Palantir’s chief technology officer, Shyam Sankar, told its earnings call that an AIG insurance workflow described in Anthropic’s IPO filing “runs in AIP”, Palantir’s AI platform, “and was implemented by Palantir and AIG”. The case-study page he cited credits Anthropic and its Claude models; it does not mention Palantir.
Chief executive Alex Karp then called the relationship with Anthropic “symbiotic”. By our arithmetic, Anthropic’s third-quarter revenue of $16.956 billion was 7.3 times Palantir’s $2.313 billion. A year earlier it was 1.2 times.
The webcast · Palantir Q3 2026 earnings call
Palantir’s own stream of its third-quarter 2026 earnings webcast, 2 November 2026. Sankar’s AIG remark is at 11:14; Karp’s answer on Anthropic starts at 37:36.
This piece uses our own machine transcription of Palantir’s third-quarter 2026 earnings webcast, Anthropic’s S-1 filed on 26 October, its amended S-1 of 2 November and Palantir’s earnings releases. Timestamps refer to the webcast video.
Business Pill · The Model and the Harness
An evergreen Business Engineer explainer on the model and the harness: the AI model versus the software that runs work around it. It teaches the general idea only and does not discuss Palantir, Anthropic or AIG.
The key insight: As we read it, Palantir is claiming a role inside a customer story that Anthropic tells without it: Sankar said the AIG workflow on page 209 of Anthropic’s S-1 runs in AIP, and the page itself credits Anthropic and Claude.
In his prepared remarks at [11:14], Sankar said: “For example, page 209 of Anthropics S1 talks about AIG’s automation of insurance underwriting processes for complex commercial lines of business”.
He continued: “That entire workflow and the elegant application of AI, software, and humans runs in AIP and was implemented by Palantir and AIG”. At [11:34] he added: “We are the diffusion layer, not just of choice, but of necessity”.
Quarterly revenue of Anthropic and Palantir, third quarter 2025 and third quarter 2026, $ million. Sources: Anthropic’s amended S-1 (2 November 2026) and Palantir’s earnings releases. Ratios are our arithmetic; the two companies sell different things.Animated: Anthropic’s quarterly revenue divided by Palantir’s, first quarter of 2025 to third quarter of 2026, our arithmetic from Anthropic’s amended S-1 and Palantir’s SEC filings (XBRL) and Q3 2026 release. Palantir’s Q4 2025 is full year minus nine months. Values are computed from filed figures, not read from a chart. Chart: FourWeekMBA.
What Page 209 Shows
The customer case studies in Anthropic’s original S-1 are printed as page images. The AIG page follows the page numbered 207 and the Accenture case study, which makes it page 209, as Sankar said. Its title is “Reinventing commercial underwriting”.
The page says “AIG collaborated with Anthropic to build workflows in a highly regulated industry”. “Beginning with the Claude 2.0 model”, it says, AIG created a tool called Underwriting by AIG Assist, which “cut submission review time by more than 90%” where deployed.
It lists “8 AIG business lines using Claude” as of 31 March 2026. In AIG Lexington’s Middle Market Property business it reports 30% more quoted submissions, a 55% shorter time-to-quote and 40% more submissions bound. AIG chief executive Eric Andersen is quoted on “partners like Anthropic”.
The page, which we read in full, does not mention Palantir or AIP. A text search of the S-1 and the amended S-1 found no mention of Palantir. Neither document says which software runs the workflow around Claude, so Sankar’s account and the case study can both be true.
What Karp Said About Anthropic
An analyst from D.A. Davidson asked Karp how he persuades chief executives who are not yet convinced. At [37:38] Karp said: “we really cannot satiate demand”. At [37:45]: “We don’t need the people who aren’t convinced”.
He went on at [37:52]: “Dario is someone I get along very well with”, referring to Anthropic’s chief executive, Dario Amodei. At [38:00]: “They are also selling our product because people interact with them”. At [38:12]: “even the results they talk about are often already in our application lately”.
At [38:36] he said Palantir is “actually in a symbiotic relationship with them commercially because they’re growing a market that’s probably much, much bigger than it is today”. At [39:16]: “There are very, very, very few times where we’re trying to go and compete and take their customer away”.
He named one exception at [40:08]: Palantir spends “a lot of time educating clients, partners that are non-partners around the risks of using closed models without an application layer”. At [39:36] he said: “I don’t know at what point we become competitive with each other”.
The Revenue Gap
Anthropic’s amended S-1 gives quarterly revenue: $1.382 billion in the third quarter of 2025 and $16.956 billion in the third quarter of 2026. Palantir reported $1.181 billion and $2.313 billion for the same quarters.
By our arithmetic, Anthropic’s quarterly revenue grew about 12.3 times in a year and Palantir’s about 1.96 times. The ratio between them went from about 1.2 to about 7.3. Anthropic reported an operating loss of $567 million for the quarter; Palantir reported operating income of $1.085 billion.
As we read it, both accounts can hold at once: a model can do the reading and summarising while another company’s software runs the workflow around it, and neither document rules that out.
As we read it, Karp framed Anthropic as a partner that enlarges the market rather than a rival, while saying he does not know when the two might compete.
As we read it, the revenue ratio moving from about 1.2 to about 7.3 in a year measures how fast Anthropic grew, not a loss for Palantir, whose revenue nearly doubled.
Shyam Sankar, Palantir CTO, on the Q3 2026 earnings call
“We are the diffusion layer, not just of choice, but of necessity”
Three Implications
FOR INVESTORS TRACKING PALANTIR Its CTO tied Palantir to a named Anthropic customer story; AIG is not named in Palantir’s earnings release.
FOR ENTERPRISE BUYERS The AIG page reports submission review time cut by more than 90% where the tool is deployed, and eight AIG business lines using Claude as of 31 March 2026.
FOR ANTHROPIC WATCHERS Karp said Anthropic is “also selling our product because people interact with them”; Anthropic’s filings, as we searched them, do not mention Palantir.
The framework argues: “Value is migrating upward from the model toward the harness.”
As we read it, Sankar’s claim on the call is a claim to be that harness for AIG’s underwriting work, around a model Anthropic supplies. The framework was published in July 2026 and does not discuss Palantir’s results or AIG.
Neither Palantir nor AIG has published a document, among those we read, that describes Palantir’s role in the underwriting workflow; the claim rests on Sankar’s remarks. The case study does not say what share of AIG’s work runs on Claude, and Palantir does not name AIG in its earnings release.
The revenue comparison is between two different businesses: Anthropic sells model access and applications, Palantir sells software platforms. The ratios show size, not which company gains from the other. We did not contact Palantir, Anthropic or AIG.
This Week In The AI Supercycle
Anthropic’s Reality Check, The Capital Squeeze, & The New World Order
This week’s issue: for two years the AI build-out was priced as a growthstory. This week it started being priced as a credit story.
Sankar told Palantir’s call that the AIG underwriting workflow on page 209 of Anthropic’s S-1 “runs in AIP”; the page credits Anthropic and Claude and does not mention Palantir. Karp called the relationship “symbiotic”. By our arithmetic, Anthropic’s quarterly revenue went from 1.2 times Palantir’s to 7.3 times in a year.
A note on sourcing. Quotations attributed to Shyam Sankar and Alex Karp come from our own machine transcription of the audio of Palantir’s third-quarter 2026 earnings webcast, streamed on Palantir’s YouTubechannel on 2 November; it is not an official transcript, and timestamps refer to that video. The AIG case study is a page image in Anthropic’s S-1 of 26 October 2026, read in full by us; Anthropic’s quarterly revenue comes from its amended S-1 of 2 November, and Palantir’s from its earnings release of 2 November (8-K Exhibit 99.1). Ratios are our arithmetic. We did not contact Palantir, Anthropic or AIG.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
