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04_arpu_divide.md
1 The story behind the leaderboard is per-user revenue. Anthropic earns sixteen dollars twenty cents per monthly user. OpenAI earns two dollars twenty. Google earns one dollar ten. Meta earns ten cents. The rank flip at the extremes is the punch: Anthropic monetises a one-hundred-and-thirty-four-million user base one hundred and sixty-two times harder than Meta monetises a billion. Scale is not the moat. Enterprise-API workloads, coding agents, and per-seat enterprise pricing compound faster on a per-user basis than consumer free-tier scale ever has.
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