🚨 EVERYONE IS READING ANTHROPIC’S REVENUE. THE REAL STORY IS DEEPER IN THE S-1.
Anthropic made 3.5x its entire 2025 revenue in just six months. But these are the 7 things buried in the filing:
>ONE SHARE CONTROLS HALF THE VOTE
A single Class F share, held by an LLC of the seven co-founders, carries 50.1% of the vote. A separate trust elects a majority of the board. Public buyers get Class A shares, one vote each.
>900% NET REVENUE RETENTION
Customers who were already paying a year ago now spend about 9x as much.
>NEARLY $800B IN COMPUTE COMMITMENTS
Over the next 10 years. Compute spending was already $8.9B in the first half, about 55% of revenue.
>HALF OF REVENUE COMES THROUGH OTHER COMPANIES’ CLOUDS
47% of 2025 revenue and 48% of H1 2026 revenue was sold through cloud marketplaces. Some of those clouds also own Anthropic stock.
>THE $80.7B LOSS IS MOSTLY ACCOUNTING
$72.4B of it is a noncash charge on convertible notes. The operating loss was $693M. Adjusted operating income was +$1.6B. Q3 revenue hit $16.8B, more than all of H1.
>5,300 EMPLOYEES, $6.6M IN REVENUE EACH
11,900+ customers pay $100K or more a year. At the end of 2023, about 20 did.
>ELON IS THE LANDLORD
SpaceX’s own S-1 says Anthropic pays $1.25B a month through May 2029 for Colossus compute. That’s about $15B a year.
Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO.
Read more:
anthropic.com/news/s1-sec
Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.