# Anthropic S-1 key numbers

Canonical: https://theagenticweekly.com/anthropic-ipo/key-numbers · Evidence: Reported (nothing here is Tested) · Published: 2026-10-26 16:34 UTC · Updated: 2026-10-26 16:34 UTC · Author: Agentic Weekly

> Every row is a figure from Anthropic's Form S-1 (or, where marked, a named outlet), with the period, the section to check, and the label Reported. Dollar figures are as the S-1 states them, in millions unless written out. Blank means the S-1 leaves it empty; we do not fill it.

**Not investment advice. This site summarizes public filings and cited reporting; everything is labelled Reported and nothing here is Tested.**

## Revenue and growth

| Item | Figure | Period or as-of | Source and section | Label |
| --- | --- | --- | --- | --- |
| Revenue | $16,286 million (about $16.3 billion) | Six months ended June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Revenue | $1,163 million | Six months ended June 30, 2025 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Revenue | $4,585 million | Year ended December 31, 2025 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Revenue | $386 million | Year ended December 31, 2024 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Revenue | $41 million | Year ended December 31, 2023 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Revenue growth, year over year | 1,368% | Three months ended June 30, 2026 vs the same quarter of 2025 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis; Prospectus Summary | Reported |
| Consumption-based revenue | $13.1 billion, or 80% of total revenue | Six months ended June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis | Reported |
| Share of revenue through cloud service provider marketplaces | 11% (2023), 32% (2024), 47% (2025), 48% (six months to June 30, 2026) | 2023 to H1 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Risk Factors (customer and channel concentration) | Reported |
| Top five customers' share of revenue | About 25%; no single customer above 10% | Nine months ended September 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Risk Factors (customer concentration) | Reported |
| Net Revenue Retention (company-defined) | Approximately 900% | As of September 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary (Key Business Metrics) | Reported |
| Revenue, three months ended September 30, 2026 | Blank in this filing | Three months ended September 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary | Blank in filing |
| Run-Rate Revenue as of October 31, 2026 | Blank in this filing | As of October 31, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Business (Significant Customer Expansion) | Blank in filing |

## Losses and profitability

| Item | Figure | Period or as-of | Source and section | Label |
| --- | --- | --- | --- | --- |
| Operating loss | $(693) million | Six months ended June 30, 2026 (vs $(2,135) million in H1 2025) | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Operating loss | $(551) million (2023), $(2,980) million (2024), $(8,060) million (2025) | Years ended December 31 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Net loss | $(80,748) million (about $80.7 billion) | Six months ended June 30, 2026 (vs $(12,969) million in H1 2025) | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Net loss | $(1,531) million (2023), $(8,309) million (2024), $(41,965) million (2025) | Years ended December 31 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Change in fair value of convertible notes, derivative liabilities and SAFEs | $(72,388) million in H1 2026; $(34,308) million in 2025 | Six months ended June 30, 2026; year 2025 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |
| Adjusted Operating Income (non-GAAP, company-defined) | $1,618 million; Adjusted Operating Margin 10% | Six months ended June 30, 2026 (vs $(1,849) million, margin (159)%, in H1 2025) | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Summary Consolidated Financial Data (non-GAAP) | Reported |
| Adjusted Net Income (non-GAAP, company-defined) | $2,671 million | Six months ended June 30, 2026 (vs $(1,741) million in H1 2025) | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Summary Consolidated Financial Data (non-GAAP) | Reported |
| Compute and infrastructure expense | $8,945 million in H1 2026 (vs $2,334 million in H1 2025); $7,326 million in 2025 | Six months ended June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis | Reported |
| Cost of revenue | $2,380 million in H1 2026 (vs $1,019 million in H1 2025) | Six months ended June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis (expenses by function) | Reported |
| Sales, marketing and partnerships expense | $3,168 million in H1 2026 (vs $120 million in H1 2025) | Six months ended June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis | Reported |
| Bartz copyright settlement charge | $1,500 million in 2025 | Year 2025 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis; Risk Factors (legal proceedings) | Reported |
| Net loss per share, basic and diluted | $(39.88) | Six months ended June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary, Summary Consolidated Financial Data | Reported |

## Cash, funding and debt

| Item | Figure | Period or as-of | Source and section | Label |
| --- | --- | --- | --- | --- |
| Cash, cash equivalents and short-term investments | $131,651 million ($112.4 billion cash and equivalents plus $19.3 billion short-term investments) | As of June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary; Management's Discussion and Analysis (Liquidity) | Reported |
| Total capital raised to date | $141.1 billion | As of June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis (Liquidity) | Reported |
| Net cash provided by operating activities | $3,929 million (vs $(1,513) million used in H1 2025) | Six months ended June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis (cash flows) | Reported |
| Net cash used in investing; provided by financing | $(17,181) million used in investing; $110,774 million provided by financing | Six months ended June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis (cash flows) | Reported |
| Balance sheet | Total assets $147,358 million; total liabilities $117,467 million; redeemable convertible preferred stock $157,510 million; accumulated deficit $(132,902) million; stockholders' deficit $(127,619) million | As of June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Summary Consolidated Financial Data; Capitalization | Reported |
| Convertible notes payable (balance sheet) | $108,566 million | As of June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Consolidated balance sheet | Reported |
| Total indebtedness | $6.2 billion, the principal outstanding on convertible notes issued to Amazon | As of June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Risk Factors (indebtedness) | Reported |

## Customers and usage

| Item | Figure | Period or as-of | Source and section | Label |
| --- | --- | --- | --- | --- |
| Customers with $100,000+ revenue on a trailing-twelve-month basis | More than 11,900 (up from more than 950 a year earlier) | As of September 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Business (Significant Customer Expansion) | Reported |
| Customers with $1 million+ and $10 million+ revenue (trailing twelve months) | More than 1,900 at $1M+; approximately 250 at $10M+ | As of September 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Business (Significant Customer Expansion) | Reported |
| Employees | Approximately 5,300 (from approximately 940 at December 31, 2024) | As of September 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Business; Risk Factors | Reported |
| Share of Anthropic's own codebase contributions written by Claude | Over 90% | September 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Business | Reported |

## Compute commitments

| Item | Figure | Period or as-of | Source and section | Label |
| --- | --- | --- | --- | --- |
| Expected future fixed or minimum guaranteed compute and infrastructure commitments | Approximately $265.6 billion, with terms from one to 20 years | As of June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Notes to consolidated financial statements (commitments) | Reported |
| Microsoft agreement | At least $44.9 billion between November 2026 and May 2033, regardless of usage | Agreement of November 2025, amended February and October 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis (contractual obligations) | Reported |
| Google agreement | At least approximately $114.5 billion between April 2026 and July 2033, regardless of usage | Agreement of March 2026, amended May to August 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis (contractual obligations) | Reported |
| Amazon agreement | At least $110.0 billion between May 2026 and April 2036, regardless of usage | Agreement of April 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis (contractual obligations) | Reported |
| SpaceXAI arrangements (NVIDIA GPU capacity) | Up to $120.5 billion over terms into 2029, about $3.1 billion a month once all capacity is delivered (expected December 2026) | Arrangements between May and October 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis (contractual obligations) | Reported |
| Total spending commitments with six partners over a decade (press figure) | More than $500 billion, as reported by Reuters; the S-1's own headline total is blank | Reuters, October 26, 2026 | [Reuters](https://www.investing.com/news/stock-market-news/anthropics-ipo-a-close-look-at-ai-frontrunners-rapid-growth-spiraling-costs-4972917), Reuters (not stated as a total in the S-1) | Reported |
| Aggregate compute commitment headline total | Blank in this filing | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary | Blank in filing |

## Share classes, voting and the Trust

| Item | Figure | Period or as-of | Source and section | Label |
| --- | --- | --- | --- | --- |
| Class A common stock | One vote per share; to be listed; not convertible | Offering terms | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), The Offering; Description of Capital Stock | Reported |
| Class N common stock | No voting rights except as required by law; held primarily by strategic business partners; generally converts to Class A on sale or transfer to an unaffiliated third party | Offering terms | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary; Description of Capital Stock | Reported |
| Class T common stock | One share, held by the Long-Term Benefit Trust, entitling it to elect and remove directors who make up a majority of the board | Offering terms | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Our Governance Structure and Its Goals | Reported |
| Class F common stock | One share, held by the co-founders' Founder LLC; carries 50.1% of the total voting power on matters put to stockholders generally; no economic rights | Offering terms | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary; Description of Capital Stock | Reported |
| Class E common stock | Votes only on certain limited matters; no economic rights | Offering terms | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary | Reported |
| Long-Term Benefit Trust (LTBT) | Delaware noncharitable purpose trust governed by five Trustees | Governance structure | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Our Governance Structure and Its Goals | Reported |
| Controlled company | Anthropic says it is a controlled company under Nasdaq Global Select Market rules because the LTBT elects a majority of the board | Governance structure | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary | Reported |
| Corporate form | Delaware public benefit corporation (PBC) | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary | Reported |
| Public benefit share contribution | 846,840,960 Class N shares (5% of fully diluted shares at June 30, 2026) contributed to Anthropic Public Benefit Fund, LLC | As of June 30, 2026 | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary | Reported |
| Co-founder pledges | Each co-founder has pledged to dedicate 80% of their personal equity to philanthropic causes; the S-1 calls this voluntary, revocable and not legally binding | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Prospectus Summary; Shares Eligible for Future Sale | Reported |
| Google ownership cap and option | Google's ownership is capped at 14.99% of outstanding capitalization (as converted) under its agreement, unless Google waives it; Google also holds an option to buy up to $10.0 billion of Class N in a private placement concurrent with the IPO at the public offering price | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Management's Discussion and Analysis; Description of Capital Stock | Reported |

## Offering terms, listing and use of proceeds

| Item | Figure | Period or as-of | Source and section | Label |
| --- | --- | --- | --- | --- |
| Exchange and ticker | Nasdaq Global Select Market, symbol ANT (applied for) | Proposed | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Cover page | Reported |
| Public market today | None: there has been no public market for Class A common stock before this offering | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Cover page | Reported |
| Price range | Blank in this filing | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Cover page | Blank in filing |
| Number of shares offered (by Anthropic and by selling stockholders) | Blank in this filing | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Cover page; The Offering | Blank in filing |
| Use of proceeds | General corporate purposes, including working capital, operating expenses and capital expenditures such as compute and infrastructure, and hiring and retention; part to cover tax withholding on settlement of certain RSUs. No agreements for material acquisitions at this time. | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Use of Proceeds (p. 124) | Reported |
| Underwriters | 22 firms listed on the cover, with Goldman Sachs & Co. LLC and Morgan Stanley first (the two named for lock-up releases and prospectus copies) | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Cover page; Underwriting | Reported |
| Lock-up | Co-founders and certain holders of more than 0.5% of fully diluted shares: earlier of the second full trading day after Q3 2027 results and the 365th day after the prospectus date. Other holders: earlier of the second full trading day after Q1 2027 results and the 180th day. Share counts and percentages per release date are blank. | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Risk Factors; Shares Eligible for Future Sale | Reported |
| Dividends | Never declared or paid; none expected in the foreseeable future | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Dividend Policy (p. 125) | Reported |
| Prospectus date and expected delivery date | Blank in this filing | n/a | [S-1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm), Cover page | Blank in filing |

## Notes on specific rows

- Net Revenue Retention (company-defined): Anthropic's own metric; it excludes Claude Pro and Max subscribers. Definition is in the S-1.
- Change in fair value of convertible notes, derivative liabilities and SAFEs: A line below operating loss. It is the main reason net loss is far larger than operating loss.
- Adjusted Operating Income (non-GAAP, company-defined): Non-GAAP: Anthropic defines the adjustments; read the reconciliation in the S-1.
- Expected future fixed or minimum guaranteed compute and infrastructure commitments: Some agreements do not specify a fixed or minimum dollar amount, so this is not a total of every compute arrangement.

## What changes next

| What | Why we say it is open | Where it should appear |
| --- | --- | --- |
| Price range per share | Blank on the cover page. Anthropic's announcement says the price range has not yet been determined. | Expected in a later amendment to the S-1 (an S-1/A) or the final prospectus. |
| Number of shares offered by Anthropic and by selling stockholders, and the over-allotment option | Blank on the cover page and in The Offering. The announcement says the number of shares has not yet been determined. | Later amendment. |
| Net proceeds and pro forma figures | Capitalization and Use of Proceeds leave the dollar amounts and the pro forma columns blank. | Later amendment, once price and share count are set. |
| Prospectus date, effectiveness, pricing and first trading day | The cover says the registration statement has been filed but is not yet effective; securities may not be sold until it is. No dates are given. | Later amendment and the SEC's declaration of effectiveness. |
| Third-quarter 2026 revenue and Run-Rate Revenue as of October 31, 2026 | Both are blank. The S-1 already reports customer metrics as of September 30, 2026 but not the quarter's revenue figure. | Later amendment. |
| Headline total of compute commitments | The summary figure is blank (the notes give approximately $265.6 billion of fixed or minimum commitments as of June 30, 2026). | Later amendment. |
| Lock-up release share counts and percentages | The release schedule exists but its share counts and percentages are blank. | Later amendment. |
| Rehearing en banc in the D.C. Circuit | The S-1 says Anthropic has asked the full court to review the September 25 panel decision and that it cannot predict the outcome. | Court docket; reflected in any amendment. |

## Sources

- [Anthropic, PBC Form S-1 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm) (primary)
- [SEC EDGAR filing list for Anthropic, PBC (CIK 2130357)](https://data.sec.gov/submissions/CIK0002130357.json) (primary)
- [Anthropic: files S-1 with the SEC for proposed initial public offering](https://www.anthropic.com/news/s1-sec) (primary)
- [CNBC live updates: Anthropic IPO and S-1 filing](https://www.cnbc.com/2026/10/26/anthropic-ipo-live-updates-ai-s-1-filing.html) (press report)
- [Reuters via Investing.com: Anthropic's IPO, a close look at AI frontrunner's rapid growth, spiraling costs](https://www.investing.com/news/stock-market-news/anthropics-ipo-a-close-look-at-ai-frontrunners-rapid-growth-spiraling-costs-4972917) (press report)

## More on the Anthropic IPO

- [Anthropic IPO: what the S-1 says (proposed Nasdaq ticker ANT)](https://theagenticweekly.com/anthropic-ipo) ([md](https://theagenticweekly.com/anthropic-ipo.md))
- [What Anthropic's S-1 says, in plain English](https://theagenticweekly.com/anthropic-ipo/s1-explained) ([md](https://theagenticweekly.com/anthropic-ipo/s1-explained.md))
- [Anthropic S-1 risk factors that matter](https://theagenticweekly.com/anthropic-ipo/risk-factors) ([md](https://theagenticweekly.com/anthropic-ipo/risk-factors.md))
- [Anthropic IPO FAQ](https://theagenticweekly.com/anthropic-ipo/faq) ([md](https://theagenticweekly.com/anthropic-ipo/faq.md))
- [Anthropic IPO timeline](https://theagenticweekly.com/anthropic-ipo/timeline) ([md](https://theagenticweekly.com/anthropic-ipo/timeline.md))
- [Our original brief on the filing](https://theagenticweekly.com/news/anthropic-s-1-ipo-filing-nasdaq-ant)
- [Data as JSON](https://theagenticweekly.com/anthropic-ipo.json)