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Anthropic Revenue Leak: $16.8B Q3 2026 With Hyperscaler Risks

Leaked Anthropic financials reveal $16.8 billion Q3 2026 revenue and 85% margins, yet 47% routes through Amazon and Google. See the margin pressures and valuation questions for enterprise AI. Explore the analysis.
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Model chronicle · Gemini
Gemini 4 Argon
Google's most capable model for complex coding, agentic, math and science tasks.
ai.google.dev (source, opens in a new tab)Gemini 3.8 Flash
ai.google.dev (source, opens in a new tab)Gemini 3.7 Flash
ai.google.dev (source, opens in a new tab)Gemini 3.6 Flash & 3.5 Flash-Lite
ai.google.dev (source, opens in a new tab)Gemini 3.5 Flash
Launched at I/O 2026 as the first Gemini 3.5 model; Google later dropped the planned 3.5 Pro.
blog.google (source, opens in a new tab)Gemma 4
ai.google.dev (source, opens in a new tab)Gemini 3.1 Pro
Gemini 3.1 Pro Preview; replaced Gemini 3 Pro Preview.
ai.google.dev (source, opens in a new tab)Gemini 3 Flash
ai.google.dev (source, opens in a new tab)Gemini 3 Pro
First Gemini 3 model; shipped in Search (AI Mode) on day one, plus Gemini 3 Deep Think for testers.
blog.google (source, opens in a new tab)Gemini 2.5 Pro & 2.5 Flash (stable)
ai.google.dev (source, opens in a new tab)
Sources: company announcements & release notes.
Fact box
- HQ
- Mountain View, USA
- Founded
- 1998
- CEO
- Sundar Pichai (Google & Alphabet)
- Core products
- Gemini · Google DeepMind · Vertex AI · TPUs
- Stories
- 437
Sources: about.google, abc.xyz
Latest on X
Google DeepMind · @GoogleDeepMind
Using a single Nano Banana image and Blender MCP, Gemini 4 Argon built a 3D Gothic cathedral in @Antigravity. It iterates on the geometry, textures, and lighting to create the finished scene.
Not all forests are equal, and now we can map the difference. 🌳 Meet Forest Typology (ForTy): a 10m map of natural, planted, and farmed forests to help identify deforestation and protect the forests that matter most. 🧵
Gemini 4 Argon combined three open-source datasets to build an interactive 3D visualization of human anatomy. Toggle different layers in motion, isolate muscles, or zoom inside a beating heart.
Gemini 4 Argon built a 3D periodic table synced to Tom Lehrer’s song, “The Elements.” Created in @Antigravity, it animates orbiting electrons, atomic data, and light spectra.
Four Gemini 4 Argon agents beat Minecraft from scratch in 27 hours. Operating in a sandbox using only code and text, they wrote 2,783 programs, divided up jobs over chat, shared notes, and debugged errors together – all with no human help ↓
Editor's picks
Deals & funding
Google · rounds, valuations, partners, acquisitions · latest 8 of 17
Partnership
Google to pay SpaceX $920M a month for Colossus compute (~$30B through 2029)
Per SpaceX's SEC filing: about 110,000 NVIDIA GPUs from October 2026 to June 2029, ramping through September at a reduced fee; either side may terminate after Dec 31, 2026 with 90 days' notice (CNBC, Bloomberg).
cnbc.com (source, opens in a new tab)Partnership
Google to invest up to $40B in Anthropic ($10B now)
Google commits $10B in cash now and up to $30B more tied to performance milestones; confirmed by both companies. Before the deal Google had invested over $3B and reportedly held ~14% (CNBC, Reuters).
cnbc.com (source, opens in a new tab)Partnership
Google and Broadcom: multiple GW of next-gen TPUs for Anthropic (~3.5 GW via Broadcom from 2027)
Expands the Oct 2025 TPU deal. Broadcom's 8-K: Anthropic will access ~3.5 GW through Broadcom starting 2027. Mostly US-sited, part of Anthropic's $50B US infrastructure pledge.
anthropic.com (source, opens in a new tab)Acquisition
Google completes $32B Wiz acquisition, its largest ever
blog.google (source, opens in a new tab)Partnership
Apple picks Gemini to power new Siri and Apple Foundation Models
Multi-year deal: Gemini models and Google cloud technology underpin future Apple Foundation Models incl. a more personal Siri. Terms not disclosed; Bloomberg reported ~$1B a year.
blog.google (source, opens in a new tab)Partnership
Anthropic expands Google Cloud TPU deal to up to one million chips
anthropic.com (source, opens in a new tab)Partnership
Google Cloud wins $10B+ six-year cloud deal with Meta
reuters.com (source, opens in a new tab)Partnership
Pentagon CDAO awards Anthropic, Google and xAI contracts of up to $200M each
ai.mil (source, opens in a new tab)
All 17 rounds & deals as a table · 0 funding, 14 partnerships, 3 acquisitions
| Date | Event | Type | Counterparty / round | Amount | Valuation | Source |
|---|---|---|---|---|---|---|
| Jun 5, 2026 | Google to pay SpaceX $920M a month for Colossus compute (~$30B through 2029) Per SpaceX's SEC filing: about 110,000 NVIDIA GPUs from October 2026 to June 2029, ramping through September at a reduced fee; either side may terminate after Dec 31, 2026 with 90 days' notice (CNBC, Bloomberg). | Partnership · compute | with Google | $30B | — | cnbc.com |
| Apr 24, 2026 | Google to invest up to $40B in Anthropic ($10B now) Google commits $10B in cash now and up to $30B more tied to performance milestones; confirmed by both companies. Before the deal Google had invested over $3B and reportedly held ~14% (CNBC, Reuters). | Partnership · investment | with Anthropic | $40B | — | cnbc.com |
| Apr 6, 2026 | Google and Broadcom: multiple GW of next-gen TPUs for Anthropic (~3.5 GW via Broadcom from 2027) Expands the Oct 2025 TPU deal. Broadcom's 8-K: Anthropic will access ~3.5 GW through Broadcom starting 2027. Mostly US-sited, part of Anthropic's $50B US infrastructure pledge. | Partnership · compute | with Google, Broadcom | — | — | anthropic.com |
| Mar 11, 2026 | Google completes $32B Wiz acquisition, its largest ever All-cash deal announced March 2025 closes after US (Nov 2025) and unconditional EU (Feb 10, 2026) clearance; Wiz joins Google Cloud and keeps its brand and multicloud support. | Acquisition | acquires Wiz | $32B | — | blog.google |
| Jan 12, 2026 | Apple picks Gemini to power new Siri and Apple Foundation Models Multi-year deal: Gemini models and Google cloud technology underpin future Apple Foundation Models incl. a more personal Siri. Terms not disclosed; Bloomberg reported ~$1B a year. | Partnership · integration | with Apple | — | — | blog.google |
| Oct 23, 2025 | Anthropic expands Google Cloud TPU deal to up to one million chips Access to up to one million Google TPUs; well over a gigawatt of capacity coming online in 2026, worth tens of billions of dollars. | Partnership · compute | with Anthropic | — | — | anthropic.com |
| Aug 21, 2025 | Google Cloud wins $10B+ six-year cloud deal with Meta Meta uses Google Cloud servers, storage and networking for AI over six years (Reuters, The Information). | Partnership · cloud | with Google Cloud | $10B | — | reuters.com |
| Jul 14, 2025 | Pentagon CDAO awards Anthropic, Google and xAI contracts of up to $200M each Each award has a $200M ceiling to develop agentic AI workflows for national-security missions; OpenAI received a similar award on June 16, 2025. xAI simultaneously launched Grok for Government. | Partnership · government | with US Department of Defense (CDAO), Anthropic +1 | $600M | — | ai.mil |
| Jul 11, 2025 | Google licenses Windsurf technology and hires its leaders Google hires Windsurf CEO Varun Mohan and key staff and licenses the technology (reported $2.4B) after OpenAI's acquisition talks collapsed. | Partnership · licensing | with Windsurf | $2.4B | — | techcrunch.com |
| May 2025 | OpenAI adds Google Cloud as compute supplier Deal finalized in May 2025 (Reuters); OpenAI later listed Google Cloud among its compute suppliers and began renting Google TPUs. CoreWeave supplies part of the capacity Google resells. | Partnership · cloud | with OpenAI | — | — | reuters.com |
| Mar 18, 2025 | Google acquires Wiz for $32B Announced 18 Mar 2025; completed 11 Mar 2026. Wiz joins Google Cloud and keeps its brand. | Acquisition | acquires Wiz | $32B | — | blog.google |
| Jan 22, 2025 | Google agrees to new $1B investment in Anthropic Adds to Google's earlier $2B commitment (CNBC, Financial Times). | Partnership · investment | with Google | $1B | — | cnbc.com |
| Aug 2, 2024 | Google licenses Character.AI technology, hires its founders Non-exclusive licence to Character.AI's LLM technology; co-founders Noam Shazeer and Daniel De Freitas join Google DeepMind. Payment reported at about $2.7B (WSJ); terms not officially disclosed. | Partnership · licensing | with Character.AI | $2.7B | — | reuters.com |
| Feb 22, 2024 | Reddit licenses its content to Google for AI training (~$60M a year) Google gets Reddit's Data API for real-time content in Search and model training; Reuters reported the deal at about $60M per year (not confirmed by the companies). | Partnership · content | with Reddit | $60M | — | blog.google |
| Oct 27, 2023 | Google agrees to invest up to $2B in Anthropic $500M upfront and $1.5B over time (WSJ/Reuters); comes a month after Amazon's up-to-$4B commitment. | Partnership · investment | with Google | $2B | — | reuters.com |
| Feb 3, 2023 | Google Cloud becomes Anthropic’s preferred cloud; Google takes ~10% stake (~$300M, reported) Anthropic trains and serves Claude on Google Cloud TPUs/GPUs. The Financial Times reported Google invested about $300M for roughly 10%. | Partnership · cloud | with Google Cloud | $300M | — | anthropic.com |
| Jan 26, 2014 | Google acquires DeepMind (reported ~$500M) London AI lab founded by Demis Hassabis, Shane Legg and Mustafa Suleyman; price not disclosed, widely reported at about $500M (£400M). Became Google DeepMind after the 2023 merger with Google Brain. | Acquisition | acquires DeepMind Technologies | $500M | — | theguardian.com |
Sources: company announcements & release notes, press reports.
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Enterprise AI Assistants 2026: Integration Beats Benchmarks
In 2026, enterprise buyers prioritize ecosystem fit, citations, and GDPR compliance over raw benchmarks when choosing Gemini, Claude,…
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OpenAI Ad Run Rate Hits $1B in Under 200 Days
OpenAI confirms ChatGPT ads hit a $1B annualized run rate in under 200 days. Discover how this funds…
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Google Limits Gemini Pro Access for Free and Budget Users
From October 9, free and AI Plus users lose access to Gemini Pro models and are routed to…
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Google Limits Free Gemini Access to Flash-Lite Model
Starting October, Google is restricting free Gemini app users to the Flash-Lite model. Learn how this affects consumers…
Products & models
GeminiCurrent: Gemini 4 Argon ›Models
Agents
Studies
- Tampered ML: Even the Best AI Models Miss One in Five Planted Research FlawsOct 26
- LLM Reviewers Send 76% of Published Top-Journal Papers Back, Yet Miss Most Planted FlawsOct 23
- Safety Probes Follow Scaling Laws: Monitor Quality Can Be Predicted in AdvanceOct 23
- Only One AI Agent Beats Researchers’ Own Code on Most FrontierCS 2 TasksOct 22
More stories
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AI Visibility: Tracking Brands in ChatGPT, Perplexity & Gemini
Major analytics firms are launching tools to measure AI visibility as LLMs reshape brand discovery. Learn how citation churn and ghost citations affect enterprise SEO strategies.…
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Gemini 3.8 Flash & Fairwind: Enterprise Inference Strategy
Google’s Gemini 3.8 Flash and Fairwind program target low-latency, compliant AI workloads. Learn how this dual launch shifts focus from stock prices to enterprise governance and…
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Gemini vs Claude: Enterprise Infrastructure and Ecosystem Choices
Compare Gemini and Claude for enterprise use, weighing API latency, data privacy, TCO, and integration fit over consumer benchmarks. Learn how each model aligns with existing…
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Perplexity AI Seeks $30B Valuation with Nvidia Investment
Perplexity AI is negotiating a new round at a $30 billion valuation, potentially bringing Nvidia onto its cap table. Explore the strategic equity-for-compute implications and competitive…
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Perplexity AI Targets $30B Valuation with Nvidia Backing
Perplexity AI is seeking over $30 billion in its next round, with Nvidia weighing a larger stake. Analyze the unit economics, compute loop, and risks shaping…
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Anthropic Overtakes OpenAI in Enterprise AI Adoption
Anthropic is surging ahead of OpenAI in enterprise momentum thanks to safety guardrails and multi-cloud partnerships with AWS and Google Cloud. Learn how this shift affects…
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Anthropic Claude 3.5: Enterprise TCO and Cloud Integrations
Anthropic shifts focus to verifiable TCO, SLAs, and AWS/Google Cloud integrations with Claude 3.5. Discover how compliance and cost controls are reshaping enterprise AI decisions.
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Gemini 3.7 Flash: Google’s AI Inference Price War
Google’s Gemini 3.7 Flash launch with 50% discount targets high-volume inference, challenging rivals like OpenAI and Anthropic. Explore the strategic impact on developers and cloud economics.…
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Mod Op Launches Free AI Search Visibility Tool & GEO 50
Mod Op introduces a free tool tracking brand citations in AI answers like ChatGPT and Google AIO. Discover how Share of Generative Voice (SGV) and Generative…
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Gemini 3.5 Pro Delay: Impact on Google Cloud and AI Strategy
The postponed Gemini 3.5 Pro release highlights TPU shortages and safety challenges at Google DeepMind. Discover how this affects enterprise AI plans and why multi-model strategies…
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Anthropic Claude: Cloud Partnerships Drive Enterprise Adoption
Anthropic embeds Claude in enterprise stacks via AWS, Google Cloud, and Samsung SDS partnerships. Learn how this multi-channel strategy influences AI procurement, compliance, and inference costs.
Models & specs
Google · context window, max output, API price, modalities, knowledge cutoff, license
| Model | Released | Context | Max output | Price in / out (per 1M) | Modalities | Knowledge cutoff | License / access | Spec source |
|---|---|---|---|---|---|---|---|---|
| Gemini 4 Argon | Oct 13, 2026 | 1.05M | 66K | $2 / $10 cached $0.1 Promo price until 30 Nov 2026, then $4 in / $20 out. Up to 1M output with long decode. Not on free tier. | Text, image, video, audio, PDF in → text out | — | Proprietary (API & app) | ai.google.dev |
| Gemini 3.8 Flash | Sep 2, 2026 | 1.05M | 66K | $0.75 / $3.75 cached $0.075 Promo price until 31 Dec 2026, then $1.50 in / $7.50 out. | Text, image, video, audio, PDF in → text out | — | Proprietary (API & app) | ai.google.dev |
| Gemini 3.7 Flash | Aug 13, 2026 | 1.05M | 66K | $0.75 / $3.75 cached $0.075 Vertex AI list price (global), introductory until 31 Dec 2026, then $1.50/$7.50; cloud.google.com/vertex-ai/generative-ai/pricing, accessed 2026-10-22. OpenRouter lists the same. | Text, image, video, audio, PDF in → text out | — | Proprietary (API & app) | ai.google.dev |
| Gemini 3.6 Flash & 3.5 Flash-Lite Gemini 3.6 Flash, Gemini 3.5 Flash-Lite | Jul 21, 2026 | 1.05M | 66K | $0.75 / $3.75 cached $0.075 Promo price until 31 Dec 2026 (then $1.50/$7.50). 3.5 Flash-Lite: $0.30/$2.50. | Text, image, video, audio, PDF in → text out | — | Proprietary (API & app) | ai.google.dev |
| Gemini 3.5 Flash | May 19, 2026 | 1.05M | 66K | $1.5 / $9 cached $0.15 Vertex AI list price (global endpoint), cloud.google.com/vertex-ai/generative-ai/pricing, accessed 2026-10-22; non-global $1.65/$9.90. No longer on the Gemini API pricing page. | Text, image, video, audio, PDF in → text out | — | Proprietary (API & app) | ai.google.dev |
| Gemma 4 | Apr 2, 2026 | — | — | open weights | Text, image in → text out | — | Open weights (Gemma license) 26B A4B MoE and 31B dense | ai.google.dev |
| Gemini 3.1 Pro | Feb 19, 2026 | 1.05M | 66K | $2 / $12 cached $0.2 Prompts >200K: $4 in / $18 out. | Text, image, video, audio, PDF in → text out | — | Proprietary (API & app) | ai.google.dev |
| Gemini 3 Flash | Dec 17, 2025 | 1.05M | 66K | $0.5 / $3 cached $0.05 Audio input $1.00. Batch −50%. | Text, image, video, audio, PDF in → text out | — | Proprietary (API & app) | ai.google.dev |
| Gemini 3 Pro | Nov 18, 2025 | 1.05M | 66K | $2 / $12 cached $0.2 Prompts >200K: $4 in / $18 out. Preview replaced by Gemini 3.1 Pro. | Text, image, video, audio, PDF in → text out | Jan 2025 | Proprietary (API & app) | ai.google.dev |
| Gemini 2.5 Pro & 2.5 Flash (stable) Gemini 2.5 Pro, 2.5 Flash (GA), 2.5 Flash-Lite (preview) | Jun 17, 2025 | 1.05M | 66K | $1.25 / $10 cached $0.13 2.5 Flash: $0.30/$2.50 · 2.5 Flash-Lite: $0.10/$0.40. | Text, image, video, audio, PDF in → text out | Jan 2025 | Proprietary (API & app) | ai.google.dev |
Vendor benchmark claims
- Gemini 3 Pro: Humanity's Last Exam 37.5% without tools (vendor claim) · LMArena 1501 Elo (vendor claim)
Benchmarks as published by the vendor at launch; not independently verified by i10x.
Sources: company announcements & release notes. Prices = standard API list price in USD per 1M tokens at time of release or current docs; batch is typically 50% off.
