What Is Anthropic's 900% Net Revenue Retention?

Casey Newton says Anthropic's filing reports 900 percent net revenue retention. A typical customer who spent $100 with Anthropic one year was spending $900 a year later. He says that jump is the clearest picture in the filing of how fast Anthropic is scaling. He sets that next to a company that had essentially no revenue four years ago and then multiplied revenue by about 10 each year for three years, growth he says does not show up in ordinary capitalism.

Kevin Roose says retention around 150 percent used to count as elite. Anthropic's 900 percent is far beyond that, and he reads it as evidence that the models have become very hard for large customers to drop.