# Anthropic's S-1 filing shows why individual users rank below enterprise customers

> Original title: 看了招股书，我终于知道为什么 Anthropic 不在乎用户了

- Source: GeekPark
- Published: 2026-10-27T08:55:13.000Z
- Bad Influence: https://badinfluence.news/items/o3se5qaxlb07kyc0xyvt9x3sw
- Original: http://www.geekpark.net/news/373006

## Summary

Anthropic filed its S-1 with the SEC on October 26, 2026, with the ticker ANT on Nasdaq. Per the filing, usage-based revenue was about 80% of first-half 2026 revenue, and subscriptions were about 20%, which the filing does not split between individual and enterprise plans. The article argues that individual users act mainly as a funnel into enterprise adoption, a view it draws from the filing's risk factors and revenue breakdown.