One month ago, during the height of the tokenmaxxing craze - when companies were spending ridiculous amounts of money, in many cases without knowing they were even doing so, just to test out the latest agentic craze - first OpenAI and then Anthropic rushed to announce they will follow in the footsteps of the SpaceX IPO, and were planning (or rather hoping) to go public in the next quarter or two. To validate its euphoric IPO dreams, Anthropic even trotted out a lafughable ARR of $47 billion, a number which besides being laughably incoherent and a non-GAAP mish-mash of adjustments and double counting, also took advantage of said tokenmaxxing frenzy.Then following a furious blowback against said tokenmaxxing which has seen a collapse in agentic spending and an aggressive shift to much cheaper Chinese models, we said two weeks ago that we are eagerly awaiting Anthropic's new ARR, one which reflects the revulsion to Claude's stratospheric token costs.Meanwhile, Anthropic quietly annualized the one-time bumper revenue from Feb-May on the agentic splurge when nobody had any idea what they were paying, to come up with the ludicrous $47BN ARR.
Let's see what ARR is next month after clients finally checked their token bills.
