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Google: Supplier, Channel, Investor and LenderNarrow moat

Anthropic (ANT) — moat facet

Google sells Anthropic chips, bills its customers, owns its stock and has $20 billion of credit on the table, with its own ownership capped at 14.99% and the timing of every draw in its hands.

No relationship in this filing is stranger than the one with Google, because Google occupies four positions at once and the fifth is rival.

Google in five roles, as the S-1 sets them outRival1 of 2 primary model competitors namedSupplierTPUs, 1 of 4 chip architecturesChannelGemini Enterprise Agent Platform, 1 of 3 layersShareholderownership capped at 14.99%Lender$20,000M available to 31 December 2030Anthropic Form S-1, competition, concentrations and note purchase agreement sections
A competitor holding four other positions.

It is a supplier: Claude runs on a "multi-chip compute architecture across AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs" held as "a single, fungible pool from multiple strategic partners"1, which the Moat pages set out in full; the announced agreement runs to up to 1 million TPUs and over 1 GW2, later expanded with Broadcom to multiple gigawatts3. It is a channel: Claude is sold through the Gemini Enterprise Agent Platform, one of the three cloud AI service layers the filing lists under Multi-Cloud Distribution4. It is a shareholder: the filing records that certain of the cloud providers hold Anthropic's own "non-voting redeemable convertible preferred stock and convertible notes"5, and Google's stake has been reported at roughly 14%, built from an initial $300M investment in 20236. And it is a lender: the Google 2026 NPA makes $20,000M available, none of it drawn at 30 June 2026, with requests possible through 31 December 20307.

The loan's terms are where the leverage shows. Draws are "driven by the achievement of certain conditions under certain third-party compute agreements" and specified trailing revenue targets, "which we have historically surpassed", so Anthropic earns its way into the facility — but Google chooses the timing, funding each issuance over five quarterly closings unless it elects a single one, and may defer the revenue-linked draws8. Share issuances are capped so they would not take Google's ownership past "exceed 14.99% of our outstanding capitalization" on a post-money, as-converted basis, unless Google waives the cap in its sole discretion9. Set the cap beside the reported stake and the lender is already against its own ceiling.

The rival half of the relationship is not small, and it is the half nobody prices. Menlo Ventures put Google at 21% of enterprise LLM API spend in December 2025, up from 7% in 2023 and behind Anthropic at 40% and OpenAI at 27%10, while the a16z survey of chief information officers found that Google, along with Anthropic, "made considerable strides" against an OpenAI that "maintained overall market share leadership"11. A supplier taking a fifth of the market it supplies is in a position no ordinary vendor occupies.

There is one more clause. Anthropic "granted Google an option to purchase up to $10.0 billion" of Class N common stock in a private placement at the offering price, which if exercised reduces the notes available by the same amount12. Google can convert half the credit line into equity at the IPO price, at its own election.

Anthropic's protection is that Amazon holds a near-identical set of positions and Broadcom finances the equipment leases, so no single counterparty is decisive. Watch the drawn balance against that $20,000M: a large draw would both tie Anthropic tighter to one supplier and push a competitor toward the ownership limit it negotiated for itself.

Moat trajectory: Holding steady

Four roles unchanged; the facility is committed, undrawn and runs to December 2030.

The number that tests this moat
Reported
Google credit facility available and drawn
$20,000M available, $0 drawn (30 June 2026)

The rival that is also the lender; a large draw would deepen the dependence and carry Google toward the 14.99% ownership cap it negotiated.

Source: Anthropic Form S-1, 26 October 2026 ↗
References
  1. ReportedIt is a supplier: Claude runs on a "multi-chip compute architecture across AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs" held as "a single, fungible pool from multiple strategic partners", which the Moat pages set out in full; the announced agreement runs to up to 1 million TPUs and over 1 GW, later expanded with Broadcom to multiple gigawatts.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the business section: the mission, the core advantages, the enterprise strategy and the partner programmes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  2. ReportedIt is a supplier: Claude runs on a "multi-chip compute architecture across AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs" held as "a single, fungible pool from multiple strategic partners", which the Moat pages set out in full; the announced agreement runs to up to 1 million TPUs and over 1 GW, later expanded with Broadcom to multiple gigawatts.
    Google Cloud / Anthropic — agreement expanding Anthropic's use of Google Cloud TPUs: up to 1 million TPUs, over 1 GW of capacity, valued in the tens of billions (Oct 23, 2025) — Oct 2025 · publ. Oct 23, 2025 · source ↗
  3. ReportedIt is a supplier: Claude runs on a "multi-chip compute architecture across AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs" held as "a single, fungible pool from multiple strategic partners", which the Moat pages set out in full; the announced agreement runs to up to 1 million TPUs and over 1 GW, later expanded with Broadcom to multiple gigawatts.
    Anthropic — expanded partnership with Google (and Broadcom) for multiple gigawatts of next-generation compute; reported as an estimated $200B commitment over five years for Google Cloud and TPU capacity, with market coverage placing it at more than 40% of Google Cloud's total revenue backlog — 2026 · publ. May 2026 · source ↗
  4. ReportedIt is a channel: Claude is sold through the Gemini Enterprise Agent Platform, one of the three cloud AI service layers the filing lists under Multi-Cloud Distribution.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the business section: the mission, the core advantages, the enterprise strategy and the partner programmes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  5. ReportedIt is a shareholder: the filing records that certain of the cloud providers hold Anthropic's own "non-voting redeemable convertible preferred stock and convertible notes", and Google's stake has been reported at roughly 14%, built from an initial $300M investment in 2023.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the concentrations of risk note: customers, cloud service providers and receivables. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  6. Third-party estimateIt is a shareholder: the filing records that certain of the cloud providers hold Anthropic's own "non-voting redeemable convertible preferred stock and convertible notes", and Google's stake has been reported at roughly 14%, built from an initial $300M investment in 2023.
    Fortune — Alphabet's stake in Anthropic (roughly 14%, from an initial $300M investment in 2023) produced unrealised gains that, with SpaceX, added roughly $98B to Q2 2026 net income of $112.1B — paper gains at times exceeding the operating business's profits — Q2 2026 · publ. July 2026 · source ↗
  7. ReportedAnd it is a lender: the Google 2026 NPA makes $20,000M available, none of it drawn at 30 June 2026, with requests possible through 31 December 2030.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the contractual obligations discussion, the note purchase agreements and committed undrawn capital, and the purchase-commitment and lease notes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  8. ReportedDraws are "driven by the achievement of certain conditions under certain third-party compute agreements" and specified trailing revenue targets, "which we have historically surpassed", so Anthropic earns its way into the facility — but Google chooses the timing, funding each issuance over five quarterly closings unless it elects a single one, and may defer the revenue-linked draws.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the contractual obligations discussion, the note purchase agreements and committed undrawn capital, and the purchase-commitment and lease notes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  9. ReportedShare issuances are capped so they would not take Google's ownership past "exceed 14.99% of our outstanding capitalization" on a post-money, as-converted basis, unless Google waives the cap in its sole discretion.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the contractual obligations discussion, the note purchase agreements and committed undrawn capital, and the purchase-commitment and lease notes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  10. Third-party estimateMenlo Ventures put Google at 21% of enterprise LLM API spend in December 2025, up from 7% in 2023 and behind Anthropic at 40% and OpenAI at 27%, while the a16z survey of chief information officers found that Google, along with Anthropic, "made considerable strides" against an OpenAI that "maintained overall market share leadership".
    Menlo Ventures, The State of Generative AI in the Enterprise, December 2025 - enterprise LLM API spend shares of Anthropic 40%, OpenAI 27% and Google 21%, with Anthropic up from 24% a year earlier and 12% in 2023 and OpenAI down from 50% in 2023; enterprise coding Anthropic 54% against OpenAI 21%, up from 42% six months earlier; Google, OpenAI and Anthropic together 88% of enterprise LLM API usage with the remaining 12% spread across Meta Llama, Cohere, Mistral and a long tail; Google rose from 7% in 2023 to 21% in 2025; enterprise open-source share declined "from 19% last year to 11% today" and open-source LLMs "hold only 11% of today's market"; Chinese open-weight models "account for just 1% of total LLM API usage (roughly 10% of enterprise open-source)"; enterprise LLM spend $3.5bn in November 2024 and $8.4bn by mid-2025. Based on a survey of 495 US enterprise AI decision-makers conducted 7-25 November 2025, measuring estimated dollars spent on production API usage. Menlo Ventures is an investor in Anthropic and marks it a portfolio company in the report. — December 2025 · publ. December 2025 · source ↗
  11. Third-party estimateMenlo Ventures put Google at 21% of enterprise LLM API spend in December 2025, up from 7% in 2023 and behind Anthropic at 40% and OpenAI at 27%, while the a16z survey of chief information officers found that Google, along with Anthropic, "made considerable strides" against an OpenAI that "maintained overall market share leadership".
    Andreessen Horowitz, enterprise AI survey of 100 chief information officers, 2025 - "OpenAI maintained overall market share leadership, while Google and Anthropic made considerable strides"; Anthropic third on overall adoption and first in coding. — 2025 · publ. 2025 · source ↗
  12. ReportedAnthropic "granted Google an option to purchase up to $10.0 billion" of Class N common stock in a private placement at the offering price, which if exercised reduces the notes available by the same amount.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the contractual obligations discussion, the note purchase agreements and committed undrawn capital, and the purchase-commitment and lease notes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
Sources
Generated October 26, 2026