Anthropic's S-1 Shows $16.3bn of Revenue and a $693m Loss

Anthropic filed a Form S-1 with the US Securities and Exchange Commission on 26 October 2026 and applied to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. The filing puts revenue at $16,286m for the six months to 30 June 2026, against $1,163m in the same period of 2025, and the net loss for the half at $80,748m.

The net loss is the figure that will travel, and it is the least useful one in the document. Of the $80.7bn, the filing attributes $72,388m to the change in fair value of convertible notes, derivative liabilities and simple agreements for future equity, a charge that grows as the company's own estimated value grows. Set the financing items aside and the first half shows an operating loss of $693m, narrower than the $2,135m operating loss a year earlier, with the second quarter producing an operating profit of $974m. Reuters, reporting on the filing on 26 October, tied the widening net loss to the same rise in the value of bonds convertible into the company's shares.

The cash statements point the other way from the income statement. Operations brought in $3.9bn of cash in the half after using $1.5bn in the first half of 2025, and the company held $131.7bn of cash and short-term investments on 30 June 2026. Anthropic reported about 5,300 employees on 30 September 2026. Customers paying $100,000 or more a year rose from more than 950 to more than 11,900 over the twelve months to that date.

The bills are fixed and the revenue is not

CNBC, reading the prospectus on 26 October, put Anthropic's future compute obligations at approximately $417bn across data centres, the computing equipment inside them and cloud services, under agreements that begin in 2026 and 2027 and run from under a year to twenty years. The largest individual lines are about $161.2bn of rent on five-year Broadcom equipment leases, minimum commitments of at least $110.0bn to Amazon through April 2036 and at least $114.5bn to Google through July 2033, at least $44.9bn to Microsoft through May 2033, and up to $120.5bn to SpaceXAI into 2029. The company also said it could buy more than $20bn of AMD chips from 2027.

The filing adds that a growing number of large customers now sign annual or longer contracts with minimum spending attached. The honest reading is that Anthropic has turned a revenue stream its customers can switch off into a set of liabilities running to 2036, and that the offering is partly how it funds the gap between the two. On usage concentration the public filing is reassuring rather than alarming: no single customer accounted for more than 10 per cent of revenue in the nine months to 30 September 2026.

Suppliers, shareholders and shop windows

Amazon and Google will each hold more than 5 per cent of the company after the offering, in shares that carry no vote, and both are among the suppliers owed those minimum commitments. About 48 per cent of first-half revenue came through the cloud marketplaces of Amazon, Google and Microsoft, which makes the same three companies investors, landlords and sales channels at once. Anthropic told the SEC that it depends on a limited number of cloud providers and on suppliers including Broadcom, and that those relationships can create what Reuters quoted the filing as calling dependencies and potential vulnerabilities.

What buyers of ANT will not get

Control does not come with the shares. A Long-Term Benefit Trust holds a Class T share that elects most of the board, and a company owned by the seven co-founders holds a single Class F share carrying 50.1 per cent of the vote for the remaining seats. The filing states that the trust and the founders together will be able to elect every director. Anthropic is a Delaware public benefit corporation, so its directors are required to weigh a stated public purpose alongside shareholder returns, and it has never paid a dividend.

Political risk gets its own section. The S-1 records that in February 2026 the President said he had directed federal agencies to stop using Anthropic's technology, and that the Department of War moved to designate the company a supply-chain risk to national security. A federal court in California largely ruled for Anthropic in August 2026, and on 25 September the DC Circuit upheld one designation by two votes to one, a decision Anthropic has asked the full court to rehear. Government contracts accounted for about 1 per cent of revenue.

What the filing does not say is what the company is worth. The price range, the share count and the amount to be raised are all blank, so every valuation circulating this week comes from press reports rather than from the prospectus. The strongest case against reading the loss as distress is the cash: operations were cash-generative in the first half and the balance sheet held $131.7bn in June, which buys more time than the income statement implies. Whether revenue growth of this shape survives contact with the fixed bills is the question the price range will be set against.