Anthropic files its IPO prospectus, detailing revenue, margins, compute commitments and founder control

Anthropic filed its IPO prospectus with the SEC

Anthropic, PBC, the company behind Claude, filed its Form S-1 with the US Securities and Exchange Commission on Oct. 26, making public a draft it had submitted confidentially in June. Its Class A shares will trade on the Nasdaq Global Select Market under the ticker ANT.

Goldman Sachs and Morgan Stanley lead the offering. The price range, share count and offering size are left blank in the filing. The Wall Street Journal reported a target listing in the week of Nov. 16, a raise of $100 billion or more and a valuation of $1.5 trillion to $2 trillion; the company has not confirmed those figures.

Anthropic@AnthropicAI

Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO.

Read more: anthropic.com/news/s1-sec

Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Revenue went from $41 million to more than $16 billion in two and a half years

According to the S-1, annual revenue was $41 million in 2023, $386 million in 2024 and $4.59 billion in 2025. Revenue reached $16.29 billion in the first half of 2026, up from $1.16 billion a year earlier. The second quarter alone brought in $11.6 billion. The filing states plainly that the company expects its growth rate to decline over time.

As of Sept. 30, more than 1,900 customers were bringing in over $1 million a year. Net revenue retention was about 900%, meaning that customers from a year earlier, excluding Pro and Max subscribers, spend roughly nine times as much per quarter. The top five customers accounted for about 25% of revenue in the first nine months of 2026.

The 85% gross margin isn’t in the filing; it is derived from a table in the notes

Since 2025, Anthropic no longer reports gross profit on its income statement. A table in Note 8 that groups expenses by function still lists cost of revenue: $2.38 billion against $16.29 billion of revenue in the first half of 2026. That works out to a gross margin of about 85%. The same calculation gives about 12% for the first half of 2025 and about 40% for full-year 2025. Stephanie Palazzolo of The Information also reported the 85% figure.

That margin covers only part of the compute bill. Cost of revenue consists almost entirely of compute for serving customers. Model training sits in research and development, which reached $9.74 billion in the half, and compute for free users is booked under sales and marketing.

A chart in the S-1 uses total compute and infrastructure expenses instead. By that measure, every $1 spent brought in $0.40 of revenue in the first quarter of 2025 and $2.08 in the second quarter of 2026, which the company presents as a 5.2x efficiency gain.

An operating profit in the second quarter, an $80.7 billion net loss in the half

The S-1’s quarterly table shows a $974 million operating profit in the second quarter of 2026, after losses in all five earlier quarters it lists. The first half as a whole still shows a $693 million operating loss, down from $2.1 billion. Excluding stock-based compensation and non-cash charitable contributions, its non-GAAP “Adjusted Operating Income” was $1.6 billion, a 10% margin.

Of the $80.7 billion first-half net loss, $72.4 billion is a non-cash charge from the rising fair value of convertible notes, derivative liabilities and SAFEs as the valuation climbed. Operating activities generated $3.9 billion of cash in the half.

Compute commitments run into the hundreds of billions

The S-1 details four large non-cancelable contracts. They commit at least $44.9 billion to Microsoft, $114.5 billion to Google and $110 billion to Amazon, plus about $161.2 billion of rent on five-year Broadcom equipment leases. Together these four come to about $430 billion; the filing gives no total, and Yahoo Finance also put the locked-in commitments at more than $430 billion.

A separate deal of up to $120.5 billion with SpaceXAI, a SpaceX unit, for Nvidia GPUs can be canceled on 90 days’ notice after its initial periods. Yahoo Finance said cancelable and smaller deals like this bring the total to as much as $637 billion.

Bloomberg reported that Broadcom also arranged a $63 billion financing package with Bank of America, Blackstone, Citigroup and Morgan Stanley to fund chips for Anthropic. A newly formed special purpose vehicle will buy Broadcom chips and lease them to Anthropic. Broadcom is backstopping part of the financing with “residual value support.” Reuters reported that deliveries begin in 2027.

The founders will control 50.1% of the vote

Class A shares carry one vote each; the Class N shares held by Amazon and Google carry none. A single Class T share lets the Long-Term Benefit Trust elect a board majority. A single Class F share held by Founder LLC, whose members are the seven co-founders, carries a fixed 50.1% of the vote. Class A holders are therefore capped at 49.9%.

Each co-founder has pledged 80% of their personal equity to philanthropy. The filing also warns that advanced AI could pose “catastrophic or existential risks to humanity.” Its risk factors cover an FTC civil investigative demand from October 2026 and the ongoing “supply-chain risk” litigation with the US Department of War.