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Almost Nothing Is OwnedThin moat

Anthropic (ANT) — moat facet

Anthropic owns about $1.2 billion of equipment against $147 billion of assets, so the machines that earn its revenue are almost entirely somebody else property.

For a business whose single largest expense is computing, Anthropic owns remarkably little of it. Property and equipment, net, was $19 million at the end of 2024, $146 million at the end of 2025 and $1,187 million at 30 June 20261, against total assets of $147,358 million2. Almost everything on the balance sheet is cash, investments and receivables.

Property and equipment, net ($M)1931 December 202414631 December 20251,18730 June 2026Anthropic Form S-1, consolidated balance sheets; total assets were $147,358M
Eight times larger in six months, and still about one percent of assets.

The compute is rented, and the filing is precise about from whom. "Prior to 2026, the Company obtained substantially all of its compute infrastructure from three cloud service providers"3, and in the first half of 2026 a substantial majority came from "a limited number of CSPs and other suppliers under long-term hosting and lease agreements"4.

Renting has been the right decision so far. It is what made the four-architecture pool possible, it avoided committing capital to hardware that depreciates quickly, and it let the company scale faster than any owner-operator could have. The cost is that the assets producing the revenue belong to somebody else, and the terms are set in contracts running up to twenty years5.

The direction is changing. Property and equipment grew eight-fold in six months6, and the commitments note describes leases commencing between 2026 and 20287, which is what a company starting to take hardware onto its own books looks like.

What Anthropic has bought outright is small and mostly software. Goodwill went from nothing at the end of 2024 to $154 million at the end of 2025 and $576 million at 30 June 20268, reflecting the acquisitions of Bun, Coefficient Bio and Stainless9. A company with $147 billion of assets has spent about half a billion dollars buying other businesses and almost nothing buying its own machines.

The two largest note facilities also shrink as the offering approaches. Google's $20.0 billion commitment is reducible by $10.0 billion at the offering, and Amazon's $15.0 billion is released in $5.0 billion increments as compute milestones are met10. So the undrawn capital that makes the commitments look affordable is itself conditional on the thing it is meant to fund, and a part of it disappears on the day the shares begin trading.

Property and equipment against total assets is the ratio to follow. If it climbs steadily, Anthropic is converting rented capacity into owned capacity and taking control of its own cost base; if it stays near one percent, the pool will remain fungible only as long as its landlords want it to be.

Moat trajectory: Holding steady

Property and equipment grew eight-fold in six months and is still about one percent of assets.

The number that tests this moat
Reported
Property and equipment, net
$1,187M (30 June 2026), from $146M

How much of the compute Anthropic owns; a rising share of assets would mean it is taking control of its own cost base.

Source: Anthropic Form S-1, 26 October 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Twenty-Year Obligation Against a Twelve-Month Contract
Anthropic has promised to pay for compute for up to twenty years, some of it regardless of usage, while its customers commit for twelve months or…
References
  1. ReportedProperty and equipment, net, was $19 million at the end of 2024, $146 million at the end of 2025 and $1,187 million at 30 June 2026, against total assets of $147,358 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 balance sheets and the notes on cash, convertible notes, preferred stock, leases and commitments. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  2. ReportedProperty and equipment, net, was $19 million at the end of 2024, $146 million at the end of 2025 and $1,187 million at 30 June 2026, against total assets of $147,358 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 balance sheets and the notes on cash, convertible notes, preferred stock, leases and commitments. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  3. Reported"Prior to 2026, the Company obtained substantially all of its compute infrastructure from three cloud service providers", and in the first half of 2026 a substantial majority came from "a limited number of CSPs and other suppliers under long-term hosting and lease agreements".
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the concentrations of risk note: customers, cloud service providers and receivables. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  4. Reported"Prior to 2026, the Company obtained substantially all of its compute infrastructure from three cloud service providers", and in the first half of 2026 a substantial majority came from "a limited number of CSPs and other suppliers under long-term hosting and lease agreements".
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the concentrations of risk note: customers, cloud service providers and receivables. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  5. ReportedThe cost is that the assets producing the revenue belong to somebody else, and the terms are set in contracts running up to twenty years.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the contractual obligations discussion, the note purchase agreements and committed undrawn capital, and the purchase-commitment and lease notes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  6. ReportedProperty and equipment grew eight-fold in six months, and the commitments note describes leases commencing between 2026 and 2028, which is what a company starting to take hardware onto its own books looks like.
    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 ↗
  7. ReportedProperty and equipment grew eight-fold in six months, and the commitments note describes leases commencing between 2026 and 2028, which is what a company starting to take hardware onto its own books looks like.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the contractual obligations discussion, the note purchase agreements and committed undrawn capital, and the purchase-commitment and lease notes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  8. ReportedGoodwill went from nothing at the end of 2024 to $154 million at the end of 2025 and $576 million at 30 June 2026, reflecting the acquisitions of Bun, Coefficient Bio and Stainless.
    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. ReportedGoodwill went from nothing at the end of 2024 to $154 million at the end of 2025 and $576 million at 30 June 2026, reflecting the acquisitions of Bun, Coefficient Bio and Stainless.
    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 ↗
  10. ReportedGoogle's $20.0 billion commitment is reducible by $10.0 billion at the offering, and Amazon's $15.0 billion is released in $5.0 billion increments as compute milestones are met.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the contractual obligations discussion, the note purchase agreements and committed undrawn capital, and the purchase-commitment and lease notes. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
Sources
Generated October 26, 2026