Anthropic’s S-1 Shows $16.3B Half-Year Revenue, Up 14x

Anthropic filed a registration statement on Form S-1 with the SEC on 26 October 2026 for an initial public offering, and said it has applied to list its Class A common stock “on the Nasdaq Global Select Market under the symbol” ANT. The filing leaves the price range and the number of shares blank.

Its summary financial data show revenue of $16.29 billion for the six months ended 30 June 2026, against $1.16 billion a year earlier, about 14 times as much by our arithmetic. Revenue for 2025 was $4.59 billion, after $386 million in 2024 and $41 million in 2023.

Anthropic’s S-1, explained · video

The S-1 in about 90 seconds: revenue, the SpaceXAI compute deal, the compute bill, revenue per employee, net revenue retention and customer concentration, each from our pieces on the filing.

What the S-1 Shows

In the first half of 2026, revenue of $16.29 billion was larger than the $8.95 billion Anthropic recorded for compute and infrastructure, according to the summary table. A year earlier, compute and infrastructure cost $2.33 billion against revenue of $1.16 billion.

Source: Anthropic, PBC Form S-1, Summary Consolidated Financial Data, filed 26 October 2026. FY = year ended 31 December (audited); H1 = six months ended 30 June (unaudited).

The operating loss narrowed to $693 million in the first half of 2026, from $2.14 billion a year earlier. Operating expenses in 2025 included a $1.5 billion line for the Bartz settlement.

Why the Net Loss Is $80.7 Billion

The net loss for the first half of 2026 was $80.75 billion, and $72.39 billion of it was a change in the fair value of convertible notes, derivative liabilities and SAFEs, the table shows. The filing says these changes “were primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation during each of the respective periods.”

Stock-based compensation was $2.2 billion in the first half of 2026, against $286 million a year earlier, according to a footnote to the table.

Customers and Cash

As of 30 September 2026, Anthropic had more than 11,900 customers with $100,000 or more of revenue on a trailing-twelve-month basis, up from more than 950 a year earlier, the filing says.

Source: Anthropic, PBC Form S-1, Prospectus Summary, filed 26 October 2026.

The S-1 cites “our Net Revenue Retention of approximately 900 % as of September 30, 2026.” Its definition excludes subscribers to the Claude Pro and Max plans.

Cash, cash equivalents and short-term investments were $131.65 billion at 30 June 2026, the balance-sheet data show. Total indebtedness was $6.2 billion, the principal of convertible notes issued to Amazon, according to the risk factors.

Compute Commitments, Amounts Still Blank

The filing says Anthropic has entered into purchase commitments and lease agreements “substantially all of which is related to compute and infrastructure,” with an amount expected before 31 December 2030 and “substantially all of the remainder” expected “between 2031 and 2045.” The dollar amounts are left blank in this version of the document.

The S-1 also describes a March 2026 equipment lease with Broadcom to procure specialized AI accelerators, and says Anthropic can issue “up to $42.0 billion in aggregate principal amount of convertible promissory notes” to Broadcom or a designated financial partner to finance it. It names AWS Trainium, Google TPUs, NVIDIA GPUs and AMD GPUs in its compute architecture.

Among the risks, the filing says its revenue is “primarily consumption-based, and much of it is not subject to long-term contractual commitments, while our compute and infrastructure commitments generally extend over multiple years.”

Who Controls Anthropic

Anthropic is a public benefit corporation. Through Class T common stock, its Long-Term Benefit Trust “generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of our board of directors,” the cover page says.

Immediately before the offering is completed, a single share of Class F common stock is to be issued to a limited liability company organized by the co-founders, including Dario Amodei and Daniela Amodei. That share carries “50.1% of the total voting power of our outstanding shares of capital stock” on matters submitted to stockholders generally, with no economic rights, according to the filing.

Lawsuits, Underwriters and Timing

The risk factors say Anthropic agreed in September 2025 to settle the Bartz copyright class action “for $1.5 billion, which was approved by the district court in July 2026,” and list song-lyrics suits by music publishers as pending. The Elvis Presley rightsholders’ suit, filed on 23 October, is covered in our music suits piece.

Goldman Sachs and Morgan Stanley head the cover list of underwriters, followed by J.P. Morgan, Citigroup and Barclays among others. Fox Business reported that the IPO could take place on 19 to 20 November, as relayed by Walter Bloomberg on X; the S-1 gives no date.

Connecting the Coverage

Our 22 October commitments piece reported The Wall Street Journal’s account of a draft prospectus showing about $450 billion of cloud computing agreements; the filed S-1 leaves that total blank. Our 24 October pre-IPO data piece covered YipitData’s panel estimates of retention. Our OpenRouter piece covered token volume up 3.6 times since Opus 5.5, and our Cathedral piece covered a start-up’s claim that it reached Anthropic’s internal systems. What is new is the company’s own audited and interim numbers.

The Structural Read

As we read it, the operating line and the net line tell different stories: the S-1 shows an operating loss of $693 million for the first half of 2026, while the net loss of $80.75 billion includes a $72.39 billion change in fair value that the filing ties to a higher enterprise valuation.

As we read it, the control structure is the second headline: the S-1 gives a single Class F share 50.1% of the total voting power and lets the Long-Term Benefit Trust elect a board majority, so buyers of the listed Class A shares would not control either.

The S-1 leaves the total of compute commitments blank and says its revenue is primarily consumption-based while its compute commitments extend over multiple years. Our 22 October piece reported The Wall Street Journal’s figure of about $450 billion from a draft prospectus.

Three Implications

FOR INVESTORS The S-1 says the Class F share carries 50.1% of the total voting power and that Class T directors, elected by the Long-Term Benefit Trust, will constitute a majority of the board.

FOR COMPUTE SUPPLIERS The filing names AWS Trainium, Google TPUs, NVIDIA GPUs and AMD GPUs and describes a Broadcom lease backed by up to $42.0 billion of convertible notes.

FOR RIVAL LABS The S-1 reports more than 11,900 customers with $100,000 or more of trailing-twelve-month revenue at 30 September 2026, up from more than 950 a year earlier.

The Business Engineer Lens

This story maps onto the Business Engineer framework The AI Capex Map.

The framework sets out to map the financing of AI: “How the money flows, where it cracks, what it buys, who can absorb it, and what happens when revenue can’t catch up.”

As we read it, the S-1 gives the company’s own figures on the framework’s question “what happens when revenue can’t catch up”: unaudited first-half revenue exceeded compute and infrastructure expense, while the commitments total is still blank. The framework was published in May 2026 and does not discuss this filing.

More from the S-1: Anthropic’s S-1 Shows Net Revenue Retention of About 900%, on the revenue mix, customer tiers and Claude Code spend.

What Is Not Established

This version of the S-1 leaves blank the price range, the number of shares offered, the expected net proceeds, the Run-Rate Revenue as of 31 October 2026 and the total of compute commitments. It does not report a gross margin: expenses are presented by nature. The first-half 2026 figures are unaudited. An S-1 can be amended before any pricing.

More from the S-1 (26 October 2026): Anthropic’s compute bill fell to 48% of revenue from 251% and its top five customers make up about 25% of revenue.

The Bottom Line

Anthropic’s S-1, filed on 26 October 2026, shows revenue of $16.29 billion for the first half of 2026, against $1.16 billion a year earlier, and an operating loss that narrowed to $693 million. Most of the $80.75 billion net loss was a $72.39 billion change in the fair value of convertible notes and related instruments. The company plans to list Class A shares on Nasdaq as ANT, with a Founder LLC holding 50.1% of the voting power and the Long-Term Benefit Trust electing a board majority.