How Anthropic and Google print
Mostly API. Claude seats sit on top. Less consumer habit than OpenAI.
Ads are still the book. Cloud is the growth line. YouTube and subscriptions sit under ads.
The mix
Hover a slice
- API70%—
- Claude seats25%—
- Other5%12%
- Advertising—75%
- Google Cloud—13%
- AnthropicGoogle
Anthropic
A lab that sells the model into other products. The builder is the customer.
Pays: Labs and enterprises calling Claude. Teams on Claude.ai.
Builds: Research, alignment, and the API surface. Fewer consumer PM seats than a chat app.
The search box funds the lab. Cloud is the second engine.
Pays: Advertisers. Cloud customers. YouTube and Pixel on the side.
Builds: Search, ads, YouTube, Cloud, DeepMind / Gemini. The IC book is huge.