&p 500 on as customers but i was kind of like

[1:22:46](https://realalpha.app/v/OV1QfQ3C29Q/?t=4966) what are the other half of the s&p 500 doing i felt like every fortune 500 would or s&p 500 would be multi-product, using everything, but there's a lot of companies that just haven't really gotten through the adoption hiccups of rolling out AI broadly. Maybe some of them are all in on Google or OpenAI, but by and large, I think some of them are just still figuring out how AI can be deployed in their organizations. But is that your read on it, that we're still sort of early on the diffusion story in enterprise? Yeah, very early. I mean, if anything, maybe earlier than i thought we were yeah um and it's i mean it's just astonishing whatever the number is 67 billion annualized if you annualize the reported third quarter uh the um you know wherever the arr is right now but to be that big with such low penetration into the fortune 500 yeah

[1:23:39](https://realalpha.app/v/OV1QfQ3C29Q/?t=5019) is crazy it is pretty extraordinary yeah totally yeah how do you how have you processed the like some of the criticism right now of the ai trade is that you have a very small number of companies driving the majority of the spend i think if you can look historically and say that that same dynamic probably played out with like social media ads We're like a very small number of companies were driving a massive amount of the spend.

[1:24:04](https://realalpha.app/v/OV1QfQ3C29Q/?t=5044) And so you're going to kind of see power laws in a lot of places. My read on it is that you have, like, there are companies based in San Francisco that are just a thousand times more obsessed with AI than the, let's say, like the long tail of public company employees. And so, of course, they're going to spend dramatically more. and it's possible that that long tail never actually cares enough but they sort of fade to relative obscurity and you have the disruptors that are saying like yeah this technology is real it works it's not perfect yet it's not like a drop-in co-worker that will immediately you give it a dollar and it'll give you ten dollars back but it's very capable and so if you obsess over it and so that's been sort of my overall read like i don't think it's necessarily of course

[1:24:52](https://realalpha.app/v/OV1QfQ3C29Q/?t=5092) you'd want a more diversified revenue base if you could. But in general, it feels very natural that all the spend is coming from a very small group of people that realize that something fundamental has changed and they're trying to take every advantage of it while the rest of the world is asleep. I might respectfully disagree a little. In S1, there are only 250 accounts spending more than $10 million. So actually, somebody in the New York Times said that maybe 10 days ago that 80% of the revenue came from eight customers. I was actually shocked how diversified their customer base actually was. And if you are... Well, the number to me was something like 11 or 12,000 spending over $100,000. That feels diversified. Oh, yeah. But I'm talking about the ramp data that's saying, look, 1% of companies are spending 90% of the dollars.

[1:25:51](https://realalpha.app/v/OV1QfQ3C29Q/?t=5151) Well, I mean, the RAMP data is what it is, but we have much more authoritative data now from the Anthropic S1, and it shows a very diversified spending base for Anthropic. Now, maybe the RAMP data is correct for AI overall, but the Anthropic S1, like relative to a thought that Meta was spending $10 billion, and there were these multiple billion-dollar-plus accounts that were driving it all, that just – it's much more diversified.

[1:26:20](https://realalpha.app/v/OV1QfQ3C29Q/?t=5180) by a customer base for Anthropic. And then for the AI broadly, I do think that something that has happened since June is you've really seen, you know, first we saw OpenAI really accelerate in the summer and has OpenAI accelerated, so did OpenWeight models. And there are so many companies, you know, whether it's Fireworks, whether it's Base 10, whether it's TGET, whether it's Modal, whether it's Cognition, that are at scale, really open weight first and they're all growing faster than either open ai or anthropic and that was true when open ai was really accelerating in the summer and it's still true in october when anthropic has had clearly a pretty big re-acceleration like i just i'm pretty skeptical that they would have put the you know the you know the blank space for the october arr in the s1 if they didn't know it was going to be pretty good yeah um and i do think it'll

[1:27:19](https://realalpha.app/v/OV1QfQ3C29Q/?t=5239) be great for the market to get away from these monthly arr things totally but to me yeah it's interesting yeah like seeing the the the modals the base tens the fireworks the togethers all out uh can probably i feel like this is common knowledge basically all they've all been out in