Anthropic’s S-1, filed on 26 October 2026, puts its revenue for the three months ended June 30, 2026 at $11,555 million, and its cash, cash equivalents and short-term investments at $131.7 billion, by our arithmetic. Our own jobs tracker counted 680 open roles on Anthropic’s careers board on 28 October 2026.
This follows our rebuild of Bloomberg’s pre-IPO growth chart, which found that Anthropic’s 2025 revenue was about 112 times its 2023 revenue. Below are the latest figures from the filing, and one from our tracker that the filing does not contain.
Short explainer · Anthropic by the numbers
A vertical news Short narrated from the published headlines and opening lines of this piece and four related FourWeekMBA pieces on Anthropic’s S-1.
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The key insight: As we read the filing, the figure that changed most is cost against revenue: compute and infrastructure fell from 251% of revenue to 48% in five quarters, while quarterly revenue rose from $376 million to $11,555 million.
Revenue. The S-1’s quarterly table puts revenue at $11,555 million for the three months ended June 30, 2026, against $787 million a year earlier. The filing says “our revenue grew 1,368% year over year for the three months ended June 30, 2026, compared to our compute and infrastructure expenses that grew 300% during the same period.”
Revenue for the half year. The filing says: “Our revenue was $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion for the six months ended June 30, 2025.”
Compute as a share of revenue. Compute and infrastructure costs were 251% of revenue in the quarter ended March 31, 2025 and 48% in the quarter ended June 30, 2026, according to the S-1’s quarterly table. In dollars, revenue first exceeded compute and infrastructure costs in the quarter ended March 31, 2026: $4,731 million against $3,387 million.
Cash. The S-1 says that as of June 30, 2026 it “had cash and cash equivalents of $112.4 billion, $19.3 billion of short-term investments, and $3.2 billion available under the Credit Facility.” Cash plus short-term investments comes to $131.7 billion, by our arithmetic.
Commitments signed after June. The S-1 says that after June 30, 2026 it entered new and amended agreements with “aggregate future minimum payment obligations of approximately $245 billion,” with terms “greater than one year and up to 20 years,” plus short-term agreements with minimum payments of approximately $21 billion. Some of the arrangements are subject to contractual conditions.
Anthropic’s quarterly revenue and compute and infrastructure costs, $ billions, from the S-1’s quarterly statements of operations ($ millions): revenue $376M, $787M, $1,382M, $2,040M, $4,731M and $11,555M; compute and infrastructure $944M, $1,390M, $2,047M, $2,945M, $3,387M and $5,558M, for the quarters from March 2025 to June 2026. Source: Anthropic Form S-1, 26 Oct 2026.
What Was Posted on X
$ANT has more cash than almost every company in America with $132B sitting on its balance sheet before its IPO.
Sounds like a ridiculous amount until you realize it has already committed hundreds of billions to chips and compute from $AVGO, $GOOGL and $SPCX.
Shay Boloor on X, 28 Oct: “$ANT has more cash than almost every company in America with $132B sitting on its balance sheet before its IPO”, adding that it “has already committed hundreds of billions to chips and compute from $AVGO, $GOOGL and $SPCX.”
The Number Only We Track
Open roles on Anthropic’s careers board by function on 28 October 2026: engineering 304, sales and go-to-market 123, finance and operations 111, research 76, other 46, product and design 20 (680 in total; 196 posted in the previous 30 days). Source: FourWeekMBA AI jobs tracker, read from Anthropic’s own careers feed. Listings, not hires.
Our AI jobs tracker reads Anthropic’s own careers feed every day. On 28 October 2026 it listed 680 open roles, 196 of them posted in the previous 30 days. 9.3% of the open roles were listed as remote.
By function, the tracker counted 304 roles in engineering, 123 in sales and go-to-market, 111 in finance and operations, 76 in research, 20 in product and design and 46 in other functions. Engineering is about 45% of open roles, and sales plus finance and operations about 34%, by our arithmetic.
The S-1 does not report open roles. Its quarterly table puts personnel costs at $1,857 million for the three months ended June 30, 2026, against $320 million a year earlier.
As we read it, the S-1 puts the turn in the quarter ended March 31, 2026, the first of the six quarters shown in which revenue, $4,731 million, exceeded compute and infrastructure costs, $3,387 million.
The filing sets the cash beside the commitments: $131.7 billion of cash and short-term investments at June 30, 2026, by our arithmetic, against approximately $245 billion of minimum payments signed after June.
Our tracker adds what the S-1 does not show: 680 open roles on 28 October 2026, 304 of them in engineering and 234 in sales, finance and operations combined, by our arithmetic.
Anthropic, Form S-1, filed 26 October 2026
“Our revenue was $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion for the six months ended June 30, 2025.”
Three Implications
FOR IPO INVESTORS The S-1 shows quarterly revenue above compute and infrastructure costs in each of the last two quarters reported, and says recent growth should not be considered indicative of future performance.
FOR ANTHROPIC’S SUPPLIERS The S-1 lists approximately $245 billion of minimum payments under agreements signed after June 30, 2026, mostly for compute and infrastructure, with terms of up to 20 years.
FOR PEOPLE WATCHING HIRING Our tracker counted 196 roles posted in the 30 days to 28 October 2026, against 680 open in total; the S-1 reports personnel costs, not open roles.
The framework opens with this claim: “Every conversation about AI in 2026 — capex, capacity, jobs, geopolitics, valuations, margins — eventually collapses to the same atomic unit.” It names that unit as the token.
Anthropic’s S-1 gives dated numbers for several items on that list in one company: revenue, compute and infrastructure costs, cash and commitments, and our tracker adds open roles. The framework was published before the S-1 and does not discuss these figures.
What Is Not Established
Our tracker counts job listings on Anthropic’s careers board, not hires or headcount. A listing can cover more than one opening, and some listings stay open for long periods.
The $245 billion of post-June commitments includes amended agreements, so it cannot simply be added to the lease and purchase commitments the S-1 reports as of June 30, 2026. The S-1 says Anthropic’s recent revenuegrowth “should not be considered indicative of our future performance.” We did not contact Anthropic.
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Anthropic’s S-1 shows quarterly revenue of $11,555 million to June 30, 2026, compute costs down from 251% to 48% of revenue in five quarters, $131.7 billion of cash and short-term investments, and about $245 billion of compute and infrastructure commitments signed after June. Our tracker counted 680 open roles on 28 October 2026, 304 of them in engineering.
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A note on sourcing. Financial figures come from Anthropic’s Form S-1, filed on 26 October 2026. Open-role counts come from the FourWeekMBA AI jobs tracker, which reads Anthropic’s own careers feed daily; the counts are job listings, not hires. Sums and percentages are our arithmetic. We did not contact Anthropic.
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.
