Anthropic's S-1: Fortune 500 customers paying $100K+ spend under 0.1% of their total expenses on it

Anthropic's S-1, filed on 26 October, says more than half of the Fortune 500 now pay it at least $100,000 a year, yet among those publicly traded Fortune 500 customers spending on Anthropic averaged less than 0.1% of their total expenses in the September 2026 quarter; even the top 10 Fortune 500 customers spend under 1%. Atreides Management's Gavin Baker called it the most surprising line in the filing. The company counts more than 11,900 customers with $100K+ of trailing-12-month revenue (up from 950+ a year earlier), about 1,900 at $1M+ and roughly 250 at $10M+, and points to Claude Code as the way spend inside those accounts grows.