Anthropic filed its S-1 on October 26, 2026. Search all 370 pages, or start with the numbers: the growth and the losses. Every figure links to the page it came from.
Parsed with LlamaParse. 370 pages of tables, footnotes and financial statements, turned into clean markdown.Growth on one side, losses and obligations on the other. GAAP unless marked. Parentheses denote losses or deficits.
$ in millions (M) unless shown otherwise. Select a page number to open the source.
| Net loss | ($6,592) | ($6,377) | ($12,138) | ($16,858) | ($14,439) | ($66,309) |
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Takeaways from 370 pages, including the uncomfortable ones. Each links to the passages behind it.
Annual revenue was $41M in 2023, $386M in 2024 and $4.6B in 2025 . In the three months ended June 30, 2026, revenue grew 1,368% year over year . The filing warns that growth rates will decline as the base gets larger .
Customers spending $100K+ a year grew from about 20 at the end of 2023 to more than 11,900 by September 2026 . No single customer was more than 10% of revenue for the nine months ended September 30, 2026, and 79% of Q3 revenue came from outside the top five customers, up from 64% in Q1 .
More than 50% of the Fortune 500 and 30% of the Global 2000 are $100K+ customers. Anthropic says its revenue from those Fortune 500 customers is, on average, under 0.1% of their total expenses, which it frames as runway .
Anthropic lost $80.7B in H1 2026 and $42.0B in 2025 on a GAAP basis . Most of it is a non-cash charge: its convertible notes are marked to fair value, so the liability grew $72.4B as the valuation rose . The notes are real obligations that convert into stock at the IPO, and the operating loss was still $693M .
Total liabilities reached $117.5B at June 30, 2026, of which $108.6B is convertible notes payable, up from $41.7B six months earlier . About $6.2B of Amazon note principal remains outstanding; any part that can't convert under Amazon's ownership cap becomes a 10-year rollover note payable in cash at maturity . Stockholders' deficit stands at $127.6B .
Operating cash flow was $3.9B in H1 2026 after outflows of $1.6B, $5.7B and $2.6B in 2023–2025, but investing used $17.2B in the same half . Anthropic expects its data center build-out to drive significant net cash outflows for the foreseeable future, and the total of its compute commitments is left blank in this draft .
Compute and infrastructure cost $8.9B in H1 2026, the largest expense line . In Q2 2026, revenue grew 1,368% while compute and infrastructure expenses grew 300% . Anthropic expects margins to compress when large blocks of new compute come online .
Consumption-based ("pay-for-intelligence") revenue was $13.1B, or 80% of the total, in H1 2026. Subscriptions were $3.2B, or 20% . Customers can buy directly or through AWS, Google Cloud and Azure marketplaces, with Anthropic holding the customer contract .
Claude is trained and served on AWS Trainium, Google TPUs, NVIDIA GPUs and AMD GPUs . Anthropic is adding "Anthropic Direct", leasing chips and hosting them in dedicated facilities . AMD has committed to buy up to $5.0B of Class N stock as GPU deployment milestones are hit .
A single Class F share held by the seven co-founders' LLC carries 50.1% of total voting power . The Long-Term Benefit Trust, five financially disinterested trustees, elects a majority of the board through Class T stock . Anthropic will be a Nasdaq "controlled company" .
Anthropic contributed 846,840,960 Class N shares, 5% of fully diluted shares, to the Anthropic Public Benefit Fund. The board may add up to 2% more each time the share price rises 50% above the prior milestone, and each co-founder has pledged 80% of their equity to philanthropy .
Anthropic settled the Bartz copyright class action for $1.5B; the district court approved it in July 2026 . Other publishers have sued too, and the filing warns that adverse fair-use rulings could hurt the business .
Anthropic names Google and OpenAI as its primary model competitors . Some of the cloud providers it depends on for compute are also investors, customers and rivals, which the filing flags as a source of conflicts of interest .
The questions people ask first. For anything else, search the filing at the top of the page.
The filing doesn't say yet. This is a preliminary S-1, so the price range, share counts and proceeds are blank . Anthropic says it will use its proceeds for general corporate purposes, including compute and infrastructure, hiring, possible acquisitions, and tax withholding on RSUs that settle at the IPO .
The proposed ticker is "ANT" , on the Nasdaq Global Select Market .
Goldman Sachs and Morgan Stanley are the lead underwriters, with J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities among the others on the cover .
Revenue was $41M in 2023, $386M in 2024 and $4.6B in 2025, then $16.3B in the first half of 2026 alone . Quarterly revenue went from $376M in Q1 2025 to $11.6B in Q2 2026 .
No. On a GAAP basis it had an operating loss of $693M and a net loss of $80.7B in H1 2026 . Its non-GAAP adjusted operating income, which excludes stock-based compensation, non-cash charitable contributions and the Bartz settlement, was $1.6B . Q2 2026 is the only quarter in the filing's quarterly table with positive GAAP operating income, $974M .
Almost all of it is a non-cash charge. As Anthropic's valuation rose, the fair value of its convertible notes rose too, producing a $72.4B charge in H1 2026 and $34.3B in 2025 . Its $132.9B accumulated deficit includes $113.2B of these fair-value changes .
As of June 30, 2026, total liabilities were $117.5B, of which $108.6B was convertible notes payable carried at fair value . About $6.2B of Amazon note principal remains outstanding . No borrowings were drawn on its revolving credit facility, which was enlarged to $15B in September 2026 . Most notes convert into Class N stock at the IPO, which dilutes other holders .
Operations generated $3.9B of cash in H1 2026, after using cash every year from 2023 to 2025 . Investing used $17.2B in the same six months, and the company expects heavy net cash outflows from its compute build-out for the foreseeable future . Funding has come mostly from financing: $110.8B in H1 2026 alone .
As of September 30, 2026: more than 11,900 customers paying $100K+ a year, more than 1,900 paying $1M+, and about 250 paying $10M+ . About 40 million customers each spend less than $100K .
Two bodies. The Founder LLC, owned by the seven co-founders, holds a Class F share with 50.1% of the vote on general matters. The Long-Term Benefit Trust elects a majority of the board through Class T stock. Together they can elect the entire board .
A trust of five financially disinterested trustees with expertise in AI safety, national security, public policy and social enterprise. It elects the Class T directors, who make up a board majority, but it has no role in day-to-day management .
Five. Class A (one vote, sold in the IPO), Class N (no vote; converts to A when sold to an unaffiliated party), Class T (held by the LTBT, elects the board majority), Class F (founders, 50.1% of voting power) and Class E (votes on a few limited matters) .
As of June 30, 2026 it had $112.4B in cash and cash equivalents plus $19.3B of short-term investments, having raised $141.1B in total . In September 2026 it also set up a $15B revolving credit facility .
For frontier models sold to developers and enterprises, the filing names Alphabet (Google) and OpenAI as the primary competitors .
Dario Amodei is CEO and Daniela Amodei is President and Chairperson; Krishna Rao is CFO . All seven co-founders (Dario Amodei, Daniela Amodei, Tom Brown, Jack Clark, Jared Kaplan, Sam McCandlish and Christopher Olah) remain with the company .
A copyright class action, Bartz v. Anthropic, settled in September 2025 for $1.5B and approved by the court in July 2026 . It appears as a separate $1.5B expense line in 2025 .
Insiders and holders of substantially all existing stock are subject to lock-up or market standoff agreements that generally run 180 days after the prospectus date, with some early-release provisions .
It describes four model classes: Mythos (including Fable), Opus, Sonnet and Haiku . It says Mythos was first released in a limited way through Project Glasswing, and Fable 5 was released generally with safety restrictions .
Rendered from the LlamaParse markdown, with tables and footnotes intact.