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The Revenue LinesNarrow moat

Anthropic (ANT) — moat facet

Anthropic reports revenue by country and nothing else, so the biggest questions about its business cannot be answered from its own filing.

Anthropic discloses revenue one way and one way only: the United States against everything else. The first half of 2026 was $11,763M American and $4,523M international1, and the trailing twelve months to 30 June 2026 were $14,305M and $5,403M2. The two bands reconcile exactly to total revenue in every filed period, which is the one virtue of a split this coarse.

Revenue by geography, trailing twelve months to June 2026 ($M)United States 14,305 — 73%International 5,403 — 27%Calculated from Anthropic Form S-1; the only disaggregation in the filing
The only split there is.

What it hides is most of what a reader would want. There is no revenue by product, by model or by customer type, so there is no way to see what Claude Code earns, nor the Claude Platform against the first-party applications, nor consumption against subscription beyond the statement that token metering "currently represents the substantial majority of our total revenue"3. The filing describes a three-layer architecture in words and reports none of it in figures.

Profit by line is invisible, though not for the usual reason. The income statement carries no cost-of-revenue line on its face, but a functional note does disclose one, $2,380M in the first half of 20264, which gives a company-wide gross margin of 85.4%5. It is a single figure for the whole business, so nobody outside Anthropic can work out a unit economic for either geography, let alone for a product.

The two geographies also behave differently from almost every company in this collection, in that they barely diverge. American revenue has held between 68% and 83% of the total through four years in which the company grew from $41M to $19,708M6, which says the product sold the same way everywhere once it existed.

Anthropic's own preferred measure of revenue is not in these two lines at all, and it is worth knowing how it is built. Run-Rate Revenue is defined as the trailing twenty-eight days of consumption fees multiplied by thirteen, plus monthly subscription fees multiplied by twelve7 — a four-week window annualised, which flatters a business accelerating this fast and would punish one decelerating. The figure itself, as of 31 October 2026, is blank in this preliminary filing8, so the headline number the company intends investors to use does not yet exist on the page.

The American share is therefore the figure that carries this aspect: 72.6% of trailing revenue9. A rise back toward 80% would mean the international line is a trailing indicator of American demand rather than a second engine, and a fall toward 60% would be the first evidence in these pages that Anthropic has built something more than a very successful American software business.

Moat trajectory: Widening

Revenue up 1,300% in the first half; the mix between the two bands barely moves.

The number that tests this moat
Moat Explorer calc
United States share of revenue, trailing twelve months
72.6% ($14,305M of $19,708M to 30 June 2026)

The only mix the filing discloses; a rise toward 80% would make the international line a follower rather than an engine.

How it's calculated: Trailing United States revenue of 14,305 divided by trailing total revenue of 19,708, each computed as FY2025 less H1 2025 plus H1 2026, from Anthropic Form S-1.
Source: Moat Explorer calculation ↗
Dig deeper
DIG DEEPER 01
United States
Anthropic earns about three-quarters of its money in one country, from customers in whose budgets it is still less than a tenth of a percent.
DIG DEEPER 02
International
A quarter of Anthropic's revenue comes from outside America, and the filing says almost nothing about where, how or at what cost.
References
  1. ReportedThe first half of 2026 was $11,763M American and $4,523M international, and the trailing twelve months to 30 June 2026 were $14,305M and $5,403M.
    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 disaggregation of revenue by geography. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  2. Moat Explorer calcThe first half of 2026 was $11,763M American and $4,523M international, and the trailing twelve months to 30 June 2026 were $14,305M and $5,403M.
    Moat Explorer calculation from the figures in Anthropic's Form S-1. Trailing twelve months to 30 June 2026, computed as FY2025 less H1 2025 plus H1 2026: revenue 4,585 - 1,163 + 16,286 = 19,708; net loss (41,965) - (12,969) + (80,748) = (109,744); operating loss (8,060) - (2,135) + (693) = (6,618); net loss per share (23.04) - (7.25) + (39.88) = (55.67); United States revenue 3,362 - 820 + 11,763 = 14,305 and International 1,223 - 343 + 4,523 = 5,403. Market value 3,041,435 thousand shares outstanding at 30 June 2026 (853,394 preferred + 2,157,398 Class A + 30,643 Class N) multiplied by the $589.0095 Series H-1 issue price = $1,791,434M. Multiples: 1,791,434 / 19,708 = 90.9 times trailing revenue; 1,791,434 / (16,286 x 2) = 55.0 times annualised first-half revenue; 1,791,434 / 4,585 = 390.7 times FY2025 revenue. Revenue growth 386 / 41 - 1 = +841% (2024), 4,585 / 386 - 1 = +1,088% (2025), 16,286 / 1,163 - 1 = +1,300% (H1 2026 against H1 2025). United States share of revenue 34 / 41 = 82.9% (2023), 263 / 386 = 68.1% (2024), 3,362 / 4,585 = 73.3% (2025), 11,763 / 16,286 = 72.2% (H1 2026), 14,305 / 19,708 = 72.6% (trailing twelve months). H1 2026 non-operating charge (80,748) - (693) = (80,055). First-half operating expenses against revenue: compute 8,945 / 16,286 = 55%, personnel 3,152 / 16,286 = 19%, sales and marketing 3,168 / 16,286 = 19%. Cash and short-term investments plus undrawn committed notes 131,651 + 77,000 = 208,651. The Bartz settlement against 2025 revenue 1,500 / 4,585 = 32.7%. Compute and infrastructure spend 2023-H1 2026 433 + 2,522 + 7,326 + 8,945 = 19,226 against cumulative revenue 41 + 386 + 4,585 + 16,286 = 21,298. From the Note 8 functional expense table, implied gross margin (revenue less cost of revenue, over revenue): (41 - 26) / 41 = 36.6% in 2023, (386 - 752) / 386 = -94.8% in 2024, (4,585 - 2,773) / 4,585 = 39.5% in 2025, (1,163 - 1,019) / 1,163 = 12.4% in H1 2025 and (16,286 - 2,380) / 16,286 = 85.4% in H1 2026; research and development over cost of revenue 9,741 / 2,380 = 4.09 times. Compute commitments at 30 June 2026: non-cancelable purchase commitments of 265.6 plus leases not yet commenced of 321.4 = 587.0 billion dollars, against 54.559 + 50.2 = 104.8 billion at 31 December 2025, a rise of 5.6 times in six months; 587.0 / 19.708 = 29.8 times trailing revenue and 587.0 / 131.651 = 4.5 times cash and short-term investments. The named counterparty commitments 161.2 + 120.5 + 114.5 + 110.0 + 44.6 + 44.9 + 20.0 = 615.7 billion. Valuation: the reported 965 billion dollar Series H post-money over trailing revenue 965.0 / 19.708 = 49.0 times, and over annualised first-half revenue 965.0 / 32.572 = 29.6 times. Share counts at 30 June 2026 multiplied by the Series H-1 issue price, 3,041,435 thousand x 589.0095 = 1,791,434 thousand dollars, which does not reproduce the reported figure. Headcount about 940 to about 5,300 is a rise of about 5.6 times while revenue rose about 1,200% over the same period. Commitments against the contracted book: 587,000 / 10,800 = 54.4 times. Net loss against operating loss over the trailing twelve months: 109,744 / 6,618 = 16.6 times. The three commitments owed to companies that also sell models against Anthropic, Google plus Amazon plus Microsoft, 114,500 + 110,000 + 44,900 = 269,400, which is about 44% of the 615,700 named and therefore not most of it. Cash plus undrawn committed notes against total commitments, 208,651 / 587,000 = 36%, about a third. International share of revenue: 7 / 41 = 17.1% in 2023, 123 / 386 = 31.9% in 2024, 1,223 / 4,585 = 26.7% in 2025, 343 / 1,163 = 29.5% in H1 2025, 4,523 / 16,286 = 27.8% in H1 2026 and 5,403 / 19,708 = 27.4% over the trailing twelve months. Revenue from customers above $100,000 as a share of first-half revenue, 12,000 / 16,286 = 74%, and revenue per such customer 12,000 / 6,000 = $2.0m for the half against 870 / 600 = $1.45m a year earlier. — 2023 to H1 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Anthropic's Form S-1 of 26 October 2026; each operand is shown above.
  3. ReportedThere is no revenue by product, by model or by customer type, so there is no way to see what Claude Code earns, nor the Claude Platform against the first-party applications, nor consumption against subscription beyond the statement that token metering "currently represents the substantial majority of our total revenue".
    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 product sections: the Claude model family, Claude Platform and its primitives, Claude Code and the first-party applications. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  4. ReportedThe income statement carries no cost-of-revenue line on its face, but a functional note does disclose one, $2,380M in the first half of 2026, which gives a company-wide gross margin of 85.4%.
    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 - Note 8, the presentation of operating expenses grouped by function, including cost of revenue. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  5. Moat Explorer calcThe income statement carries no cost-of-revenue line on its face, but a functional note does disclose one, $2,380M in the first half of 2026, which gives a company-wide gross margin of 85.4%.
    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. Moat Explorer calcAmerican revenue has held between 68% and 83% of the total through four years in which the company grew from $41M to $19,708M, which says the product sold the same way everywhere once it existed.
    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.
  7. ReportedRun-Rate Revenue is defined as the trailing twenty-eight days of consumption fees multiplied by thirteen, plus monthly subscription fees multiplied by twelve — a four-week window annualised, which flatters a business accelerating this fast and would punish one decelerating.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the operating metrics and their definitions and limitations. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  8. ReportedThe figure itself, as of 31 October 2026, is blank in this preliminary filing, so the headline number the company intends investors to use does not yet exist on the page.
    Anthropic, PBC, Form S-1 registration statement (Registration No. 333-299633), filed 26 October 2026 - revenue $41M (2023), $386M (2024), $4,585M (2025), $1,163M (H1 2025) and $16,286M (H1 2026); operating loss $(551)M, $(2,980)M, $(8,060)M, $(2,135)M and $(693)M; net loss $(1,531)M, $(8,309)M, $(41,965)M, $(12,969)M and $(80,748)M, after a change in the fair value of convertible notes, derivative liabilities and SAFEs of $(72,388)M in the first half of 2026; net loss per share $(1.42), $(5.43), $(23.04), $(7.25) and $(39.88); operating expenses in the first half of 2026 of compute and infrastructure $8,945M, personnel $3,152M, sales, marketing and partnerships $3,168M and other operating and administrative $1,714M, presented by nature with no cost-of-revenue line on the face of the statement, while Note 8 regroups the same expenses by function and gives cost of revenue of $26M, $752M, $2,773M, $1,019M and $2,380M against research and development of $422M, $2,275M, $6,338M, $1,850M and $9,741M; a Bartz settlement line of $1,500M in 2025; interest income $1,111M in the first half of 2026; revenue by geography United States $34M, $263M, $3,362M, $820M and $11,763M and International $7M, $123M, $1,223M, $343M and $4,523M; total assets $147,358M, cash and short-term investments $131,651M, accounts receivable $5,833M, convertible notes payable $108,566M, redeemable convertible preferred stock $157,510M and a total stockholders' deficit of $(127,619)M at 30 June 2026; 853,394 thousand preferred, 2,157,398 thousand Class A and 30,643 thousand Class N shares outstanding at that date; Net Revenue Retention of approximately 900 % and more than 11,900 customers above $100,000 of trailing revenue at 30 September 2026, up from more than 950 a year earlier, with more than 1,900 above $1 million and approximately 250 above $10 million; over 50% of the Fortune 500 and over 30% of the Global 2000 among them, Anthropic's revenue averaging less than 0.1% of those Fortune 500 customers' total expenses; revenue through cloud service provider marketplaces of 11% (2023), 32% (2024), 47% (2025), 44% (H1 2025) and 48% (H1 2026); $20,000M, $15,000M and $42,000M of undrawn committed note purchase agreements with Google, Amazon and an infrastructure partner; non-cancelable purchase commitments of $54,559M at 31 December 2025 rising to approximately $265.6 billion at 30 June 2026 with terms of one to 20 years, plus leases not yet commenced of approximately $50.2 billion and $321.4 billion at those dates, and named commitments of about $161.2 billion of Broadcom equipment leases, up to $120.5 billion with SpaceX.AI LLC for NVIDIA GPU compute, at least about $114.5 billion with Google, at least $110.0 billion with Amazon, up to about $44.6 billion with Nscale and at least $44.9 billion with Microsoft; a $1.5 billion Bartz copyright settlement approved by the district court in July 2026; a September 2026 Sherman Act class action alleging the frontier developers agreed to slow the pace of model improvement; a Department of War supply-chain risk designation under Section 4713 upheld 2-1 by the D.C. Circuit on 25 September 2026 with a petition for rehearing en banc pending, and June 2026 Commerce export restrictions that led Anthropic to disable Fable 5 and Mythos 5 for every customer; over 90% of contributions to its own codebase written by Claude in September 2026; one share of Class T common stock electing a majority of the board, Class A voting power capped at 49.9%, and Amazon and Google each holding more than five percent of capital stock while appearing in no row of the beneficial-ownership table, which covers voting securities only; and the statement that prior to the offering there has been no public market for the Class A common stock - the operating metrics and their definitions and limitations. — 2023 to 30 September 2026 · publ. 26 October 2026 · source ↗
  9. Moat Explorer calcThe American share is therefore the figure that carries this aspect: 72.6% of trailing revenue.
    Moat Explorer calculation from the figures in Anthropic's Form S-1. Trailing twelve months to 30 June 2026, computed as FY2025 less H1 2025 plus H1 2026: revenue 4,585 - 1,163 + 16,286 = 19,708; net loss (41,965) - (12,969) + (80,748) = (109,744); operating loss (8,060) - (2,135) + (693) = (6,618); net loss per share (23.04) - (7.25) + (39.88) = (55.67); United States revenue 3,362 - 820 + 11,763 = 14,305 and International 1,223 - 343 + 4,523 = 5,403. Market value 3,041,435 thousand shares outstanding at 30 June 2026 (853,394 preferred + 2,157,398 Class A + 30,643 Class N) multiplied by the $589.0095 Series H-1 issue price = $1,791,434M. Multiples: 1,791,434 / 19,708 = 90.9 times trailing revenue; 1,791,434 / (16,286 x 2) = 55.0 times annualised first-half revenue; 1,791,434 / 4,585 = 390.7 times FY2025 revenue. Revenue growth 386 / 41 - 1 = +841% (2024), 4,585 / 386 - 1 = +1,088% (2025), 16,286 / 1,163 - 1 = +1,300% (H1 2026 against H1 2025). United States share of revenue 34 / 41 = 82.9% (2023), 263 / 386 = 68.1% (2024), 3,362 / 4,585 = 73.3% (2025), 11,763 / 16,286 = 72.2% (H1 2026), 14,305 / 19,708 = 72.6% (trailing twelve months). H1 2026 non-operating charge (80,748) - (693) = (80,055). First-half operating expenses against revenue: compute 8,945 / 16,286 = 55%, personnel 3,152 / 16,286 = 19%, sales and marketing 3,168 / 16,286 = 19%. Cash and short-term investments plus undrawn committed notes 131,651 + 77,000 = 208,651. The Bartz settlement against 2025 revenue 1,500 / 4,585 = 32.7%. Compute and infrastructure spend 2023-H1 2026 433 + 2,522 + 7,326 + 8,945 = 19,226 against cumulative revenue 41 + 386 + 4,585 + 16,286 = 21,298. From the Note 8 functional expense table, implied gross margin (revenue less cost of revenue, over revenue): (41 - 26) / 41 = 36.6% in 2023, (386 - 752) / 386 = -94.8% in 2024, (4,585 - 2,773) / 4,585 = 39.5% in 2025, (1,163 - 1,019) / 1,163 = 12.4% in H1 2025 and (16,286 - 2,380) / 16,286 = 85.4% in H1 2026; research and development over cost of revenue 9,741 / 2,380 = 4.09 times. Compute commitments at 30 June 2026: non-cancelable purchase commitments of 265.6 plus leases not yet commenced of 321.4 = 587.0 billion dollars, against 54.559 + 50.2 = 104.8 billion at 31 December 2025, a rise of 5.6 times in six months; 587.0 / 19.708 = 29.8 times trailing revenue and 587.0 / 131.651 = 4.5 times cash and short-term investments. The named counterparty commitments 161.2 + 120.5 + 114.5 + 110.0 + 44.6 + 44.9 + 20.0 = 615.7 billion. Valuation: the reported 965 billion dollar Series H post-money over trailing revenue 965.0 / 19.708 = 49.0 times, and over annualised first-half revenue 965.0 / 32.572 = 29.6 times. Share counts at 30 June 2026 multiplied by the Series H-1 issue price, 3,041,435 thousand x 589.0095 = 1,791,434 thousand dollars, which does not reproduce the reported figure. Headcount about 940 to about 5,300 is a rise of about 5.6 times while revenue rose about 1,200% over the same period. Commitments against the contracted book: 587,000 / 10,800 = 54.4 times. Net loss against operating loss over the trailing twelve months: 109,744 / 6,618 = 16.6 times. The three commitments owed to companies that also sell models against Anthropic, Google plus Amazon plus Microsoft, 114,500 + 110,000 + 44,900 = 269,400, which is about 44% of the 615,700 named and therefore not most of it. Cash plus undrawn committed notes against total commitments, 208,651 / 587,000 = 36%, about a third. International share of revenue: 7 / 41 = 17.1% in 2023, 123 / 386 = 31.9% in 2024, 1,223 / 4,585 = 26.7% in 2025, 343 / 1,163 = 29.5% in H1 2025, 4,523 / 16,286 = 27.8% in H1 2026 and 5,403 / 19,708 = 27.4% over the trailing twelve months. Revenue from customers above $100,000 as a share of first-half revenue, 12,000 / 16,286 = 74%, and revenue per such customer 12,000 / 6,000 = $2.0m for the half against 870 / 600 = $1.45m a year earlier. — 2023 to H1 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Anthropic's Form S-1 of 26 October 2026; each operand is shown above.
Sources
Generated October 26, 2026