Company Atlasby Kadoa

3 Nov 2026

Anthropic makes the second-most revenue per employee among Big Tech but is the only one losing money

Of the seven largest US tech companies and Anthropic, Anthropic is the only one with an operating loss over the last 12 months, despite $6.6M of revenue per employee, behind only Nvidia ($7.2M). Its amended IPO filing lists about $895.4 billion in commitments, mostly for compute, with $69.8 billion due within a year.

Revenue and operating profit per employee

Anthropic and the seven largest US tech companies, last four reported quarters.

  • Nvidia$7.2M$4.7M
  • Meta$3.1M$1.0M
  • Apple$2.9M$0.95M
  • Alphabet$2.5M$0.82M
  • Microsoft$1.6M$0.73M
  • Amazon$0.51M$0.07M
  • Tesla$0.77M$0.03M
  • Anthropic (pre-IPO)$6.6M−$0.77M

Anthropic's compute commitments

The named agreements in its amended IPO filing, as totals over each agreement's life. All its commitments come to about $895.4 billion, $69.8 billion of it due within a year.

PartnerAmountTermCancellation
BroadcomLeases of Google TPU-based compute equipmentAbout $161.2BFive-year leasesNon-cancelable by either party during the lease period, except by the lessor in the case of a default.
GoogleCloud computeAt least $121.3BApril 2026 to July 2033Non-cancelable except for Google's uncured material breach. A shortfall is paid to Google as a true-up.
SpaceXAICompute on NVIDIA GPUsUp to $120.5BInto 2029; about $3.1 billion a month once all capacity is delivered (expected December 2026)After non-cancelable periods ending in January 2027 and March 2027, either party can cancel each agreement with 90 days' written notice.
AmazonCloud computeAt least $110.0BMay 2026 to April 2036Non-cancelable except for Amazon's uncured material breach. A shortfall is paid to Amazon as a true-up.
MicrosoftCloud computeAt least $44.9BNovember 2026 to June 2033Non-cancelable except for Microsoft's uncured material breach, or per tranche for tranches not delivered.
NscaleCompute on NVIDIA GPUsUp to $44.6BInto 2033; fees only as capacity is deliveredNon-cancelable except in limited cases, including Nscale missing delivery or availability requirements or an uncured material breach.
LambdaCompute on NVIDIA GPUsAbout $41.3BInto 2034; fees only as capacity is deliveredEither party can end the August 2026 agreement ($34.9 billion of the total) if Lambda does not secure the facility lease in time. Otherwise non-cancelable except for breach or other limited cases.
Google and other TPU providersAdditional TPU compute delivered 2028 to 2031, no fixed amount$125.0B-$150.0B, estimatedNo fixed amount; not in the totals-
AMDHelios rack-scale systems from 2027, no fixed amountOver $20.0B, estimatedNo fixed amount; not in the totals-

Cancellation terms and the S-1 wording for each agreement

Revenue and operating profit per employee, each company

373 S&P 500 companies with four reported quarters and a 10-K headcount, plus Anthropic from its IPO filing. Last 12 months.

Operating profit per employee−$2.0M$0$2.0M$4.0M$6.0M$8.0M$30K$100K$300K$1.0M$3.0M$10.0M$30.0M$100.0MRevenue per employee

About the data

  • Revenue per employee is high where revenue passes through (refiners, drug distributors) or the staff work for someone else: Host Hotels owns hotels, Marriott employs the people who run them.
  • Revenue and operating profit are each company's last four reported quarters; employees are the headcount in its latest 10-K. Some companies count full-time equivalents, and none count contractors.
  • Anthropic's revenue per employee is its own figure, for the 12 months to 30 September 2026 over about 5,300 employees. Its operating profit is the sum of the four quarters to 30 September 2026 in its amended S-1.

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