> the core models are only slightly bumping YoY rather than the rocketship changes of 2022/23

From Anthropic's press release yesterday after raising another $13 billion:

"Anthropic has seen rapid growth since the launch of Claude in March 2023. At the beginning of 2025, less than two years after launch, Anthropic’s run-rate revenue had grown to approximately $1 billion. By August 2025, just eight months later, our run-rate revenue reached over $5 billion—making Anthropic one of the fastest-growing technology companies in history."

$4 billion increase in 8 months. $1 billion every two months.

They’re talking about model quality. I still think they’re wrong, but the revenue is only indirectly relevant.