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Revenue Grew 1,368 Percent, Compute Grew 300Narrow moat

Anthropic (ANT) — moat facet

Anthropic sells the loop on one comparison, revenue up 1,368% against compute up 300% in a single quarter, and the cost line supports it.

Anthropic puts its compute efficiency in a single sentence: it is "demonstrated by revenue that grew 1,368% year over year for the three months ended June 30, 2026 compared to compute and infrastructure expenses that grew 300% during the same period"1. One number grew about four and a half times faster than the other, and compute is the largest cost the company has.

Year-on-year growth, three months to 30 June 2026 (%)+1,368%Revenue+300%Compute and infrastructure expenseAnthropic Form S-1, Strengths of Our Financial Model
The company chose this quarter, and in it revenue outgrew compute four and a half times over.

The scale behind it is real. Compute and infrastructure expense was $2,334 million in the first half of 2025 and $8,945 million in the first half of 20262, while revenue went from $1,163 million to $16,286 million3. Compute fell from roughly twice revenue to about 55% of it4.

The company attributes that to research rather than to scale alone. Its compute efficiency is said to come from "our research breakthroughs and our multi-chip compute architecture"5, and it describes "our accelerating pace of producing compute multipliers", in which more capable models help researchers find improvements faster, which in turn allows more capable models to be trained and deployed more cheaply6. That is the loop stated as an engineering claim, with a cost line to check it against.

It is also the honest limit of the facet. Compute at 55% of revenue is still the dominant expense in the company, and the whole of the first half of 2026 produced an operating loss of $693 million7.

The whole cost base can be read the same way. In the first half of 2026 compute and infrastructure was 55% of revenue, personnel 19% and sales and marketing 19%8, which is a cost structure built around machines: compute is the largest line and the two human ones are tied behind it. Anthropic attributes the revenue growth behind it to "successive model and product releases that drove higher usage, expansion, and broader adoption" across its offerings9.

The same leverage shows up per person. Trailing revenue per employee passed $6.6 million against about $1.4 million a year earlier10, on a headcount that went from about 940 in December 2024 to about 5,300 in September 202611. Revenue multiplied about five times faster than the payroll did12 — which is the operating-leverage claim stated as a ratio rather than as an anecdote about agents.

The ratio to follow is compute and infrastructure expense against revenue. It has fallen for three reporting periods; a quarter in which it rises while revenue grows would say the multipliers have stopped arriving and that growth is being bought with hardware again.

Moat trajectory: Widening

Compute fell from about twice revenue to 55% of it in a year.

The number that tests this moat
Moat Explorer calc
Compute and infrastructure expense as a share of revenue, latest half
55% (H1 2026: $8,945M of $16,286M)

The loop expressed as a cost ratio; a rise while revenue grows would mean growth is being bought with hardware rather than with research.

How it's calculated: Compute and infrastructure expense divided by revenue for the six months ended 30 June 2026, from Anthropic's Form S-1.
Source: Moat Explorer calculation ↗
⚠ Threats to the moat
⚠ THREAT 01
Four Dollars of Research for Every Dollar of Service
Anthropic spends about four dollars developing models for every dollar it spends serving customers, so the 85% gross margin is a margin on only one of…
References
  1. ReportedAnthropic puts its compute efficiency in a single sentence: it is "demonstrated by revenue that grew 1,368% year over year for the three months ended June 30, 2026 compared to compute and infrastructure expenses that grew 300% during the same period".
    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 operating metrics and their definitions and limitations. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  2. ReportedCompute and infrastructure expense was $2,334 million in the first half of 2025 and $8,945 million in the first half of 2026, while revenue went from $1,163 million to $16,286 million.
    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 ↗
  3. ReportedCompute and infrastructure expense was $2,334 million in the first half of 2025 and $8,945 million in the first half of 2026, while revenue went from $1,163 million to $16,286 million.
    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. Moat Explorer calcCompute fell from roughly twice revenue to about 55% of it.
    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.
  5. ReportedIts compute efficiency is said to come from "our research breakthroughs and our multi-chip compute architecture", and it describes "our accelerating pace of producing compute multipliers", in which more capable models help researchers find improvements faster, which in turn allows more capable models to be trained and deployed more cheaply.
    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 ↗
  6. ReportedIts compute efficiency is said to come from "our research breakthroughs and our multi-chip compute architecture", and it describes "our accelerating pace of producing compute multipliers", in which more capable models help researchers find improvements faster, which in turn allows more capable models to be trained and deployed more cheaply.
    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 ↗
  7. ReportedCompute at 55% of revenue is still the dominant expense in the company, and the whole of the first half of 2026 produced an operating loss of $693 million.
    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. Moat Explorer calcIn the first half of 2026 compute and infrastructure was 55% of revenue, personnel 19% and sales and marketing 19%, which is a cost structure built around machines: compute is the largest line and the two human ones are tied behind it.
    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.
  9. ReportedAnthropic attributes the revenue growth behind it to "successive model and product releases that drove higher usage, expansion, and broader adoption" across its offerings.
    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. ReportedTrailing revenue per employee passed $6.6 million against about $1.4 million a year earlier, on a headcount that went from about 940 in December 2024 to about 5,300 in September 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 business section: the mission, the core advantages, the enterprise strategy and the partner programmes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  11. ReportedTrailing revenue per employee passed $6.6 million against about $1.4 million a year earlier, on a headcount that went from about 940 in December 2024 to about 5,300 in September 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 business section: the mission, the core advantages, the enterprise strategy and the partner programmes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  12. Moat Explorer calcRevenue multiplied about five times faster than the payroll did — which is the operating-leverage claim stated as a ratio rather than as an anecdote about agents.
    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