Anthropic makes most of its money by charging for use of its Claude models: customers pay per token, priced by the model they choose, either directly or through cloud marketplaces, and a smaller share comes from subscriptions to Claude apps. Its S-1, filed on 26 October 2026, shows revenue of $41 million in 2023, $386 million in 2024, $4,585 million in 2025 and $16,286 million in the six months to 30 June 2026. Consumption-based revenue was 80% of the total in that half-year.
Customers pay for usage, metered in tokens and priced by the model selected. This consumption-based revenue was $13.1 billion, or 80% of revenue, in the six months to 30 June 2026.
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Subscriptions
Some Claude apps are sold on subscription to enterprises and prosumers, for terms generally of 12 months or less. Subscription revenue was $3.2 billion, or 20%, in the same half-year.
Customers can buy from Anthropic or through cloud service provider (CSP) marketplaces. CSP marketplace sales were about 11%, 32% and 47% of revenue in 2023, 2024 and 2025, and 48% in the first half of 2026.
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Committed-spend contracts
A growing number of enterprises sign non-cancelable annual or multi-year contracts with minimum spend in exchange for a committed price list. These contracts result mainly in consumption-based revenue.
What the S-1 shows for 2025-26
Bigger customers, faster
As of 30 September 2026 Anthropic had more than 11,900 customers paying $100,000 or more on a trailing-twelve-month basis, up from more than 950 a year earlier, more than 1,900 paying $1 million or more and about 250 paying $10 million or more. Net revenue retention was about 900% as of 30 September 2026, a measure that excludes Claude Pro and Max subscribers.
Mostly US, mostly usage
In the six months to 30 June 2026, US revenue was $11,763 million and international revenue $4,523 million. Consumption revenue was $13,064 million and subscriptionrevenue $3,222 million. No single customer accounted for more than 10% of revenue in the nine months to 30 September 2026.
Compute and infrastructure expense fell from 251% of revenue in the first quarter of 2025 to 48% in the second quarter of 2026, and Anthropic reported operating income of $1.0 billion for the three months to 30 June 2026. For the full half-year it still had an operating loss of $693 million.
Net loss for the six months to 30 June 2026 was $80,748 million, mostly from a $72,388 million change in the fair value of convertible notes and similar instruments. Anthropic’s company-defined non-GAAP Adjusted Net Income for the same period was $2,671 million.
Anthropic revenue by period, as filed
Year to 31 Dec 2023
Revenue$41 million
What the S-1 addsSubstantially all consumption-based
Year to 31 Dec 2024
Revenue$386 million
What the S-1 addsConsumption-based $288 million, or 75%
Year to 31 Dec 2025
Revenue$4,585 million
What the S-1 addsConsumption-based $3.8 billion, or 83%; CSP marketplaces about 47%
Six months to 30 Jun 2025
Revenue$1,163 million
What the S-1 addsCSP marketplaces about 44%
Six months to 30 Jun 2026
Revenue$16,286 million
What the S-1 addsConsumption-based 80%; US $11,763 million; CSP marketplaces about 48%
What it means for you
Investors: read revenue next to compute. The S-1 warns that revenue is mainly consumption-based and much of it is not under long-term contracts, while compute commitments generally run for years.
Builders on Claude: route each task to the cheapest model that does it well; the S-1 says model choice and usage volume are the main drivers of customer spend.
Enterprise buyers: a committed-spend contract buys a fixed price list, so size the minimum against real usage, not a forecast.
Cloud and channel partners: nearly half of revenue went through CSP marketplaces in the first half of 2026, so distribution through the clouds matters as much as modelquality.
Analysts: treat Adjusted Net Income as a company-defined figure and reconcile it to the GAAP net loss before comparing it with peers.
The Business Engineer lens
Anthropic runs a token business: revenue scales with usage, and the cost that decides margins is compute bought years in advance. The Business Engineer’s view is that the most telling number in the S-1 is the ratio between the two, which fell from 251% to 48% of revenue in six quarters.
Mainly by charging for use of its Claude models, metered in tokens; consumption-based revenue was 80% of the $16,286 million it earned in the six months to 30 June 2026, and subscriptions made up the rest.
Revenue was $4,585 million for the year ended 31 December 2025, up from $386 million in 2024 and $41 million in 2023, according to its S-1.
Is Anthropic profitable?
Not on a GAAP basis: the net loss was $80,748 million in the six months to 30 June 2026, mostly from fair-value changes on convertible notes. It did report operating income of $1.0 billion for the second quarter of 2026.
What is Anthropic's valuation in the S-1?
The S-1 does not state a valuation or an IPO price range. It gives round prices instead: Series H-1 shares were sold at $589.0095 each in May and June 2026.
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.
