Anthropic IPO: its S-1 shows revenue up 1,368% in a year
Anthropic filed its S-1 on 26 Oct 2026 to list on Nasdaq as ANT. Revenue reached $11.6 billion in the second quarter of 2026, a quarter with a $974 million operating profit. It has agreed to spend at least $114.5 billion with Google and $110.0 billion with Amazon on compute.
Headlines
- Revenue, Q2 2026
- $11.6B
- Up 1,368% from $787M
- Operating profit, Q2 2026
- $974M
- Loss of $1.7B in Q1 2026
- Net loss, first half of 2026
- $80.7B
- $72.4B from the value of convertible notes
- Largest compute commitment
- $161.2B
- Broadcom, over the life of the agreement
Anthropic revenue by quarter
Up 1,368% in the second quarter of 2026 from a year earlier. The S-1 leaves revenue for the third quarter blank.
| Period | Revenue |
|---|---|
| 2023 | $41M |
| 2024 | $386M |
| 2025 | $4,585M |
| First half of 2025 | $1,163M |
| First half of 2026 | $16,286M |
| Three months to 31 Mar 2025 | $376M |
| Three months to 30 Jun 2025 | $787M |
| Three months to 30 Sep 2025 | $1,382M |
| Three months to 31 Dec 2025 | $2,040M |
| Three months to 31 Mar 2026 | $4,731M |
| Three months to 30 Jun 2026 | $11,555M |
Anthropic's compute commitments by partner
Total spend over each agreement's life, as stated in the S-1, not yearly spending. Terms run to as late as 2036.
Term and whether it can be cancelled
- Broadcom: about $161.2BLeases of Google TPU-based compute equipment. Five-year leases.Non-cancelable by either party during the lease period, except in the case of a default.
- SpaceXAI: up to $120.5BCompute on NVIDIA GPUs. Into 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.
- Google: at least $114.5BCloud compute. April 2026 to July 2033.Non-cancelable except for Google's uncured material breach. A shortfall is paid to Google as a true-up.
- Amazon: at least $110.0BCloud compute. May 2026 to April 2036.Non-cancelable except for Amazon's uncured material breach. A shortfall is paid to Amazon as a true-up.
- Microsoft: at least $44.9BCloud compute. November 2026 to May 2033.Non-cancelable except for Microsoft's uncured material breach, or per tranche for tranches not delivered.
- Nscale: up to $44.6BCompute on NVIDIA GPUs. Into 2033; fees only as capacity is delivered.Non-cancelable except in limited cases, including Nscale missing delivery or availability requirements or an uncured material breach.
- Lambda: about $41.3BCompute on NVIDIA GPUs. Into 2034; fees only as capacity is delivered.Either 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 providers: $125.0B-$150.0B, estimatedAdditional TPU compute delivered 2028 to 2031, no fixed amount. Not in the totals.
- AMD: over $20.0B, estimatedHelios rack-scale systems from 2027, no fixed amount. Not in the totals.
| Partner | Amount | Cancellation |
|---|---|---|
| BroadcomLeases of Google TPU-based compute equipment | About $161.2B | Non-cancelable by either party during the lease period, except in the case of a default. |
| SpaceXAICompute on NVIDIA GPUs | Up to $120.5B | After non-cancelable periods ending in January 2027 and March 2027, either party can cancel each agreement with 90 days' written notice. |
| GoogleCloud compute | At least $114.5B | Non-cancelable except for Google's uncured material breach. A shortfall is paid to Google as a true-up. |
| AmazonCloud compute | At least $110.0B | Non-cancelable except for Amazon's uncured material breach. A shortfall is paid to Amazon as a true-up. |
| MicrosoftCloud compute | At least $44.9B | Non-cancelable except for Microsoft's uncured material breach, or per tranche for tranches not delivered. |
| NscaleCompute on NVIDIA GPUs | Up to $44.6B | Non-cancelable except in limited cases, including Nscale missing delivery or availability requirements or an uncured material breach. |
| LambdaCompute on NVIDIA GPUs | About $41.3B | Either 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, estimated | - |
| AMDHelios rack-scale systems from 2027, no fixed amount | Over $20.0B, estimated | - |
As of 30 June 2026 the S-1 puts fixed or minimum purchase commitments at about $265.6 billion, and agreements signed after that date add about $245 billion. Its total of all commitments is left blank.
The S-1 wording for each agreement
- Broadcom. “Our rent payments over the life of these leases are equal to an aggregate of approximately $161.2 billion excluding interest, with rent payable in quarterly installments and payment obligations typically commencing upon AI infrastructure equipment becoming “ready for service” at the applicable data center facility.” “The Lease Arrangements are non-cancelable by either party during the applicable lease period except in the case of a default.”
- SpaceXAI. “Under the SpaceXAI Arrangements, we agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029, consisting of approximately $3.1 billion in the aggregate per month once all capacity has been delivered, which we expect in December 2026, with different fees during capacity ramping periods.” “Following initial non-cancelable periods ending in January 2027 and March 2027 under the respective agreements, each agreement may be cancelled by either party upon 90 days’ advance written notice.”
- Google. “In March 2026, we entered into an agreement with Google, which was subsequently amended between May and August 2026, and pursuant to which we committed to spend at least approximately $114.5 billion between April 2026 and July 2033, regardless of actual usage.” “Our commitments under such agreement are non-cancelable except in the event of Google’s uncured material breach.”
- Amazon. “In April 2026, we entered into an agreement with Amazon, pursuant to which we committed to spend an aggregate of at least $110.0 billion between May 2026 and April 2036, regardless of actual usage.” “Our commitment under such agreement is non-cancelable except in the event of Amazon’s uncured material breach.”
- Microsoft. “In November 2025, we entered into an agreement with Microsoft, which was subsequently amended in February and October 2026, pursuant to which we committed to spend an aggregate of at least $44.9 billion between November 2026 and May 2033, regardless of actual usage.” “Our commitment under such agreement is non-cancelable except in the event of Microsoft’s uncured material breach or, on a per-tranche basis, for undelivered tranches.”
- Nscale. “Under the Nscale Services Agreements, we agreed to spend an aggregate of up to approximately $44.6 billion over terms extending into 2033, with fees accruing only as capacity is delivered to and accepted by us.” “Otherwise, our commitment under each agreement is non-cancelable except in limited circumstances, including Nscale’s failure to meet specified delivery or service availability requirements or an uncured material breach by the applicable Nscale entity.”
- Lambda. “Under the Lambda Agreements, we agreed to spend an aggregate of approximately $41.3 billion over terms extending into 2034, with fees accruing only as capacity is delivered to and accepted by us.” “Under our August 2026 agreement, which represents approximately $34.9 billion of the aggregate commitment, either party may terminate if Lambda does not timely secure the facility lease.”
Revenue per dollar of compute
Revenue divided by compute and infrastructure expense, both from the S-1's income statement: $2.08 in the second quarter of 2026, $0.40 in the first quarter of 2025.
| Period | Revenue per $1 |
|---|---|
| 2023 | $0.09 |
| 2024 | $0.15 |
| 2025 | $0.63 |
| First half of 2025 | $0.50 |
| First half of 2026 | $1.82 |
| Three months to 31 Mar 2025 | $0.40 |
| Three months to 30 Jun 2025 | $0.57 |
| Three months to 30 Sep 2025 | $0.68 |
| Three months to 31 Dec 2025 | $0.69 |
| Three months to 31 Mar 2026 | $1.40 |
| Three months to 30 Jun 2026 | $2.08 |
Anthropic's costs and operating income
In millions of dollars; losses in brackets. Other includes the $1.5 billion Bartz copyright settlement in the third quarter of 2025.
| Period | Revenue | Compute | Operating income |
|---|---|---|---|
| Q1 2025 | 376 | 944 | (935) |
| Q2 2025 | 787 | 1,390 | (1,200) |
| Q3 2025 | 1,382 | 2,047 | (3,089) |
| Q4 2025 | 2,040 | 2,945 | (2,836) |
| Q1 2026 | 4,731 | 3,387 | (1,667) |
| Q2 2026 | 11,555 | 5,558 | 974 |
| Period | Revenue | Compute | Operating income |
|---|---|---|---|
| 2023 | 41 | 433 | (551) |
| 2024 | 386 | 2,522 | (2,980) |
| 2025 | 4,585 | 7,326 | (8,060) |
| H1 2025 | 1,163 | 2,334 | (2,135) |
| H1 2026 | 16,286 | 8,945 | (693) |
Why Anthropic's net loss was $80.7 billion
First half of 2026. $72.4 billion of it is a change in fair value, mostly of convertible notes that rose with the company's valuation. The cash flow statement adds it back as a non-cash item.
| First half of 2026 | Amount |
|---|---|
| Revenue | $16,286M |
| Operating expenses | -$16,979M |
| Operating loss | -$693M |
| Interest income | $1,111M |
| Change in fair value of convertible notes, derivative liabilities and SAFEs | -$72,388M |
| Other income (expense), mostly note purchase agreements | -$8,757M |
| Income taxes | -$21M |
| Net loss | -$80,748M |
Amazon holds $6.2 billion of convertible notes that convert into Class N shares at $2.0928 and $5.0478 a share, or the IPO price if lower. Changes in the fair value of the notes since 2023 make up $113.2 billion of the $132.9 billion accumulated deficit. Operating cash flow was $3.9 billion in the first half of 2026.
How Anthropic earns its revenue
First half of 2026. Run-Rate Revenue is defined in the S-1, but its value is left blank.
- Usage-based (per token)
- $13.1 billion
- 80% of revenue
- Subscriptions
- $3.2 billion
- 20% of revenue
- Sold through cloud marketplaces
- 48%
- Of revenue, via AWS, Google Cloud and Azure
- Run-Rate Revenue
- Blank
- Not filled in for 31 Oct 2026
Run-Rate Revenue, as the S-1 defines it: usage fees of the last 28 days times 13, plus monthly subscription fees times 12.
Anthropic's customers
As of 30 September 2026. No customer was more than 10% of revenue in the first nine months of 2026; the top five were about 25%.
- Paying $100K+ a year
- 11,900+
- Up from 950+ a year earlier
- Paying $1M+ a year
- 1,900+
- Trailing twelve months
- Paying $10M+ a year
- About 250
- Trailing twelve months
- Net Revenue Retention
- About 900%
- Same customers' revenue against a year earlier
Customers paying $100,000 or more a year
About 5,300 employees as of 30 September 2026, and revenue over the last twelve months of over $6.6 million per employee.
Who controls Anthropic: share classes and votes
After the IPO. The trust picks most of the board, and the co-founders hold a majority of the votes on everything else.
| Class | Votes |
|---|---|
| A | 1 vote a share |
| N | None, except where the law requires |
| T | Elects the Class T directors, a majority of the board |
| F | 50.1% of the votes on matters put to stockholders generally |
| E | Certain limited matters only |
- Anthropic is a Delaware public benefit corporation. Its stated purpose: the responsible development and maintenance of advanced AI for the long-term benefit of humanity.
- The Long-Term Benefit Trust has five trustee seats, one of them vacant. Trustees have no economic interest in the company.
- Nasdaq treats Anthropic as a controlled company. It plans to use that exemption only for its nominating and governance committee.
- Anthropic gave 846,840,960 Class N shares, 5% of its fully diluted shares, to its Anthropic Public Benefit Fund. The co-founders have each pledged 80% of their equity to charity.
Anthropic's largest named shareholders
Class A shares as of 30 September 2026. This first S-1 leaves the ownership percentages, the shares each holder sells and the totals outstanding blank.
| Holder | Class A shares |
|---|---|
| Dario AmodeiCEO, co-founder, director | 240,637,980 |
| Daniela AmodeiPresident, co-founder, chair | 241,408,940 |
| Tom BrownCo-founder, listed as a selling stockholder | 244,173,040 |
| Christopher OlahCo-founder, listed as a selling stockholder | 242,882,420 |
| Jared KaplanCo-founder, listed as a selling stockholder | 242,351,170 |
| Jack ClarkCo-founder, listed as a selling stockholder | 242,271,840 |
| Sam McCandlishCo-founder, listed as a selling stockholder | 231,809,780 |
| Krishna RaoChief Financial Officer | 9,497,900 |
| Vas NarasimhanDirector | 176,050 |
| Reed HastingsDirector | 9,410 |
| Christopher LiddellDirector | 9,410 |
Anthropic IPO terms
From the newest registration statement. Terms left blank there are not set yet.
- Exchange
- Nasdaq Global Select Market
- Ticker
- ANT
- Price range
- Not set yet
- Shares offered
- Not set yet
- Expected to raise
- Not set yet
- Registered
- $1.0B, the amount the filing fee is paid on
- Underwriters
- Goldman Sachs & Co. LLC, Morgan Stanley and J.P. Morgan, with 19 more banks
- First filed
- 26 Oct 2026
- Use of the money
- General corporate purposes, including compute and infrastructure and hiring, possibly acquisitions, and the taxes due on restricted stock units that settle at the IPO.
Anthropic's IPO filings
The registration statement, each amendment and the final prospectus, oldest first.
| Filed | Form |
|---|---|
| 26 Oct 2026 | S-1 |
Anthropic IPO: questions and answers
When did Anthropic file for its IPO?
Anthropic, PBC filed its S-1 registration statement with the SEC on 26 Oct 2026.
Where will Anthropic list, and under what ticker?
Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT.
What is the Anthropic IPO price range?
Not set yet. The first S-1 leaves the price range, the number of shares and the expected proceeds blank. Companies usually add them in an amended S-1 shortly before pricing.
How much revenue does Anthropic make?
Revenue was $4.6 billion in 2025, up from $386 million in 2024, and $16.3 billion in the first half of 2026, up from $1.2 billion a year earlier. In the second quarter of 2026 it was $11.6 billion, up 1,368% from $787 million a year earlier.
Is Anthropic profitable?
It made an operating profit of $974 million in the second quarter of 2026, after operating losses in every earlier quarter shown. For the first half of 2026 it had an operating loss of $693 million and a net loss of $80.7 billion. Of the net loss, $72.4 billion is a change in the fair value of convertible notes and related instruments, which rose with the company's valuation. The cash flow statement adds it back as a non-cash item.
Who controls Anthropic after the IPO?
A single share of Class F stock, held by a company of the seven co-founders, carries 50.1% of the votes on matters put to stockholders generally. The Long-Term Benefit Trust holds the Class T share and elects the Class T directors, who are a majority of the board. Nasdaq rules treat Anthropic as a controlled company, and it is a public benefit corporation.
How much has Anthropic committed to spend on compute?
The S-1 names multi-year agreements including $114.5 billion with Google (at least, to July 2033), $110.0 billion with Amazon (at least, to April 2036), up to $120.5 billion with SpaceXAI and $161.2 billion in Broadcom equipment leases. As of 30 June 2026 its fixed or minimum commitments were about $265.6 billion, and it signed about $245 billion more after that date.
How many employees does Anthropic have?
About 5,300 employees as of 30 September 2026, according to the S-1.
About the data
- Every number on this page comes from Anthropic's S-1 filed on 26 Oct 2026. The data file holds each one with the S-1 sentence or table row it is taken from, and a test checks each quote against the filing.
- Financial statements run to 30 June 2026; customer and employee counts to 30 September 2026. Fields the S-1 leaves blank, such as the price range, shares offered and Run-Rate Revenue, are shown as not set.
- Revenue per dollar of compute is revenue divided by compute and infrastructure expense for the same period. It is our calculation, not a measure the S-1 reports.
- Commitments are the amounts each agreement states over its whole term. They are not yearly spending, and some are minimums (at least) while others are ceilings (up to).