Claude Code’s top enterprise users outspend other Claude users 20 to 1, Anthropic’s IPO filing says

Anthropic's IPO filing highlights Claude Code as the key driver of enterprise growth for the AI startup. According to the company's S-1, top 5% of Claude Enterprise users with Claude Code spent about 20 times as much as the average Claude Enterprise user without Claude Code, who spent less than $75 a month in Q3. Anthropic says Claude Code has "concretely defined what autonomous AI work looks like" and is adopted by non-technical teams.

The filing notes that the top enterprise users have spent over $16.3 billion in the first half of 2026, up from $1.2 billion a year earlier. June 30, 2026, saw more than 11,900 customers paying $100,000 or more. Anthropic's engineers produced 45 times as much code in Q3 as in 2024, with Claude writing over 90% of contributions to the company's codebase in September.

Anthropic also sees revenue from selling the software running Claude Code to developers. The company faces competition from Google, OpenAI, Cursor, Replit, and Cognition.