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◆ Inside the Latest Period (H1 2026)

Anthropic (ANT) — the variant view

In six months Anthropic grew revenue fourteen-fold, cut its operating loss by two-thirds and built a sales organisation that now costs more than its researchers.

📈 ANT valuation, revenue & earnings — P/E, P/S, revenue, EPS →

The first half of 2026 is the period in which Anthropic stopped looking like a laboratory. Revenue was $16,286M against $1,163M a year earlier1, growth of 1,300%2, and more than three times the whole of 2025.

First half of 2026 against the first half of 2025Revenue$1,163M to $16,286M, up 1,300%Operating loss$2,135M to $693MSales, marketing and partnerships$120M to $3,168MPersonnel$538M to $3,152MInterest income$115M to $1,111MAccounts receivable$909M to $5,833MAnthropic Form S-1; receivables are 31 December 2025 to 30 June 2026
A smaller loss on fourteen times the revenue.

The operating loss fell while that happened, which is the part worth sitting with. It was $2,135M in the first half of 2025 and $693M in the first half of 20263. Total operating expenses went from $3,298M to $16,979M4 — five times — while revenue went up fourteen times. Compute and infrastructure took 55% of revenue, personnel 19% and sales and marketing 19%5.

The largest change in the cost base is the newest one. Sales, marketing and partnerships went from $120M to $3,168M6, about twenty-six times, and is now slightly larger than the entire personnel bill of $3,152M7. A research lab that spent $2M on selling in 20238 now spends more on it than on its researchers.

The balance sheet moved further than the income statement. Total assets went from $24,661M at the end of 2025 to $147,358M at 30 June 20269. Accounts receivable went from $909M to $5,833M and deferred revenue from $269M to $1,650M10 — customers now owe Anthropic more than it earned in all of 2025, and have prepaid for more than it earned in 2024. Cash and short-term investments of $131,651M generated $1,111M of interest income in the half11, more than the company's entire revenue in any year before 2025.

Most of that balance sheet belongs to somebody else. Redeemable convertible preferred stock stood at $157,510M and convertible notes at $108,566M, against a total stockholders' deficit of $127,619M12. The operating assets inside it remain small: property and equipment was $1,187M and goodwill $576M at 30 June 2026, against $146M and $154M at the end of 202513. Anthropic is buying compute rather than building it.

One line on the balance sheet explains the whole shape of the loss. Anthropic's total indebtedness is $6.2 billion of principal, while the convertible notes payable carried on the balance sheet at fair value are $108,566M14 — about seventeen times as much15. The notes are carried at what the equity they turn into is now worth, not at what was borrowed, so the $72,388M charge is the distance between those two numbers widening over six months.

Two things in this period deserve a second look next time. One is the receivables line, which grew faster than revenue; the other is sales and marketing, which cannot keep growing twenty-six-fold. If the next half shows receivables growing faster than revenue again while the operating loss widens, the growth will have been bought rather than earned.

References
  1. ReportedRevenue was $16,286M against $1,163M a year earlier, growth of 1,300%, and more than three times the whole of 2025.
    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 consolidated statements of operations and the summary consolidated financial data. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  2. Moat Explorer calcRevenue was $16,286M against $1,163M a year earlier, growth of 1,300%, and more than three times the whole of 2025.
    Moat Explorer calculation from the figures in Anthropic's Form S-1. Trailing twelve months to 30 June 2026, computed as FY2025 less H1 2025 plus H1 2026: revenue 4,585 - 1,163 + 16,286 = 19,708; net loss (41,965) - (12,969) + (80,748) = (109,744); operating loss (8,060) - (2,135) + (693) = (6,618); net loss per share (23.04) - (7.25) + (39.88) = (55.67); United States revenue 3,362 - 820 + 11,763 = 14,305 and International 1,223 - 343 + 4,523 = 5,403. Market value 3,041,435 thousand shares outstanding at 30 June 2026 (853,394 preferred + 2,157,398 Class A + 30,643 Class N) multiplied by the $589.0095 Series H-1 issue price = $1,791,434M. Multiples: 1,791,434 / 19,708 = 90.9 times trailing revenue; 1,791,434 / (16,286 x 2) = 55.0 times annualised first-half revenue; 1,791,434 / 4,585 = 390.7 times FY2025 revenue. Revenue growth 386 / 41 - 1 = +841% (2024), 4,585 / 386 - 1 = +1,088% (2025), 16,286 / 1,163 - 1 = +1,300% (H1 2026 against H1 2025). United States share of revenue 34 / 41 = 82.9% (2023), 263 / 386 = 68.1% (2024), 3,362 / 4,585 = 73.3% (2025), 11,763 / 16,286 = 72.2% (H1 2026), 14,305 / 19,708 = 72.6% (trailing twelve months). H1 2026 non-operating charge (80,748) - (693) = (80,055). First-half operating expenses against revenue: compute 8,945 / 16,286 = 55%, personnel 3,152 / 16,286 = 19%, sales and marketing 3,168 / 16,286 = 19%. Cash and short-term investments plus undrawn committed notes 131,651 + 77,000 = 208,651. The Bartz settlement against 2025 revenue 1,500 / 4,585 = 32.7%. Compute and infrastructure spend 2023-H1 2026 433 + 2,522 + 7,326 + 8,945 = 19,226 against cumulative revenue 41 + 386 + 4,585 + 16,286 = 21,298. From the Note 8 functional expense table, implied gross margin (revenue less cost of revenue, over revenue): (41 - 26) / 41 = 36.6% in 2023, (386 - 752) / 386 = -94.8% in 2024, (4,585 - 2,773) / 4,585 = 39.5% in 2025, (1,163 - 1,019) / 1,163 = 12.4% in H1 2025 and (16,286 - 2,380) / 16,286 = 85.4% in H1 2026; research and development over cost of revenue 9,741 / 2,380 = 4.09 times. Compute commitments at 30 June 2026: non-cancelable purchase commitments of 265.6 plus leases not yet commenced of 321.4 = 587.0 billion dollars, against 54.559 + 50.2 = 104.8 billion at 31 December 2025, a rise of 5.6 times in six months; 587.0 / 19.708 = 29.8 times trailing revenue and 587.0 / 131.651 = 4.5 times cash and short-term investments. The named counterparty commitments 161.2 + 120.5 + 114.5 + 110.0 + 44.6 + 44.9 + 20.0 = 615.7 billion. Valuation: the reported 965 billion dollar Series H post-money over trailing revenue 965.0 / 19.708 = 49.0 times, and over annualised first-half revenue 965.0 / 32.572 = 29.6 times. Share counts at 30 June 2026 multiplied by the Series H-1 issue price, 3,041,435 thousand x 589.0095 = 1,791,434 thousand dollars, which does not reproduce the reported figure. Headcount about 940 to about 5,300 is a rise of about 5.6 times while revenue rose about 1,200% over the same period. Commitments against the contracted book: 587,000 / 10,800 = 54.4 times. Net loss against operating loss over the trailing twelve months: 109,744 / 6,618 = 16.6 times. The three commitments owed to companies that also sell models against Anthropic, Google plus Amazon plus Microsoft, 114,500 + 110,000 + 44,900 = 269,400, which is about 44% of the 615,700 named and therefore not most of it. Cash plus undrawn committed notes against total commitments, 208,651 / 587,000 = 36%, about a third. International share of revenue: 7 / 41 = 17.1% in 2023, 123 / 386 = 31.9% in 2024, 1,223 / 4,585 = 26.7% in 2025, 343 / 1,163 = 29.5% in H1 2025, 4,523 / 16,286 = 27.8% in H1 2026 and 5,403 / 19,708 = 27.4% over the trailing twelve months. Revenue from customers above $100,000 as a share of first-half revenue, 12,000 / 16,286 = 74%, and revenue per such customer 12,000 / 6,000 = $2.0m for the half against 870 / 600 = $1.45m a year earlier. — 2023 to H1 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Anthropic's Form S-1 of 26 October 2026; each operand is shown above.
  3. ReportedIt was $2,135M in the first half of 2025 and $693M in the first half of 2026.
    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 consolidated statements of operations and the summary consolidated financial data. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  4. ReportedTotal operating expenses went from $3,298M to $16,979M — five times — while revenue went up fourteen times.
    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 consolidated statements of operations and the summary consolidated financial data. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  5. Moat Explorer calcCompute and infrastructure took 55% of revenue, personnel 19% and sales and marketing 19%.
    Moat Explorer calculation from the figures in Anthropic's Form S-1. Trailing twelve months to 30 June 2026, computed as FY2025 less H1 2025 plus H1 2026: revenue 4,585 - 1,163 + 16,286 = 19,708; net loss (41,965) - (12,969) + (80,748) = (109,744); operating loss (8,060) - (2,135) + (693) = (6,618); net loss per share (23.04) - (7.25) + (39.88) = (55.67); United States revenue 3,362 - 820 + 11,763 = 14,305 and International 1,223 - 343 + 4,523 = 5,403. Market value 3,041,435 thousand shares outstanding at 30 June 2026 (853,394 preferred + 2,157,398 Class A + 30,643 Class N) multiplied by the $589.0095 Series H-1 issue price = $1,791,434M. Multiples: 1,791,434 / 19,708 = 90.9 times trailing revenue; 1,791,434 / (16,286 x 2) = 55.0 times annualised first-half revenue; 1,791,434 / 4,585 = 390.7 times FY2025 revenue. Revenue growth 386 / 41 - 1 = +841% (2024), 4,585 / 386 - 1 = +1,088% (2025), 16,286 / 1,163 - 1 = +1,300% (H1 2026 against H1 2025). United States share of revenue 34 / 41 = 82.9% (2023), 263 / 386 = 68.1% (2024), 3,362 / 4,585 = 73.3% (2025), 11,763 / 16,286 = 72.2% (H1 2026), 14,305 / 19,708 = 72.6% (trailing twelve months). H1 2026 non-operating charge (80,748) - (693) = (80,055). First-half operating expenses against revenue: compute 8,945 / 16,286 = 55%, personnel 3,152 / 16,286 = 19%, sales and marketing 3,168 / 16,286 = 19%. Cash and short-term investments plus undrawn committed notes 131,651 + 77,000 = 208,651. The Bartz settlement against 2025 revenue 1,500 / 4,585 = 32.7%. Compute and infrastructure spend 2023-H1 2026 433 + 2,522 + 7,326 + 8,945 = 19,226 against cumulative revenue 41 + 386 + 4,585 + 16,286 = 21,298. From the Note 8 functional expense table, implied gross margin (revenue less cost of revenue, over revenue): (41 - 26) / 41 = 36.6% in 2023, (386 - 752) / 386 = -94.8% in 2024, (4,585 - 2,773) / 4,585 = 39.5% in 2025, (1,163 - 1,019) / 1,163 = 12.4% in H1 2025 and (16,286 - 2,380) / 16,286 = 85.4% in H1 2026; research and development over cost of revenue 9,741 / 2,380 = 4.09 times. Compute commitments at 30 June 2026: non-cancelable purchase commitments of 265.6 plus leases not yet commenced of 321.4 = 587.0 billion dollars, against 54.559 + 50.2 = 104.8 billion at 31 December 2025, a rise of 5.6 times in six months; 587.0 / 19.708 = 29.8 times trailing revenue and 587.0 / 131.651 = 4.5 times cash and short-term investments. The named counterparty commitments 161.2 + 120.5 + 114.5 + 110.0 + 44.6 + 44.9 + 20.0 = 615.7 billion. Valuation: the reported 965 billion dollar Series H post-money over trailing revenue 965.0 / 19.708 = 49.0 times, and over annualised first-half revenue 965.0 / 32.572 = 29.6 times. Share counts at 30 June 2026 multiplied by the Series H-1 issue price, 3,041,435 thousand x 589.0095 = 1,791,434 thousand dollars, which does not reproduce the reported figure. Headcount about 940 to about 5,300 is a rise of about 5.6 times while revenue rose about 1,200% over the same period. Commitments against the contracted book: 587,000 / 10,800 = 54.4 times. Net loss against operating loss over the trailing twelve months: 109,744 / 6,618 = 16.6 times. The three commitments owed to companies that also sell models against Anthropic, Google plus Amazon plus Microsoft, 114,500 + 110,000 + 44,900 = 269,400, which is about 44% of the 615,700 named and therefore not most of it. Cash plus undrawn committed notes against total commitments, 208,651 / 587,000 = 36%, about a third. International share of revenue: 7 / 41 = 17.1% in 2023, 123 / 386 = 31.9% in 2024, 1,223 / 4,585 = 26.7% in 2025, 343 / 1,163 = 29.5% in H1 2025, 4,523 / 16,286 = 27.8% in H1 2026 and 5,403 / 19,708 = 27.4% over the trailing twelve months. Revenue from customers above $100,000 as a share of first-half revenue, 12,000 / 16,286 = 74%, and revenue per such customer 12,000 / 6,000 = $2.0m for the half against 870 / 600 = $1.45m a year earlier. — 2023 to H1 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Anthropic's Form S-1 of 26 October 2026; each operand is shown above.
  6. ReportedSales, marketing and partnerships went from $120M to $3,168M, about twenty-six times, and is now slightly larger than the entire personnel bill of $3,152M.
    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 consolidated statements of operations and the summary consolidated financial data. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  7. ReportedSales, marketing and partnerships went from $120M to $3,168M, about twenty-six times, and is now slightly larger than the entire personnel bill of $3,152M.
    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 consolidated statements of operations and the summary consolidated financial data. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  8. ReportedA research lab that spent $2M on selling in 2023 now spends more on it than on its researchers.
    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 consolidated statements of operations and the summary consolidated financial data. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  9. ReportedTotal assets went from $24,661M at the end of 2025 to $147,358M at 30 June 2026.
    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 consolidated balance sheets and the notes on cash, convertible notes, preferred stock, leases and commitments. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  10. ReportedAccounts receivable went from $909M to $5,833M and deferred revenue from $269M to $1,650M — customers now owe Anthropic more than it earned in all of 2025, and have prepaid for more than it earned in 2024.
    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 consolidated balance sheets and the notes on cash, convertible notes, preferred stock, leases and commitments. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  11. ReportedCash and short-term investments of $131,651M generated $1,111M of interest income in the half, more than the company's entire revenue in any year before 2025.
    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 consolidated balance sheets and the notes on cash, convertible notes, preferred stock, leases and commitments. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  12. ReportedRedeemable convertible preferred stock stood at $157,510M and convertible notes at $108,566M, against a total stockholders' deficit of $127,619M.
    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 consolidated balance sheets and the notes on cash, convertible notes, preferred stock, leases and commitments. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  13. ReportedThe operating assets inside it remain small: property and equipment was $1,187M and goodwill $576M at 30 June 2026, against $146M and $154M at the end of 2025.
    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 consolidated balance sheets and the notes on cash, convertible notes, preferred stock, leases and commitments. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  14. ReportedAnthropic's total indebtedness is $6.2 billion of principal, while the convertible notes payable carried on the balance sheet at fair value are $108,566M — about seventeen times as much.
    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 consolidated balance sheets and the notes on cash, convertible notes, preferred stock, leases and commitments. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  15. Moat Explorer calcAnthropic's total indebtedness is $6.2 billion of principal, while the convertible notes payable carried on the balance sheet at fair value are $108,566M — about seventeen times as much.
    Moat Explorer calculation from the figures in Anthropic's Form S-1. Trailing twelve months to 30 June 2026, computed as FY2025 less H1 2025 plus H1 2026: revenue 4,585 - 1,163 + 16,286 = 19,708; net loss (41,965) - (12,969) + (80,748) = (109,744); operating loss (8,060) - (2,135) + (693) = (6,618); net loss per share (23.04) - (7.25) + (39.88) = (55.67); United States revenue 3,362 - 820 + 11,763 = 14,305 and International 1,223 - 343 + 4,523 = 5,403. Market value 3,041,435 thousand shares outstanding at 30 June 2026 (853,394 preferred + 2,157,398 Class A + 30,643 Class N) multiplied by the $589.0095 Series H-1 issue price = $1,791,434M. Multiples: 1,791,434 / 19,708 = 90.9 times trailing revenue; 1,791,434 / (16,286 x 2) = 55.0 times annualised first-half revenue; 1,791,434 / 4,585 = 390.7 times FY2025 revenue. Revenue growth 386 / 41 - 1 = +841% (2024), 4,585 / 386 - 1 = +1,088% (2025), 16,286 / 1,163 - 1 = +1,300% (H1 2026 against H1 2025). United States share of revenue 34 / 41 = 82.9% (2023), 263 / 386 = 68.1% (2024), 3,362 / 4,585 = 73.3% (2025), 11,763 / 16,286 = 72.2% (H1 2026), 14,305 / 19,708 = 72.6% (trailing twelve months). H1 2026 non-operating charge (80,748) - (693) = (80,055). First-half operating expenses against revenue: compute 8,945 / 16,286 = 55%, personnel 3,152 / 16,286 = 19%, sales and marketing 3,168 / 16,286 = 19%. Cash and short-term investments plus undrawn committed notes 131,651 + 77,000 = 208,651. The Bartz settlement against 2025 revenue 1,500 / 4,585 = 32.7%. Compute and infrastructure spend 2023-H1 2026 433 + 2,522 + 7,326 + 8,945 = 19,226 against cumulative revenue 41 + 386 + 4,585 + 16,286 = 21,298. From the Note 8 functional expense table, implied gross margin (revenue less cost of revenue, over revenue): (41 - 26) / 41 = 36.6% in 2023, (386 - 752) / 386 = -94.8% in 2024, (4,585 - 2,773) / 4,585 = 39.5% in 2025, (1,163 - 1,019) / 1,163 = 12.4% in H1 2025 and (16,286 - 2,380) / 16,286 = 85.4% in H1 2026; research and development over cost of revenue 9,741 / 2,380 = 4.09 times. Compute commitments at 30 June 2026: non-cancelable purchase commitments of 265.6 plus leases not yet commenced of 321.4 = 587.0 billion dollars, against 54.559 + 50.2 = 104.8 billion at 31 December 2025, a rise of 5.6 times in six months; 587.0 / 19.708 = 29.8 times trailing revenue and 587.0 / 131.651 = 4.5 times cash and short-term investments. The named counterparty commitments 161.2 + 120.5 + 114.5 + 110.0 + 44.6 + 44.9 + 20.0 = 615.7 billion. Valuation: the reported 965 billion dollar Series H post-money over trailing revenue 965.0 / 19.708 = 49.0 times, and over annualised first-half revenue 965.0 / 32.572 = 29.6 times. Share counts at 30 June 2026 multiplied by the Series H-1 issue price, 3,041,435 thousand x 589.0095 = 1,791,434 thousand dollars, which does not reproduce the reported figure. Headcount about 940 to about 5,300 is a rise of about 5.6 times while revenue rose about 1,200% over the same period. Commitments against the contracted book: 587,000 / 10,800 = 54.4 times. Net loss against operating loss over the trailing twelve months: 109,744 / 6,618 = 16.6 times. The three commitments owed to companies that also sell models against Anthropic, Google plus Amazon plus Microsoft, 114,500 + 110,000 + 44,900 = 269,400, which is about 44% of the 615,700 named and therefore not most of it. Cash plus undrawn committed notes against total commitments, 208,651 / 587,000 = 36%, about a third. International share of revenue: 7 / 41 = 17.1% in 2023, 123 / 386 = 31.9% in 2024, 1,223 / 4,585 = 26.7% in 2025, 343 / 1,163 = 29.5% in H1 2025, 4,523 / 16,286 = 27.8% in H1 2026 and 5,403 / 19,708 = 27.4% over the trailing twelve months. Revenue from customers above $100,000 as a share of first-half revenue, 12,000 / 16,286 = 74%, and revenue per such customer 12,000 / 6,000 = $2.0m for the half against 870 / 600 = $1.45m a year earlier. — 2023 to H1 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Anthropic's Form S-1 of 26 October 2026; each operand is shown above.
Sources
Generated October 26, 2026