Article by Edward Sheldon
The Anthropic IPO: 5 Key Numbers from the S-1 Filing
October 28, 2026 | Research Insights
On October 26, Anthropic posted its Form S-1 prospectus1 with the US Securities and Exchange Commission (SEC), providing investors with a detailed look into its financials. Over 300 pages long, the filing contained ammunition for both Anthropic bulls and bears alike.
Below, we are going to highlight five key numbers from the S-1 filing. From revenue to compute costs, here are some vital figures to be aware of as the IPO approaches.
H1 2026 Revenue Surged 1,300% YoY
In its S-1 filing, Anthropic reported revenue of $16.3 billion for the first half of 2026. That was up from $1.2 billion in the first half of 2025 and $4.6 billion for the full 2025 year.
Clearly, Anthropic is growing at breakneck speed. On a year-over-year basis, its revenue increased 1,300% in H1 2026.
It’s worth noting that Anthropic also provided investors with its revenue figures for 2023 and 2024. These were $41 million and $386 million respectively.
So, in the space of two years, its revenue grew more than 100-fold. That’s certainly a stat for the bulls – there are few companies in history with that kind of exponential growth track record.
A High Gross Margin
Another area of the financials that the bulls will be interested in is gross margin. In H1 2026, it was 85% versus 12% for H1 2025.
That’s a high gross margin for an AI lab. For reference, OpenAI is reported to have a gross margin of 30-40% at present2.
How has Anthropic been able to generate such a high gross margin? It comes down to its customer base.
Whereas OpenAI’s AI model, ChatGPT, is used heavily by consumers, Anthropic’s Claude model is dominant in the enterprise space. Enterprises typically spend large amounts of money on software and this can support gross margins.
Anthropic’s Customers Are Spending Significant Sums
Taking a closer look at Anthropic’s customers, the S-1 filing revealed that at the end of September 2026, the company had:
- More than 11,900 customers with $100,000 or more of revenue on a TTM basis
- More than 1,900 customers with $1 million or more of revenue on a TTM basis
- Approximately 250 customers with $10 million or more of revenue on a TTM basis
The middle bullet point is worth highlighting here. It shows that Anthropic has deeply penetrated the enterprise market and that there are plenty of companies that are willing to spend significant sums on the company’s AI products.
An $81 Billion Net Loss for H1 2026
One set of numbers the bears will be interested in is the operating loss and net loss figures. For H1 2026, Anthropic posted an operating loss of $693 million and a net loss of $80.75 billion.
The net loss of $80.75 billion stands out here. That’s a huge loss relative to the company’s revenue.
However, it should be noted that this loss was primarily driven by changes in fair value of convertible notes, derivative liabilities, and simple agreements for future equity (SAFEs). These amounted to $72.4 billion in the first half of 2026.
Because Anthropic’s valuation has soared recently, the paper value of equity-linked debt and agreements it has previously issued has also soared. Under accounting rules, this increase in value is recorded as a financial expense.
Compute and Infrastructure Costs Continue to Surge
Finally, it’s worth highlighting Anthropic’s compute and infrastructure costs. Because they continue to surge.
For the first half of 2026, these costs totaled $8.9 billion. That compares to $7.3 billion for the whole of 2025.
These costs are a major risk to the investment case here and a key area of focus for the bears. While revenues are soaring, so are compute expenses.
It’s worth noting that in the S-1, Anthropic said that operating margins and adjusted operating margins are expected to fluctuate over time, particularly in periods involving substantial incremental compute. So, while the company generated an adjusted operating margin of 10% for the first half of 2026, there’s no guarantee that margins will remain strong.
Footnotes:
1Sec.gov, 1FORM S-1 REGISTRATION STATEMENT, Anthropic, as of October 26, 2026
2OpenAI gross margin and inference spend: what has been reported, as of October 19, 2026
