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Five Hundred and Eighty-Seven Billion in CommitmentsThin moat

Anthropic (ANT) — moat facet

Anthropic has committed about $587 billion to compute, thirty times its trailing revenue, on terms running to twenty years, and the total was a fifth of that six months earlier.

The scale of what Anthropic has promised is the defining number of this facet. Expected future fixed or minimum guaranteed commitments under its compute agreements were "approximately $265.6 billion with terms ranging from one to 20 years" at 30 June 20261, against non-cancelable purchase commitments of $54,559 million six months earlier2. Leases not yet commenced were "approximately $50.2 billion and $321.4 billion" at those two dates3.

Compute commitments and leases not yet commenced ($bn)54.6Purchase commitments,December 202550.2Leases not commenced,December 2025265.6Minimum commitments,June 2026321.4Leases notcommenced, June 2026Anthropic Form S-1, commitments and leases notes; agreements with no fixed minimum excluded
About $587 billion promised, up from about $105 billion six months earlier.

Together that is about $587.0 billion at 30 June 2026, against $104.8 billion at the end of 2025: a 5.6-fold rise in half a year4. Set beside trailing revenue of $19,708 million5 and cash and short-term investments of $131,651 million6, it is roughly thirty times the revenue and four and a half times the cash.

The disclosure is incomplete in the direction that matters. The note says agreements with no fixed minimum are excluded, with such payments "expected to be significant"7, and the summary figure for aggregate committed spend is left blank in this preliminary filing8. What is stated is that "substantially all of the remainder is expected to be incurred between 2031 and 2045"9.

Promising that much capacity is not obviously wrong for a company whose revenue grew fourteen-fold in a year. It is a bet that demand keeps arriving on roughly the schedule the contracts assume, placed by a company that bills almost everything by the token. The two sides of that bet are published and they are not the same size: about $587 billion of commitments10 against $10.8 billion of remaining performance obligations, about three-quarters of which Anthropic expects to recognise within twelve months11.

The nearer end of the schedule is disclosed in detail and is manageable. Of the $54,559 million of non-cancelable purchase commitments at 31 December 2025, $7,059 million fell due in 2026, $11,128 million in 2027, $10,832 million in 2028, $8,304 million in 2029, $5,428 million in 2030 and $11,808 million thereafter12. Against $131,651 million of cash13 none of those years is threatening; the weight is in the decade after them.

The commitment total is the figure to re-read every filing. Growing faster than revenue narrows the margin for error; and if revenue growth slows while the commitments stay fixed, this facet turns from an advantage into the heaviest obligation the company carries.

Moat trajectory: Narrowing

Commitments rose 5.6-fold in six months while contracts stayed metered.

The number that tests this moat
Moat Explorer calc
Compute commitments against contracted revenue
About $587 billion promised against $10.8 billion of contracted revenue (30 June 2026)

The asymmetry at the centre of the company; narrowing would mean customers are committing on something like the timescale the suppliers are.

How it's calculated: Minimum compute commitments of approximately $265.6 billion plus leases not yet commenced of approximately $321.4 billion, against remaining performance obligations of $10.8 billion, from Anthropic Form S-1.
Source: Moat Explorer calculation ↗
⚠ Threats to the moat
⚠ THREAT 01
What Is Already Owed Grows With the Company
Anthropic carries $108.6 billion of convertible notes on $6.2 billion of principal, and can settle part of its compute bill by issuing more of them.
References
  1. ReportedExpected future fixed or minimum guaranteed commitments under its compute agreements were "approximately $265.6 billion with terms ranging from one to 20 years" at 30 June 2026, against non-cancelable purchase commitments of $54,559 million six months earlier.
    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 ↗
  2. ReportedExpected future fixed or minimum guaranteed commitments under its compute agreements were "approximately $265.6 billion with terms ranging from one to 20 years" at 30 June 2026, against non-cancelable purchase commitments of $54,559 million six months earlier.
    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 ↗
  3. ReportedLeases not yet commenced were "approximately $50.2 billion and $321.4 billion" at those two dates.
    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 ↗
  4. Moat Explorer calcTogether that is about $587.0 billion at 30 June 2026, against $104.8 billion at the end of 2025: a 5.6-fold rise in half a year.
    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. Moat Explorer calcSet beside trailing revenue of $19,708 million and cash and short-term investments of $131,651 million, it is roughly thirty times the revenue and four and a half times the cash.
    Moat Explorer calculation from the figures in Anthropic's Form S-1. Trailing twelve months to 30 June 2026, computed as FY2025 less H1 2025 plus H1 2026: revenue 4,585 - 1,163 + 16,286 = 19,708; net loss (41,965) - (12,969) + (80,748) = (109,744); operating loss (8,060) - (2,135) + (693) = (6,618); net loss per share (23.04) - (7.25) + (39.88) = (55.67); United States revenue 3,362 - 820 + 11,763 = 14,305 and International 1,223 - 343 + 4,523 = 5,403. Market value 3,041,435 thousand shares outstanding at 30 June 2026 (853,394 preferred + 2,157,398 Class A + 30,643 Class N) multiplied by the $589.0095 Series H-1 issue price = $1,791,434M. Multiples: 1,791,434 / 19,708 = 90.9 times trailing revenue; 1,791,434 / (16,286 x 2) = 55.0 times annualised first-half revenue; 1,791,434 / 4,585 = 390.7 times FY2025 revenue. Revenue growth 386 / 41 - 1 = +841% (2024), 4,585 / 386 - 1 = +1,088% (2025), 16,286 / 1,163 - 1 = +1,300% (H1 2026 against H1 2025). United States share of revenue 34 / 41 = 82.9% (2023), 263 / 386 = 68.1% (2024), 3,362 / 4,585 = 73.3% (2025), 11,763 / 16,286 = 72.2% (H1 2026), 14,305 / 19,708 = 72.6% (trailing twelve months). H1 2026 non-operating charge (80,748) - (693) = (80,055). First-half operating expenses against revenue: compute 8,945 / 16,286 = 55%, personnel 3,152 / 16,286 = 19%, sales and marketing 3,168 / 16,286 = 19%. Cash and short-term investments plus undrawn committed notes 131,651 + 77,000 = 208,651. The Bartz settlement against 2025 revenue 1,500 / 4,585 = 32.7%. Compute and infrastructure spend 2023-H1 2026 433 + 2,522 + 7,326 + 8,945 = 19,226 against cumulative revenue 41 + 386 + 4,585 + 16,286 = 21,298. From the Note 8 functional expense table, implied gross margin (revenue less cost of revenue, over revenue): (41 - 26) / 41 = 36.6% in 2023, (386 - 752) / 386 = -94.8% in 2024, (4,585 - 2,773) / 4,585 = 39.5% in 2025, (1,163 - 1,019) / 1,163 = 12.4% in H1 2025 and (16,286 - 2,380) / 16,286 = 85.4% in H1 2026; research and development over cost of revenue 9,741 / 2,380 = 4.09 times. Compute commitments at 30 June 2026: non-cancelable purchase commitments of 265.6 plus leases not yet commenced of 321.4 = 587.0 billion dollars, against 54.559 + 50.2 = 104.8 billion at 31 December 2025, a rise of 5.6 times in six months; 587.0 / 19.708 = 29.8 times trailing revenue and 587.0 / 131.651 = 4.5 times cash and short-term investments. The named counterparty commitments 161.2 + 120.5 + 114.5 + 110.0 + 44.6 + 44.9 + 20.0 = 615.7 billion. Valuation: the reported 965 billion dollar Series H post-money over trailing revenue 965.0 / 19.708 = 49.0 times, and over annualised first-half revenue 965.0 / 32.572 = 29.6 times. Share counts at 30 June 2026 multiplied by the Series H-1 issue price, 3,041,435 thousand x 589.0095 = 1,791,434 thousand dollars, which does not reproduce the reported figure. Headcount about 940 to about 5,300 is a rise of about 5.6 times while revenue rose about 1,200% over the same period. Commitments against the contracted book: 587,000 / 10,800 = 54.4 times. Net loss against operating loss over the trailing twelve months: 109,744 / 6,618 = 16.6 times. The three commitments owed to companies that also sell models against Anthropic, Google plus Amazon plus Microsoft, 114,500 + 110,000 + 44,900 = 269,400, which is about 44% of the 615,700 named and therefore not most of it. Cash plus undrawn committed notes against total commitments, 208,651 / 587,000 = 36%, about a third. International share of revenue: 7 / 41 = 17.1% in 2023, 123 / 386 = 31.9% in 2024, 1,223 / 4,585 = 26.7% in 2025, 343 / 1,163 = 29.5% in H1 2025, 4,523 / 16,286 = 27.8% in H1 2026 and 5,403 / 19,708 = 27.4% over the trailing twelve months. Revenue from customers above $100,000 as a share of first-half revenue, 12,000 / 16,286 = 74%, and revenue per such customer 12,000 / 6,000 = $2.0m for the half against 870 / 600 = $1.45m a year earlier. — 2023 to H1 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Anthropic's Form S-1 of 26 October 2026; each operand is shown above.
  6. ReportedSet beside trailing revenue of $19,708 million and cash and short-term investments of $131,651 million, it is roughly thirty times the revenue and four and a half times the cash.
    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. ReportedThe note says agreements with no fixed minimum are excluded, with such payments "expected to be significant", and the summary figure for aggregate committed spend is left blank in this preliminary filing.
    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. ReportedThe note says agreements with no fixed minimum are excluded, with such payments "expected to be significant", and the summary figure for aggregate committed spend is left blank in this preliminary filing.
    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 ↗
  9. ReportedWhat is stated is that "substantially all of the remainder is expected to be incurred between 2031 and 2045".
    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. Moat Explorer calcThe two sides of that bet are published and they are not the same size: about $587 billion of commitments against $10.8 billion of remaining performance obligations, about three-quarters of which Anthropic expects to recognise within twelve months.
    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.
  11. ReportedThe two sides of that bet are published and they are not the same size: about $587 billion of commitments against $10.8 billion of remaining performance obligations, about three-quarters of which Anthropic expects to recognise within twelve months.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the consolidated balance sheets and the notes on cash, convertible notes, preferred stock, leases and commitments. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  12. ReportedOf the $54,559 million of non-cancelable purchase commitments at 31 December 2025, $7,059 million fell due in 2026, $11,128 million in 2027, $10,832 million in 2028, $8,304 million in 2029, $5,428 million in 2030 and $11,808 million thereafter.
    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 ↗
  13. ReportedAgainst $131,651 million of cash none of those years is threatening; the weight is in the decade after them.
    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 ↗
Sources
Generated October 26, 2026