DF David Friedberg Entrepreneur and investor focused on agriculture, food and life sciences, and CEO of plant breeding company Ohalo Genetics.

“In the S1, Anthropic shows how many customers they have that are spending 100K or more. … 200 customers in 2024, end of year, 1,500 end of 2025, and at the end of September, 11,900 customers spending 100K or more. … The addressable customer base is about a million customers. So they're only, call it, 1% of total customer penetration potential.”

All-In with Chamath, Jason, Sacks & Friedberg · Money & Markets · October 2026

Context

David Friedberg walks through the customer ramp chart in Anthropic's S-1 to size how much room is left. His estimate of the addressable base comes from counting businesses for which a $100,000 annual spend would be under 1% of their total spend.

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Transcript

All-In with Chamath, Jason, Sacks & Friedberg Around 22:04 into the episode

David Sacks

…that only works because it's heavily subsidized by venture capital. In fact, I think there's a lot of reasons to believe that Anthropic has a pretty big lead. And if you believe that recursive self-improvement has kicked in, as they are claiming it has, then their elite could actually grow.

Jason Calacanis

…nonprofit entity. But 80% of the seven founders' shares are going into this nonprofit entity of some type, benefit corporation, who knows what it's going to be structured as. It's optional, but that's another interesting shoe to drop. So take it whichever way you like, in whichever order you like.

David Friedberg

Can I just comment on the economic value that's arising from AI that kind of perhaps gets revealed a little bit in this? So in the S1, Anthropic shows how many customers they have that are spending 100K or more. If we take a look at the image here, it's a pretty remarkable ramp in customers spending 100K or more, 200 customers in 2024, end of year, 1,500 end of 2025, and at the end of September, 11,900 customers spending 100K or more. So I asked the question: you know, how many customers are there for which $100,000 annual spend is less than 1% of their total annual spend? And the answer is in the U.S., it's about 200 to 300,000 businesses. Globally, it's a bit over a million. So, you know, if you just say, hey, look, Anthropic's customers that could spend 100K or more and have it be less than 1% of their total spend, the…

Jason Calacanis

What is this chart? Is this like AI output?

David Friedberg

I had Claude make this for me as an image.

Jason Calacanis

Cool.

Speaker names come from our own diarization. The position is estimated from where the line sits in the episode.

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