In a blog post, venture investor Tomasz Tunguz argues that Anthropic should be assessed as a cloud business rather than only an AI model company, comparing its Q2 2026 revenue of $12 billion with AWS at $42 billion, Azure at $39 billion and Google Cloud at $25 billion. He cites 1,374% year-over-year growth, a $46 billion annual run rate and $518 billion in data-center commitments, while noting that two customers accounted for nearly 25% of 2025 revenue, per Reuters reporting from an unfiled prospectus. He also cites Ramp vendor data showing 87% of businesses buying a coding agent use Claude Code, and Artificial Analysis figures putting Claude Opus 5.5 at $5.98 per task versus $3.26 for GPT-6 Astra and $1.99 for Gemini 4 Argon.