Anthropic's IPO Filing Shows $16.3 Billion in Half-Year Revenue and Hundreds of Billions in Fixed Compute Contracts

Anthropic, PBC (a public benefit corporation) filed a registration statement on Form S-1 with the Securities and Exchange Commission (SEC) on October 26. The filing covers an initial public offering of Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The prospectus gives the market its first audited view of a frontier lab's finances.

Revenue for the six months ended June 30, 2026, was $16.29 billion, up from $1.16 billion a year earlier, according to Fortune's reading of the filing. Second-quarter revenue grew 1,368% year over year, while compute and infrastructure expense grew 300%, according to Yahoo Finance's coverage. About 80% of revenue came from API usage and 20% from subscriptions, per a breakdown of the S-1. The headline net loss of $80.7 billion is mostly a non-cash figure. Coverage of the filing attributes most of it to changes in the fair value of convertible bonds rather than to cash spent on servers.

The cost side matters most to anyone forecasting inference prices. Reported figures from the filing show at least $114.5 billion of future spending committed to Google Cloud, $110.0 billion to Amazon and $44.9 billion to Microsoft, with about 80% of these obligations binding and non-cancelable. Outlets report total commitments ranging from $518 billion to $602 billion once SpaceX is included. The gap reflects different counting methods.

In its risk factors, Anthropic warns that customers can switch models readily, that large amounts of new compute will compress its margins, and that its top five customers supplied roughly 25% of revenue in the first nine months of the year, Fortune reported. The Motley Fool's summary notes that 47% of 2025 sales went through Amazon's and Google's clouds. That makes Amazon and Google at once Anthropic's investors, suppliers and sales channels.

Public buyers will gain economic exposure but not control. A single Class F share, held by an LLC owned by the seven co-founders, carries 50.1% of the vote on most matters. A single Class T share, held by the Long-Term Benefit Trust, elects a majority of the board. Class A shareholders together can never hold more than 49.9% of the vote, Fortune reported. Earlier this month, Anthropic also committed 5% of its shares to a new Anthropic Public Benefit Fund, subject to stockholder approval. The board can add 2% more for each 50% rise in valuation above a set baseline. The documents reviewed here include no pricing terms. Bankers have told prospective investors that the offering could raise $100 billion or more at a valuation near $2 trillion, according to a New York Times report summarized by AI Weekly. Those figures are marketing estimates, not terms filed with the SEC.