YipitData Anthropic Pre-IPO Overview

B2B Adoption & Spend - Verticals

Across two exclusive B2B panels, we can track customer-level spend and adoption by industry vertical. Anthropic has seen significant adoption growth YTD, but through September this is beginning to flatten out, meaning more growth must come from existing customers. Tech and Financials customers drive the bulk of spend in our panels.

Questions to ask: does Anthropic feel that customer penetration growth is stalling out in any particular verticals? What is your plan to target low-adoption verticals? What verticals are seeing less adoption that you’re most excited about?

Customer Concentration

In our B2B datasets, the top 1% of customers make up nearly 50% of Anthropic spend.

Question to ask: how do you think about further diversifying your revenue base, or do you expect this kind of concentration to persist as these large customers remain a key part of your growth?

New Model Traction

Across datasets tracking tokens & pricing (exclusive Cloud panel & OpenRouter), we observed an uptick in spend driven by Opus 5.5 (9/22 launch). After new models launch, they typically are quickly adopted over prior generation models, but older models continue to be used in our datasets.

Question to ask: what is the expected cadence of new model introductions going forward?

Token Pricing

Across our token-based datasets, we’ve observed a ~50% Y/Y decline in token prices. Price cuts from Opus 4.5, Sonnet 5’s introductory pricing that became permanent, greater cache hit rates, and Fable 5.1 cache hit pricing reductions have contributed.

Questions to ask: you’ve been reducing token prices across more recently introduced models. How long do you expect this trend to continue? Could pricing stabilize if you introduced more access to premium tier models like Mythos?

Open-Weight & China-Based Provider Competition

Within OpenRouter, China-based providers like DeepSeek and Z.ai have taken significant share of usage, in an environment where it’s easy to switch models.

Questions to ask: what are you hearing from your customers regarding their appetite for open models? Have the improvements in these models been the impetus for more aggressive pricing actions on your model offerings?

B2B Trends - Market Share vs. OpenAI

Most customers in our proprietary B2B panel use both Anthropic and OpenRouter, and Anthropic managed to take significant share up until June.

Questions to ask: how does your sales team combat OpenAI in the field? What use cases do you target and try to gain competitive advantage over OpenAI and others?

B2B Retention Trends

Anthropic’s B2B retention in our proprietary B2B spend panel is strong and actually improves over time: 87% after month 12 and 95% after month 24.

Questions to ask: what’s working in terms of B2B retention and what’s not? How do you intend to keep retention and spend expansion high with an increasing number of model options and with price reductions?

Consumer Trends - Retention

In our exclusive e-receipt panel, we’ve been tracking a rapid rise in Claude subscribers so far in 2026, and the retention of these users is stronger than past cohorts.

Questions to ask: what behaviors in the first 7 to 90 days best predict long-term retention? Is there a clear activation moment?

Cloud Provider Platforms

Per our enterprise cloud panel, the majority of Anthropic spend goes through AWS, though GCP has been growing more quickly YTD.

Questions to ask: do you expect to see more revenue from Azure customers anytime soon? If Azure contribution is low today, why is that and is it a focus area to balance the share between other CSPs? Do you expect to launch on OCI at some point?

Datasets

The analysis combines data from 1,500 SMB businesses, 200 large enterprise companies, and millions of consumers, accounting for more than $4B in annual AI spend.

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