Anthropic's S-1: the numbers that matter, from $16.3 billion in first-half revenue to an $80.7 billion loss and the 50.1% founder vote

The Anthropic S-1 is public. On October 26, 2026, Anthropic filed its registration statement with the US Securities and Exchange Commission, five months after it confidentially submitted a draft. The filing confirms most of what reporters described from that draft: first-half 2026 revenue of $16.3 billion and an $80.7 billion net loss that is mostly an accounting charge. It also adds things no one had confirmed, including the ticker, ANT, the full list of 22 underwriters, and the exact share classes that keep control with the founders and the Long-Term Benefit Trust. Our analysis of the draft prospectus reports set out the figures as they leaked; this story checks them against the filing.

This analysis is based on Anthropic's Form S-1 on SEC EDGAR, including its summary financial data, management's discussion and analysis (MD&A), quarterly results, notes to the financial statements and underwriting section, plus reporting on the filing by The Next Web and Yahoo Finance, checked October 27, 2026. It describes reported facts only and isn't investment advice.

The short version

• Revenue: $16.286 billion in the six months to June 30, 2026, against $1.163 billion a year earlier. Second-quarter revenue was $11.555 billion (S-1).
• Profit: an operating loss of $693 million for the half, including a $974 million second-quarter operating profit. Adjusted operating income, a non-GAAP measure, was $1.618 billion (S-1).
• The loss: $80.748 billion net, of which $72.388 billion is a non-cash change in the fair value of convertible notes and similar instruments (S-1).
• Control: founders get 50.1% of votes through Class F stock; the trust's Class T stock elects a board majority (S-1).
• The IPO: Nasdaq Global Select Market, ticker ANT, Goldman Sachs and Morgan Stanley leading. No date, price range or share count yet.

What does Anthropic's S-1 show?

It's the first audited look at the company's finances. The prospectus summary gives three full years and two half-years. Revenue was $41 million in 2023, $386 million in 2024 and $4.585 billion in 2025, then $16.286 billion in the first half of 2026 alone, about 14 times the $1.163 billion of the same half a year earlier. Losses moved the other way at the operating level:

Last verified: October 27, 2026

The filing says revenue "grew 1,368% year over year for the three months ended June 30, 2026," and describes it as "primarily consumption-based." Of first-half revenue, $13.064 billion (80%) was consumption-based and $3.222 billion (20%) came from subscriptions. The S-1 also gives trailing-12-month revenue per employee of "over $6.6 million as of September 30, 2026," but the line for third-quarter revenue is still blank, so the $16.8 billion quarter that Anthropic reportedly told investors about on October 14 isn't confirmed by the filing yet.

Anthropic revenue, first half of 2025, full year 2025 and first half of 2026, from its S-1

US dollars, billions

Six months to June 30, 20251.163

Full year 20254.585

Six months to June 30, 202616.286

Show the data

Period	Revenue
Six months to June 30, 2025	1.163
Full year 2025	4.585
Six months to June 30, 2026	16.286

Costs are now broken out. Compute and infrastructure cost $8.945 billion in the first half, personnel $3.152 billion (including $2.2 billion of stock-based compensation), and sales, marketing and partnerships $3.168 billion, up from $120 million a year earlier. The MD&A says that last jump came mainly from a $2.7 billion increase in fees paid to channel partners and $273 million more in marketing and advertising.

Is Anthropic profitable?

It depends on the measure and the period, and the filing makes the difference visible:

• GAAP operating result: a loss of $693 million for the first half. The filing's quarterly table shows how it splits: a $1.667 billion operating loss in the first quarter on revenue of $4.731 billion, then a $974 million operating profit in the second quarter, an 8% operating margin. The table shows an operating loss in each of the four quarters of 2025, and The Next Web called the second-quarter profit the company's first.
• Adjusted operating income: $1.618 billion for the half, a 10% adjusted operating margin, against a $1.849 billion adjusted loss a year earlier (S-1). The measure adds back stock-based compensation, $2.2 billion in the half, and $126 million of non-cash charges from a donation-matching program. For the second quarter alone, adjusted operating income was $2.235 billion, a 19% margin.
• Net result: a loss of $80.748 billion. Adjusted net income was $2.671 billion (S-1).

So Anthropic's claim to investors that it was profitable "on an adjusted basis" holds for the first half on the filing's own measure, and on a GAAP operating basis only for the second quarter.

Why is Anthropic's net loss so big?

Because of how convertible debt is accounted for, not because the business burned $80 billion. The filing's statement of operations for the first half of 2026 runs like this:

Last verified: October 27, 2026

The $72.4 billion line is the one Reuters described from the draft as a $72 billion charge. The filing says the changes were "primarily driven by an increase in the fair value of our outstanding convertible promissory notes." When Anthropic's valuation rises, notes that convert into its shares become worth more, and the increase is booked as a loss.

The second line answers a question our draft-prospectus story left open. Subtracting the $72 billion charge from the $80.7 billion loss left about $8.7 billion unexplained. The filing shows $8.757 billion of other expense, and its notes break that down: a $9.405 billion loss from the "recognition and change in fair value of note purchase agreements," partly offset by a $724 million gain on warrant rights. The agreements involved are a March 2026 note purchase agreement with Google and an April 2026 one with Amazon, which included commitments to sell Series G-2 preferred stock at $259.1364 a share and are marked to market each period. The Next Web also tied the charge to Google and Amazon.

The same agreements leave more money on the table. As of June 30, the Google agreement could still provide up to $20 billion of notes or nonvoting stock through December 2030, reducible by up to $10 billion if Google buys Class N shares alongside the IPO, and the Amazon agreement up to $15 billion; nothing had been drawn under either. Separately, about $6.2 billion of older Amazon notes convert into Class N stock at the IPO, up to about 1.84 billion shares at their fixed conversion prices, subject to an ownership cap of 12% that Amazon can waive.

How do the S-1 numbers compare with the draft reports?

Most of the leaked figures were right, with rounding. Where they differ, it's because the reports rounded, measured a different period or counted different contracts.

Last verified: October 27, 2026

Two older questions get answers. On the period confusion in our $16.8 billion quarter analysis: first-half revenue of $16.3 billion and third-quarter revenue of $16.8 billion cover different periods, and the filing hasn't filled in the third quarter. On gross vs net revenue: the revenue-recognition note says that when Anthropic sells through cloud providers' marketplaces, it "is the principal and recognizes revenue on a gross basis," because it has a direct contract with the customer, is primarily responsible for the service and sets the price. Separately, the MD&A records fees paid to channel partners as an operating expense, under sales, marketing and partnerships.

How much has Anthropic committed to spend on compute?

The filing's headline total is blank: the S-1 says Anthropic has "an aggregate committed spend of more than $," with the amount to be filled in, and that "substantially all of the remainder is expected to be incurred between 2031 and 2045." The notes to the financial statements give two dated pieces: about $265.6 billion of fixed or minimum guaranteed commitments as of June 30, 2026, and about $245 billion of minimum payments under compute and infrastructure deals signed or amended after June 30, some of them conditional. We haven't added them together, because the later figure includes amendments to existing deals.

The MD&A names the biggest arrangements:

Last verified: October 27, 2026

On top of those, Anthropic estimates $125.0 billion to $150.0 billion for additional TPU compute from providers including Google, to be delivered between 2028 and 2031, and expects spending under its AMD hardware agreement to exceed $20.0 billion; neither is in the contractual commitments table. The "about $430 billion" Yahoo Finance calculated counted only Broadcom, Google, Amazon and Microsoft.

The SpaceXAI line is larger than the deal SpaceX's own S-1 described, $1.25 billion a month for the Colossus 1 data center through May 2029. Anthropic's filing covers several agreements signed and amended between May and October 2026, at about $3.1 billion a month once all capacity is delivered, which it expects in December 2026. The initial non-cancelable periods end in January and March 2027.

Who controls Anthropic after the IPO?

Not the people buying ANT shares. The S-1 sets out five classes of common stock:

• Class A: the shares being sold, with one vote each.
• Class F: held by a Founder LLC whose "seven co-founders will initially be the sole members." It carries votes equal to "50.1% of the total voting power" and has no economic rights.
• Class T: held only by the Long-Term Benefit Trust. It elects the Class T directors, "who together will constitute a majority of the authorized members of our board of directors," and otherwise has no vote.
• Class N: held "primarily" by strategic business partners, with no votes except where the law requires. Converted notes, including Amazon's, become Class N.
• Class E: one vote per share on "certain limited matters."

"Collectively, the LTBT and the Founder LLC will have the ability to elect all members of our board of directors," the filing says. It describes the trust as "an independent body of five financially disinterested voting trustees," and calls Anthropic a "controlled company" under Nasdaq rules, though it says it expects to use that exemption only for its nominating and corporate governance committee. Among its risk factors, it warns that the structure "may effectively eliminate the ability of holders of our Class A common stock to influence important decisions."

That confirms what our Long-Term Benefit Trust explainer described from reports on the draft, with one change in wording: reports said the trust would elect four directors, while the filing says the trust's directors will be a board majority. Anthropic remains a Delaware public benefit corporation.

When is the Anthropic IPO?

There's no date in the filing. Its cover says the shares will be sold "as soon as practicable after this registration statement becomes effective," and the price range is blank ("between $ and $"). Anthropic and unnamed selling stockholders will both sell Class A shares; Anthropic gets no proceeds from the stockholders' sales. No amended S-1 with a price range had been filed as of October 27, 2026.

• Reported (WSJ, via The Next Web, October 26): Anthropic aims to list in the week of November 16, raising $100 billion or more at a $1.5 trillion to $2 trillion valuation, according to people familiar with the matter. The filing gives no valuation.
• The rule: SEC guidance requires a confidentially filed S-1 to be public at least 15 days before the roadshow. Fifteen days from October 26 is November 10. That's our arithmetic, not a reported date.

The offering also includes public offerings in Australia, Canada, certain EEA member states, Japan, Switzerland and the UK, but Anthropic says it doesn't intend to list on any exchange there. How individuals can buy, and how to spot pre-IPO scams, is in our guide to buying Anthropic stock.

What's confirmed, reported and uncertain

• Confirmed (S-1, October 26, 2026): the ticker, exchange and 22 banks; annual, half-year and quarterly results, including Q2 revenue and operating profit, the $72.388 billion fair-value change and the $8.757 billion other expense and what drove it; adjusted operating income; cash and short-term investments; the 80/20 revenue split; gross revenue reporting for cloud-marketplace sales; the named compute deals and financing terms; the share classes and control terms; the blanks for price range, share count, Q3 revenue and the aggregate commitment.
• Reported (The Next Web): that the second quarter was Anthropic's first operating profit.
• Reported, not in the filing (WSJ via The Next Web): the week-of-November-16 target, a $100 billion-plus raise and the $1.5–2 trillion valuation.
• Uncertain: the IPO date and price; Q3 revenue; the total committed spend.