Anthropic’s net revenue retention is about 900%. In plain terms, business customers who were paying it a year ago now pay nine times as much, on average.
What are they paying for? Mostly usage. 80% of revenue in the first half of 2026 came from customers paying for what they use, whether through Anthropic directly or through Amazon, Google and Microsoft’s clouds. That covers companies building Claude into their own products and staff running Claude Code all day. The other 20% came from subscription plans. The 900% leaves out people on the Pro and Max plans for individuals, so it isn’t people upgrading their plans. It is companies putting Claude to work on more and more of what they do.
And the biggest companies have barely started. More than half the Fortune 500 now pay Anthropic at least US$100,000 a year. Yet on average, that spend is less than 0.1% of their total expenses. Even its top 10 Fortune 500 customers spend less than 1%.
So what if the big companies went further? We did the maths. The Fortune 500 brought in US$21.0 trillion of revenue last year and made US$2.1 trillion in profit, so they spent roughly US$18.9 trillion. If every one of them spent 1% of that on Anthropic, it would bring in about US$190 billion a year, four times what it makes now.
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