Key Highlights

  • June is when Mustafa Suleyman, who runs AI at Microsoft, said the company's goal is to reduce what it pays Anthropic and, in time, eliminate it, according to a market commentator.
  • About 20% of Anthropic's first half revenue, roughly USD 3.3 billion, came from two unnamed customers in the draft prospectus, which the commentator assumes are Cursor and GitHub Copilot.
  • USD 31 billion of non-cancellable computing contracts with Microsoft is the figure the commentary gives for Anthropic, while Microsoft (NASDAQ:MSFT) also holds a stake in the company.
  • Net booking is how OpenAI records its Microsoft sales, after Microsoft's cut, while Anthropic books cloud resales gross, a difference the commentator says can distort Revenue comparisons.

The Suleyman Comment

A market commentator wrote on October 26, 2026 that Mustafa Suleyman, who runs AI at Microsoft, said in June that Microsoft's goal is to reduce what it pays Anthropic and, in time, eliminate it. The commentary links this to GitHub, which Microsoft (NASDAQ:MSFT) owns. Press reports, as cited, name Cursor and GitHub Copilot as Anthropic's two biggest customers in 2025, though Anthropic has not confirmed it. The draft prospectus says two unnamed customers brought in about 20% of first half revenue, roughly USD 3.3 billion. The commentator's working assumption is that these are the two coding tools. The identity of the customers is his assumption until a public filing names them.

Why It Matters

His argument is that large customers can move traffic to their own models, or use the threat to push prices down. He notes Cursor now has its own model, Composer, priced at a tenth of Claude, and Microsoft has the stated goal above. Either way, he says, Anthropic would lose revenue while keeping its bills. Microsoft is also tied in other ways: Anthropic has about USD 31 billion of computing contracts with Microsoft, according to the commentary, and a commitment of USD 30 billion for Azure capacity was made in November 2025. OpenAI books its Microsoft sales net, after Microsoft's cut, while Anthropic books cloud resales gross.

Risks and Counterpoints

The commentary is an opinion, and several points are unconfirmed: the identity of the two customers, the size of any shift and its timing. Customers this large may also use the threat of leaving to negotiate lower prices instead of leaving. Reducing a supplier's share does not mean eliminating it, and Suleyman's comment is described as a goal. For Microsoft (NASDAQ:MSFT), the stake and contracts tie it to Anthropic's fortunes, so a weaker partner could matter to it as well. The commentator says the final prospectus will confirm or correct the numbers and that it has to name the customers. He also says Anthropic's IPO may come as soon as November.

Where Things Stand

Microsoft (NASDAQ:MSFT) wants to cut what it pays Anthropic, according to a comment by its AI chief Mustafa Suleyman in June, as relayed by a market commentator. The commentator links it to GitHub Copilot, which press reports name as a top Anthropic customer, though Anthropic has not confirmed it. His bearish point is that big customers can shift Volume to their own models. The facts that remain open are customer identities, scale and timing. The final prospectus is the next check, and nothing here is Investment advice.