Two numbers pointing in opposite directions
Anthropic filed its Form S-1 with the US Securities and Exchange Commission on Monday, applying to list Class A common stock on the Nasdaq Global Select Market under the symbol “ANT”. The preliminary prospectus leaves the share count and the price range blank, as drafts at this stage normally do. It does not leave the accounts blank.
Revenue for the six months to 30 June 2026 was $16.29bn, against $1.16bn in the same period of 2025. Operating expenses came to $16.98bn, leaving an operating loss of $693m — narrower in absolute terms than the $2.14bn a year earlier, on fourteen times the revenue. In the second quarter alone, Anthropic reported operating income of $974m on revenue of $11.6bn, an operating margin of 8% against negative 152% in the same quarter of 2025.
The net loss for the half was $80.75bn. Almost all of it sits in a single line: a $72.39bn charge for the change in fair value of convertible notes, derivative liabilities and simple agreements for future equity. The filing says that charge was “primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation.” The loss, in other words, gets bigger as the company gets more valuable, and the notes are expected to be settled in shares rather than cash. Another $8.76bn sits under other expense.
Eight compute suppliers, named one at a time
The prospectus itemises Anthropic’s committed spending on compute. It lists at least $44.9bn to Microsoft between November 2026 and May 2033; at least roughly $114.5bn to Google between April 2026 and July 2033, plus an estimated $125bn to $150bn of additional TPU capacity to be delivered between 2028 and 2031; and at least $110.0bn to Amazon between May 2026 and April 2036. All three are described as payable regardless of actual usage.
Below those sit agreements of up to $120.5bn with SpaceXAI LLC — the entity the filing identifies as the former X.AI LLC, now a wholly owned subsidiary of Space Exploration Technologies — rising to about $3.1bn a month once all capacity is delivered, which Anthropic expects in December 2026. There is up to about $44.6bn with Nscale, about $41.3bn with Lambda, more than $20.0bn expected under a hardware supply agreement with AMD, and roughly $161.2bn of rent excluding interest under five-year equipment leases with Broadcom.
Against that, the balance sheet at 30 June held $112.4bn of cash and cash equivalents, $19.3bn of short-term investments and $2.5bn of restricted cash. The line that would total the contractual obligations is one of the figures left blank in this draft.
The governance an investor is being asked to accept
Anthropic is incorporated as a Delaware public benefit corporation, and the share structure reflects it. Immediately before the offering the company will issue a single share of Class F common stock to a limited liability company whose sole members are the seven co-founders. That one share carries votes equal to 50.1% of total voting power on matters put to stockholders, and no economic rights at all.
Separately, the Long-Term Benefit Trust holds Class T common stock and has the authority to elect and remove the Class T directors, who the filing says will constitute a majority of the board. Class T has no other stockholder voting rights and no economic rights. Employees other than the co-founders will hold Class E stock, which votes on limited matters and has no economic rights; strategic business partners hold non-voting Class N. Anthropic states that it qualifies as a “controlled company” under Nasdaq’s governance rules.
What the filing says about its customers
No single customer accounted for more than 10% of revenue in the nine months to 30 September 2026, and the top five together accounted for about 25%. Customers generating $100,000 or more of revenue on a trailing-twelve-month basis went from more than 950 a year earlier to more than 11,900. Net revenue retention was about 900%.
Anthropic put headcount at roughly 5,300 at the end of September, with trailing-twelve-month revenue per employee of more than $6.6m, and said that more than 90% of the contributions to its own codebase in September 2026 were written by Claude.
The next document to watch is the amendment that fills in the price range and the share count. Twenty-two underwriters are listed, led by Goldman Sachs, Morgan Stanley, J.P. Morgan and Citigroup.
