Q3 was our best quarter ever. Woo! [Please forgive the lack of a Y-axis]

Another interesting Anthropic S-1 detail: Anthropic is about to pay a competitor ~$3.1B a month for compute. Its SpaceXAI deal hits ~$3.1B/month at full delivery this December. To put that in perspective, that's more than double what Anthropic spent on all of its compute, everywhere, across the first half of 2026 (~$1.5B/month). Total value: up to $120.5B. Paid to a rival. Curious....is there is any precedent where so much is being paid out to a vendor who is a direct competitor?

One of the more under-appreciated details in Anthropic's S-1: Nearly half of Anthropic's revenue now flows through cloud marketplaces - 48% in the first half of 2026, up from 11% in 2023. That's roughly $7.8B of revenue in six months sold through Bedrock, Vertex and Azure Marketplace instead of direct. Which means the hyperscalers get paid twice! They sell Anthropic the compute - Anthropic has committed hundreds of billions of dollars to AWS, Google and Microsoft - and then they take a fee on roughly half of the revenue distributed through their marketplaces. Also on gross margin...those marketplace fees don't sit in cost of revenue. They're in sales, marketing & partnerships, so they never touch the headline 85% gross margin everyone is quoting today. Fees paid to channel partners alone rose ~$2.7B year over year in H1 2026. Hyperscalers feel like they're kind of the winner here all around though reading through this.

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Launch day: @JoinVantage is launching Data Access Policies. A lot of our enterprise customers, especially financial services firms and companies with compliance-sensitive business units, have strict rules about which teams can see which cloud costs. Until now, enforcing that in Vantage meant splitting data across workspaces and copying the same reports and dashboards into each one, or keeping most people as Viewers and building reports on their behalf. Data Access Policies move that boundary down to the data layer. Organization Owners define a policy by provider, account, region, tag and more, assign it to a team, and it's enforced everywhere that team looks: Cost Reports, Dashboards, Active Resources, Cost Recommendations, Budgets, exports, the FinOps Agent and our MCP. Policies only ever narrow what a team sees, never widen it. So you can build one set of reports and dashboards, share them with every team, and safely make people Editors so they can explore their own spend. Owners can preview exactly what a team will see before rolling a policy out, and everything can be managed via the API and Terraform. Available today for Vantage Enterprise customers. Docs here: docs.vantage.sh/access_polic…

Take a shot every time capex is raised in Q3 earnings.

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Exciting launch day: @JoinVantage now integrates directly with @tryramp. This allows customers to automatically sync merchant and corresponding transaction data from Ramp as Custom Providers on Vantage. Vantage has ~40 native integrations today for the largest line-items like AWS, Anthropic and Cursor. That being said, we've heard joint customers of Ramp and Vantage want to add "automatic" support for other providers they may leverage. That's now solved. You can now grant API credentials to Vantage, we'll scan for all merchants on Ramp for you to select from, and then automatically import all the transactions from those merchants into the platform. All the same features (reporting, allocation, budgeting, anomaly detection, etc.) work out of the box with Ramp merchants. Read the full blog post here: vantage.sh/blog/ramp

The average Vantage customer grew their cloud infrastructure 4.8x since January 2024. The median customer: 2.1x. A handful of customers - heavily influenced by AI workloads - are growing vertically and dragging the mean into the stratosphere. Meanwhile, the typical customer is growing a very healthy ~40% YoY, right in line with the broader market (AWS +37%, Azure +43%, GCP +82% last quarter). Kind of an interesting view on the two different camps of companies today.

Interesting data...I put together hyperscaler capex guidance from this calendar year...along with Meta because I'm curious to see how this trends with Muse Hyperscalers started 2026 guiding ~$640B in capex. Six months later: $735-750B. Q3 earnings in two weeks - willing to bet is this number goes up again, not down. Curious to see by how much.

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Launch day: we just shipped KPI widgets! This allows for pinning key metrics like gross margin or token spend per developer to reports and dashboards. Read the launch post here: vantage.sh/blog/kpi-dashboar…

We're expanding Financial Commitment Reports on Vantage to support Azure and GCP in addition to existing support for AWS. AWS is obviously the largest hyperscaler out there and our initial support for this feature targeted only them as a result. Remarkably this functionality has become our top customer-influenced feature request after slightly dragging our heels on this for...the greater part of the last 2 years 😅. Multi-cloud management is becoming relevant as organizations shift compute around from cloud to cloud in the AI era. Being able to track commitment coverage is becoming a lot more important as a result. So today: @JoinVantage Financial Commitment Reports now support Azure Reservations/Savings Plans and GCP CUDs. Coverage, effective savings rate, total savings. Read the full blog post in the link below: vantage.sh/blog/azure-gcp-fi…

Exciting one today - Vantage is adding support for @OpenRouter! It's almost too obvious to say that OpenRouter has been on a tear - and becoming the de-facto way that companies access models in a cost-conscious manner. We've increasingly had a lot more requests for adding OpenRouter support on Vantage and today it's now live. You can now pull OpenRouter costs into @JoinVantage: daily spend and token usage by model and API key, with credits vs BYOK split out. The blog post with all the details is here: vantage.sh/blog/openrouter-c…