Anthropic’s long-awaited S-1, filed Monday ahead of its planned Nasdaq debut under the ticker ANT, shows how quickly customers are spending on its newest models.

According to the filing, models released in the six months leading up to September 30 accounted for more than 80% of the company’s third-quarter revenue. Anthropic released eight widely available Claude models between April and September 2026, plus three restricted-access Mythos models. The filing doesn’t say how much revenue each generated; models launched in late September had only days to contribute to the quarter.

But that raises an interesting question for developers: Are newer models delivering better results for developers’ tasks, and what do those results cost?

Are newer models delivering better results for developers’ tasks, and what do those results cost?

The filing suggests there’s a reason newer models account for so much of Anthropic’s revenue. The company says customer spending is closely tied to how often it releases new models and what those models can do. Each improvement naturally gives customers more reasons to use Claude, while more capable models attract new customers and encourage existing ones to use Claude more and spend more in the process.

That spending helps fund the next round of development. Anthropic says in the filing that the company relies on growing revenue to pay for the research, computing power, and technical talent needed to build more capable models. Those improvements can then attract more customers and drive additional spending, creating a cycle in which each generation of Claude helps fund the next.

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