"Anthropic is very likely losing money on every single Claude Code customer, and based on my analysis, appears to be losing hundreds or even thousands of dollars per customer.
There is a gaping wound in the side of Anthropic, and it threatens financial doom for the company.
Some caveats before we continue:
- CCusage is not direct information from Anthropic, and thus there may be things we don’t know about how it charges customers, or any means of efficiency it may have.
- Despite the amount of evidence I’ve found, we do not have a representative sample of exact pricing. This evidence comes from people who use Claude Code, are measuring their usage, and elected to post their CCusage dashboards online — which likely represents a small sample of the total user base.
- Nevertheless, the amount of cases I’ve found online of egregious, unrelentingly unprofitable burn are deeply concerning, and it’s hard to imagine that these examples are outliers.
- We do not know if the current, unrestricted version of Claude Code will last.
The reason I’m leading with these caveats is because the numbers I’ve found about the sheer amount of money Claude Code’s users are burning are absolutely shocking.
In the event that they are representative of the greater picture of Anthropic’s customer base, this company is wilfully burning 200% to 3000% of each Pro or Max customer that interacts with Claude Code, and in each price point’s case I have found repeated evidence that customers are allowed to burn their entire monthly payment in compute within, at best, eight days, with some cases involving customers on a $200-a-month subscription burning as much as $10,000 worth of compute."
https://www.wheresyoured.at/anthropic-is-bleeding-out/