Anthropic filed its S-1 registration statement on October 26, outlining plans to list on Nasdaq under the ticker ANT. The filing does not yet specify the number of shares to be offered or the offering price, while market valuation expectations have reached $1.5 trillion to $2 trillion. Investors will be weighing the company’s rapid revenue growth against its customer mix, accounting losses tied to convertible notes and extensive long-term commitments for computing capacity.
Revenue surged in the first half as quarterly growth cooled
Anthropic reported revenue of $16.29 billion for the first half of 2026, up from $1.16 billion in the same period a year earlier—a 1,304% increase. Full-year revenue in 2025 was $4.59 billion, up 1,089% from the previous year. Second-quarter revenue rose 1,368% year over year.
Spending by existing customers is also expanding. Net revenue retention reached 900% as of the end of September, indicating a substantial increase in revenue from customers already using Anthropic’s products.
The pace of growth, however, is drawing attention. Earlier this month, management told investors it expected third-quarter revenue of $16.8 billion. Second-quarter revenue had risen to $11.6 billion from $4.7 billion in the first quarter, so the third-quarter forecast implies a much slower sequential increase.
No customer accounted for more than 10% of revenue
The S-1 says no single customer contributed more than 10% of Anthropic’s total revenue in the first nine months of 2026. Its five largest customers together accounted for about 25%. For a relatively young company expanding quickly, the figures indicate that revenue is not concentrated in just a handful of customers.
Cloud providers are a major route to market: 48% of Anthropic’s revenue came through cloud computing services that offer access to its models. The channel helps the company reach enterprise customers, while making its cloud partnerships and computing supply arrangements central to understanding how the business operates.
Convertible-note accounting drove most of the reported loss
Anthropic reported a loss of $80.7 billion for the first half of 2026, compared with $12.9 billion in the same period of 2025. The result was heavily affected by changes in the fair value of convertible notes. As Anthropic’s valuation rose in subsequent funding rounds, the value of the notes recorded as liabilities on its balance sheet also increased, producing about $72 billion in non-cash accounting losses.
Excluding that charge, the first-half loss was about $8.7 billion. The filing says the convertible notes will convert into equity when the company goes public, removing the related liabilities. Investors assessing operating performance will need to distinguish valuation changes recorded in the accounts from losses reflecting day-to-day business costs.
Compute agreements carry extensive long-term commitments
Anthropic agreed to pay Alphabet $114.5 billion for computing capacity between April 2026 and July 2033. It also committed to purchase TPUs scheduled for delivery from 2028 through 2031, for an estimated $125 billion to $150 billion. The company has further committed to pay at least $110 billion to Amazon and $44.9 billion to Microsoft. These commitments are not conditional on actual usage.
Anthropic also agreed to pay SpaceX $120.5 billion by 2029. Under the agreement, either party may cancel with 90 days’ written notice after the non-cancellable periods end in January and March 2027. The filing also lists a $44.6 billion agreement with NScale for computing capacity powered by Nvidia GPUs, and a $41.3 billion agreement with Lambda.
The contracts provide infrastructure for training and running Anthropic’s models, but also create substantial long-term financial obligations. A key question for investors is whether revenue can continue to support the cost of securing computing capacity.
Adjusted operating profit turned positive in the second quarter
Despite continued investment in computing resources, Anthropic showed signs of operating leverage. Second-quarter revenue increased 1,368% year over year, while computing and infrastructure costs rose about 300%. The company reported positive adjusted operating profit for the quarter.
Revenue is currently growing faster than those infrastructure expenses, but the company still faces large future purchasing commitments. As the business scales, the unit cost of inference services and changes in margins will affect whether Anthropic can build out computing capacity while moving toward sustained profitability. The quarterly figures in the S-1 offer an early indication; longer-term results will depend on revenue growth, efficient use of computing resources and how contractual spending unfolds.