Anthropic's public S-1: $16.3B in H1 revenue, ticker ANT

Anthropic’s S-1 is now public. We pulled the filing from SEC EDGAR the day it appeared, searched it for the figures below and read the passages around each one, so most numbers here come from the document and not from press summaries. The filing is a draft in one important sense: the price range, the share counts, the third-quarter revenue and the compute commitment totals are left blank. This article covers what is there, what is not and what we did not read. It is not investment advice. A disclosure first: we use Claude models in our own editorial workflow, and this article is about their maker.

What was filed?

A Form S-1, filed with the SEC on October 26, 2026, for an initial public offering of Class A common stock by Anthropic, PBC, a Delaware public benefit corporation. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol “ANT”. The company and “selling stockholders” are both selling shares, and the company receives nothing from the stockholders’ sales. The underwriter list on the cover starts with Goldman Sachs & Co. LLC and Morgan Stanley and names more than twenty banks, including J.P. Morgan, Citigroup, Barclays, Wells Fargo Securities and BofA Securities. The filing says Anthropic is a “controlled company” under Nasdaq rules.

What do the numbers say?

From the statements of operations, in millions of dollars:

	2023	2024	2025	H1 2025	H1 2026
Revenue	41	386	4,585	1,163	16,286
Compute and infrastructure	433	2,522	7,326	2,334	8,945
Total operating expenses	592	3,366	12,645	3,298	16,979
Operating loss	(551)	(2,980)	(8,060)	(2,135)	(693)

Two details sit inside those rows. The 2025 operating expenses include a $1,500 million line for the Bartz settlement, the copyright case the filing’s risk factors discuss. And compute and infrastructure expense was 55% of revenue in the first half of 2026, against 201% in the first half of 2025, according to the filing’s own comparison.

By our arithmetic, first-half 2026 revenue is about 14 times the first half of 2025 and about 3.6 times all of 2025.

Why is the net loss so large?

The net loss was $41,965 million in 2025 and $80,748 million in the first half of 2026. The operating loss does not explain it. The line “change in fair value of convertible notes, derivative liabilities, and SAFEs” was $(34,308) million in 2025 and $(72,388) million in the first half of 2026, and the filing attributes such changes to the rise in the company’s enterprise valuation. The accumulated deficit of $132.9 billion includes $113.2 billion related to the fair value of convertible notes. As we read it, these are accounting charges that follow the value of the instruments, not operating cash spent. The statements also show $1,111 million of interest income for the half.

On liquidity, Anthropic reports $141.1 billion raised in total, $112.4 billion in cash and cash equivalents and $19.3 billion in short-term investments at June 30, plus $3.2 billion available under its credit facility.

What does it say about customers?

• Large accounts. Customers with $100,000 or more of trailing-twelve-month revenue grew from about 20 at the end of 2023 to about 200 (2024), about 1,500 (2025) and more than 11,900 at September 30, 2026. It reports more than 1,900 customers above $1 million. About 40 million other customers each spend less than $100,000.
• Net revenue retention was about 900% at September 30, 2026. The filing defines it on “Qualified Customers” and excludes Claude Pro and Max subscribers, so it describes business accounts, not the whole base.
• Concentration. The revenue-concentration note lists customers above 10% of revenue without naming them: one at 43% and another at 11% in 2023, two at 12% in 2025, one at 18% in the first half of 2025 and one at 11% in the first half of 2026. We saw only one such customer for H1 2026. Some outlets are reporting that two customers account for a quarter of revenue; we did not find that in the passages we read.
• Growth. The filing says quarter-over-quarter revenue growth accelerated from 48% (three months to December 31, 2025) to 132% (three months to March 31, 2026), and links part of that to the Opus 4.5 launch with a lower price.

What are the warnings about growth and compute?

The risk factors say Anthropic expects its revenue growth rate to decline over time and that it has “struggled to accurately forecast” revenue in the past. On compute, it says its long-term agreements include minimum purchase commitments and take-or-pay terms that oblige it to pay “regardless of actual utilization”. The totals, including the amounts due in the next 12 months, are blank in this version, though the text says the commitments run mostly to 2030 with the remainder between 2031 and 2045. Before 2026 it drew substantially all its compute from three cloud providers, and in 2026 from “a limited number” of providers and other suppliers. Claude is sold through AWS, Google Cloud and Azure under direct customer contracts, with a fee paid to each cloud.

How is the company governed?

The structure has five share classes. In short, from the filing:

• Class A carries one vote per share. Class N is the same economically but has no votes.
• Class T is a single share, held for the Long-Term Benefit Trust, with no economic rights. It lets the trust elect and remove directors who make up a majority of the board.
• Class F is a single share issued before the offering to a company owned by the seven co-founders. It carries votes equal to 50.1% of the total.
• Class E goes to employees other than co-founders, with limited votes and no economic rights.

The filing also describes an “Initial Public Benefit Issuance” of 846,840,960 Class N shares, 5% of fully diluted shares at June 30 (assuming full conversion of the Amazon notes), to the Anthropic Public Benefit Fund, LLC, a wholly owned subsidiary, and a framework for up to 2% more. Convertible notes held by Amazon Web Services convert into shares at the offering, and the filing mentions agreements with Google and with Broadcom that carry registration rights. We read those passages only in part.

What is still blank or unread?

• Offering terms: price range, number of shares, proceeds and valuation.
• Q3 2026 revenue. The filing leaves it as a placeholder. Figures circulating in the press come from unnamed sources, not from this document.
• Compute commitment totals and the amounts due in the next 12 months.
• Our reading: the filing is about 224 MB with exhibits. We extracted the main document’s text and searched it for figures, then read the passages around them. We did not read the risk factors, the notes or the management section end to end. Statements here about what the filing does not say refer to the passages we read.

What to keep in mind

These are our observations:

• The headline loss is mostly an accounting effect. Read the operating loss and the cash flow lines before judging the business; we did not examine the cash flow statement.
• The first half ended June 30. Price changes Anthropic made in September are not in the audited periods. We look at that in a separate piece on LLM price cuts.
• The filing can change. An S-1 is amended before pricing, and unfilled fields are normal at this stage.
• A conflict to note. Our workflow uses Claude, as disclosed above, so read this as coverage of a filing, not a view on the stock.

Editorial review: October 26, 2026 (AI). Prepared from the Form S-1 text on SEC EDGAR (the main document’s first part, searched by keyword, with the passages around each figure read; the statements of operations, results of operations, notes on concentrations, governance and capital-stock sections included), the EDGAR filings list and the Hacker News thread. We did not read the exhibits, the full risk factors or the full management discussion. We did not contact Anthropic or the underwriters. The filing may be amended.