Anthropic IPO: the S-1, in charts
On October 26, 2026, Anthropic, PBC filed a public Form S-1 with the SEC (proposed ticker “ANT”, Nasdaq Global Select Market). Every number below is from the filing; our own calculations are labeled.
Revenue, H1 2026
$16.3B
+1,300% y/y
H1 2025: $1.2B · p. 149
Compute per $1 of revenue
$0.48
from $2.51 in Q1 2025
Q2 2026: 48% of revenue · p. 159
Operating income, Q2 2026
+$974M
Q2 2025: −$1.2B
but net loss for the quarter: −$66.3B · p. 158
Net loss, H1 2026
−$80.7B
−$72.4B — notes remeasurement
non-cash, 90% of the loss (calc.) · F-8
Where the revenue goes
US GAAP, $M · growth vs H1 2025 · line items as in the S-1 statement of operations (by nature)
| Line item | Amount and change |
|---|---|
| Revenue | $16,286M · ×14.0 |
| Operating expenses | $16,979M |
| Compute & infrastructure | $8,945M |
| Personnel | $3,152M |
| Sales, marketing & partners | $3,168M |
| Other operating & admin | $1,714M |
| Operating loss | $693M |
Operating loss of $693M on $16.3B of revenue.
Cite this chart
Free to use with credit to Who Reports Today and a link — CC BY 4.0 (terms).
Chart: “Anthropic H1 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/ipo/anthropic#sankey. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/ipo/anthropic#sankey"><img src="https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-sankey-h1-2026.png?v=20261027c" alt="Anthropic H1 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/ipo/anthropic#sankey">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-sankey-h1-2026.png?v=20261027c
More from the statement
Operating cash flow for H1 2026 was +$3.9B (vs −$1.5B a year earlier, p. 169). Cash and short-term investments at June 30, 2026: $131.7B ($112.4B + $19.3B, p. 172); $141.1B raised in total (p. 11).
By function (Note 8, F-40), H1 2026 cost of revenue was $2.4B and R&D $9.7B: gross margin ≈85% our calculation. Cost of revenue is almost entirely customer-serving compute; R&D is mostly compute for model development and research.
Compute spend per $1 of revenue
Q2 2026 revenue grew 1,368% year over year, compute expense 300% (p. 137). Hover or tap a bar.
Q2 2026: compute & infrastructure $5.6B on revenue of $11.6B — $0.48 per $1 of revenue (S-1: 48% of revenue, p. 159).
The company warns that compute is procured 12–18 months ahead and operating margin may compress as new capacity comes online (pp. 134–135). This is all compute: training, research and serving customers.
Cite this chart
Free to use with credit to Who Reports Today and a link — CC BY 4.0 (terms).
Chart: “Anthropic: compute spend per $1 of revenue by quarter” by Who Reports Today, https://whoreportstoday.com/ipo/anthropic#compute. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/ipo/anthropic#compute"><img src="https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-compute-per-dollar.png?v=20261027c" alt="Anthropic: compute spend per $1 of revenue by quarter" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/ipo/anthropic#compute">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-compute-per-dollar.png?v=20261027c
Compute deals by supplier
Seven compute deals named in the S-1 add up to about $637B: minimum payments, ceilings and leases. That’s ≈32× a year of revenueour calculation from the S-1
One square = revenue for the four quarters to Jun 30, 2026: $19.7B. The S-1 gives no total; some deals can be cancelled.
Broadcom — approx. $161.2B, equipment leases (TPU), five-year leases; rent excluding interest; non-cancelable except on default. S-1, p. 172–173.
How to read these amounts
Amounts as stated in the S-1 (p. 171–173): “at least” is a minimum payable regardless of usage; “up to” is a ceiling and some of those deals can be cancelled; Broadcom is five-year rent excluding interest. The seven-deal total of $637.0B our calculation adds up figures of different kinds; the S-1 gives no total. It excludes additional TPU compute for 2028–2031, incl. from Google, estimated by the company at $125–150B, and AMD at over $20B (p. 171–172). The issuer’s own totals differ: about $265.6B of minimum guaranteed commitments at June 30, 2026 (Note 13), plus about $245B entered into after June 30 (Note 17). The contractual obligations table in the S-1 is still blank.
“≈32 years of revenue” = $637.0B ÷ $19.7B revenue for the four quarters to Jun 30, 2026 (p. 158) our calculation.
Cite this chart
Free to use with credit to Who Reports Today and a link — CC BY 4.0 (terms).
Chart: “Anthropic: compute deals by supplier” by Who Reports Today, https://whoreportstoday.com/ipo/anthropic#commitments. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/ipo/anthropic#commitments"><img src="https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-commitments.png?v=20261027c" alt="Anthropic: compute deals by supplier" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/ipo/anthropic#commitments">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-commitments.png?v=20261027c
Revenue and growth
Q2 2026: revenue $11.6B ($11,555M); ×14.7 vs Q2 2025; +144% vs the previous quarter (our calculation from the S-1). Q3 2026 revenue is left blank in the S-1.
Cite this chart
Free to use with credit to Who Reports Today and a link — CC BY 4.0 (terms).
Chart: “Anthropic: quarterly revenue” by Who Reports Today, https://whoreportstoday.com/ipo/anthropic#revenue. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/ipo/anthropic#revenue"><img src="https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-revenue.png?v=20261027c" alt="Anthropic: quarterly revenue" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/ipo/anthropic#revenue">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-revenue.png?v=20261027c
Who owns vs. who votes
Five share classes after the IPO (cover, pp. 13–20, 290–294). Tap a class.
Votes on general matters (after the IPO)
Economic interest (fully diluted)
7 co-foundersAnthropic Public Benefit Fund (Class N), 5%Class A
| Class | Held by | Vote | Economics |
|---|---|---|---|
| Class F | one share held by the seven co-founders’ Founder LLC | fixed 50.1% of votes on general matters | no |
| Class T | one share held by the Long-Term Benefit Trust | elects a majority of the board | no |
| Class A | public shareholders, investors, co-founders | 1 vote per share; together 49.9% of votes | yes |
| Class N | strategic partners (incl. Amazon and Google), the Public Benefit Fund | no vote (except as required by law) | yes, same as Class A |
| Class E | employees (excl. co-founders), after the IPO | votes only on limited matters | no |
* Our approximate calculation from the S-1: the co-founders’ Class A shares at Sep 30, 2026 (1,686M shares, p. 290) ÷ fully diluted shares at Jun 30, 2026 (16,937M — from the fund’s 846.8M shares = 5%, p. 13). Ownership caps: Amazon 12% of capitalization (p. 165), Google 14.99% (p. 169). The co-founders pledged 80% of their equity to philanthropy (p. 13).
Cite this chart
Free to use with credit to Who Reports Today and a link — CC BY 4.0 (terms).
Chart: “Anthropic: who votes vs. who owns” by Who Reports Today, https://whoreportstoday.com/ipo/anthropic#ownership. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/ipo/anthropic#ownership"><img src="https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-ownership.png?v=20261027c" alt="Anthropic: who votes vs. who owns" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/ipo/anthropic#ownership">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-ownership.png?v=20261027c
Revenue per employee: Anthropic vs. Big Tech
Anthropic — over $6.6M of trailing-12-month revenue per employee at Sep 30, 2026, about 5,300 employees (company metric, S-1 pp. 11 and 137). A year earlier: $1.4M.
Periods differ: Anthropic is trailing 12 months to Sep 30, 2026 over headcount at that date (company metric); the others are the last full fiscal year in the 10-K over year-end headcount — NVIDIA and Microsoft FY2026, Apple FY2025, Alphabet and Amazon calendar 2025. NVIDIA over the 12 months to July 2026 is about $7.2M (our calculation from the 10-K and 10-Qs). Indicative comparison.
Cite this chart
Free to use with credit to Who Reports Today and a link — CC BY 4.0 (terms).
Chart: “Revenue per employee: Anthropic vs. Big Tech” by Who Reports Today, https://whoreportstoday.com/ipo/anthropic#revenue-per-employee. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/ipo/anthropic#revenue-per-employee"><img src="https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-revenue-per-employee.png?v=20261027c" alt="Revenue per employee: Anthropic vs. Big Tech" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/ipo/anthropic#revenue-per-employee">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/ipo/anthropic/img/anthropic-ipo-revenue-per-employee.png?v=20261027c
Method and sources
How we calculated
All Anthropic figures come from the Form S-1 filed on Oct 26, 2026 (accession 0001628280-26-067168); each was checked three times against the document. The statement of operations appears in three places (p. 23, p. 148, F-8) and they match; the quarterly table (p. 158) sums to the half-years and to 2025 exactly. Page numbers are the footers of the S-1 HTML version.
Our own calculations (labeled “our calculation”):
- compute per $1 of revenue for half-years and years, period-over-period growth;
- the $637.0B sum of named compute deals and “≈32 years of revenue”;
- ≈85% gross margin from the expense-by-function note;
- the co-founders’ ≈10% economic stake (bases at different dates);
- revenue per employee for other companies — 10-K revenue ÷ year-end headcount (Anthropic’s is the company’s own metric).
What the S-1 leaves blank
- the price range and the number of shares offered (cover);
- Q3 2026 revenue (p. 6) — the company only gives TTM revenue per employee of over $6.6M at Sep 30, 2026;
- the contractual obligations table and the aggregate compute commitment (p. 170);
- use of proceeds and post-IPO capitalization.
They will appear in S-1/A amendments — we’ll update this page.
Not investment advice. No share prices or valuations — reported figures only.
Our charts on this page are licensed under CC BY 4.0: free to use with credit to Who Reports Today and a link (terms).
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Published Oct 27, 2026, from the S-1 filed Oct 26, 2026. We’ll update it after S-1/A amendments.