Inside Anthropic’s S-1: $16.3B in six months

Our Tuesday roundup is arriving a day late. Anthropic made its S-1 public on Monday, and we took an extra day to read it. This issue digs into the revenue, compute commitments and shareholder rights, along with the risks Anthropic lays out. Then we catch up on the rest of the week’s private-markets news.

Inside Anthropic’s S-1

Anthropic filed a registration statement on Form S-1 with the SEC on Monday and applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. The number of shares and the price range have not been set, according to the company’s announcement, which names Goldman Sachs and Morgan Stanley as the lead underwriters and contacts for the preliminary prospectus. Anthropic had confidentially submitted a draft of the registration statement in June.

The public filing offers a detailed look at the company’s financials. Unless noted, every figure below comes from the S-1. Several figures remain blank, including third-quarter revenue, the offering size and the total value of the company’s compute commitments.

$16.3 billion in first-half revenue

Revenue was $41 million in 2023, $386 million in 2024 and $4.59 billion in 2025. For the six months ended June 30, revenue was $16.29 billion, up from $1.16 billion in the same period a year earlier. The second quarter alone brought in $11.56 billion.

About 80% of first-half revenue came from consumption-based fees tied to customers’ token usage. Subscriptions made up the rest. Anthropic expects its growth rate to decline over time, possibly significantly. It also estimates that 5% to 7% of revenue in the first nine months of 2026 came from customers it later found to be violating its usage policy or commercial terms. It expects that share to fall after it stepped up enforcement in August and September.

A profitable second quarter on operations; an $80.7 billion first-half net loss

Anthropic reported $974 million in second-quarter operating income, its only operating profit in the quarterly table, which starts in January 2025. For the first half as a whole, it reported a $693 million operating loss.

The first-half net loss was $80.75 billion, driven largely by non-cash charges. A $72.4 billion charge reflects the higher fair value of convertible notes, which the company attributes to increases in its enterprise valuation. Another $8.8 billion charge relates to note purchase agreements with strategic partners. Operating cash flow was positive $3.9 billion for the half, and the company held $112.4 billion in cash and cash equivalents and $19.3 billion in short-term investments on June 30.

Anthropic also reports adjusted figures, which exclude stock-based compensation and some other items. On that basis, its second-quarter operating margin was 19%, against 8% under GAAP.

More than 11,900 customers generated at least $100,000 each

As of Sept. 30, more than 11,900 customers had generated $100,000 or more in revenue over the trailing 12 months, up from more than 950 a year earlier. More than 1,900 customers crossed $1 million and about 250 crossed $10 million. No single customer accounted for more than 10% of revenue in the first nine months of the year. The company puts its net revenue retention at about 900% as of Sept. 30.

Large compute commitments, with costs still coming online

The S-1 describes compute agreements, non-cancelable except in limited cases, with Microsoft (at least $44.9 billion through May 2033), Google (about $114.5 billion through July 2033), and Amazon (at least $110 billion through April 2036). Separate agreements with SpaceXAI, a SpaceX subsidiary, run up to $120.5 billion into 2029, and either side may cancel on 90 days’ notice once initial periods end in early 2027. Equipment leases with Broadcom carry about $161.2 billion in rent, excluding interest.

Anthropic says it typically buys compute 12 to 18 months before delivery and recognizes the expense as capacity comes online. It warns that margins may compress when large amounts of new capacity arrive.

One founder-controlled share would carry 50.1% of the vote

The company would have five classes of common stock after the offering. Class A shares, which would trade publicly, carry one vote each. Class N shares generally carry no vote. A single Class T share is held by Anthropic’s Long-Term Benefit Trust, which generally has the power to elect and remove a majority of the board.

The S-1 says that immediately before the offering, Anthropic will issue one share of Class F stock to an LLC whose initial members are its seven co-founders. That share carries 50.1% of total voting power on matters put to stockholders generally, including the election of directors other than those the trust elects. It has no economic rights.

The filing also details the public benefit pledge Anthropic announced Oct. 18. Anthropic has contributed 846,840,960 Class N shares, 5% of its fully diluted shares as of June 30, to the Anthropic Public Benefit Fund, a wholly owned subsidiary. After the offering, the board may issue up to an additional 2% each time the share price rises 50% above the previous milestone, starting from the IPO price. A milestone counts only after the stock has closed above it on at least 90 of 120 trading days.

The risks span customer concentration, compute costs and control

Anthropic cautions that it has a limited operating history and that past growth rates are not indicative of future performance. A risk factor notes that a substantial portion of revenue comes from a limited number of customers and distribution channels. About 79% of third-quarter revenue came from customers outside its top five, up from about 64% in the first quarter.

Compute commitments generally must be paid regardless of revenue or usage, the filing says, while access to new capital depends on conditions outside the company’s control, including market conditions.

Anthropic relies on a small number of cloud providers and suppliers, some of which are also its investors, customers and competitors. It says those overlapping relationships could create conflicts of interest that affect compute access, pricing and the priority given to its workloads. Chip supply is concentrated among a few manufacturers and is subject to export controls.

The company says its models could be misused or behave in unintended or misaligned ways, and that its contracts and insurance may not cover the resulting liabilities. It warns that a catastrophic AI-related incident could exceed the coverage capacity of any single insurer, and possibly the insurance industry as a whole. It also says its business could be hurt if courts reject its position that its use of training data is fair use. It recorded a $1.5 billion charge in 2025 to settle the Bartz copyright litigation.

The company says its public positions on AI policy have raised its profile and that it may be disproportionately or selectively targeted by government bodies, including through investigations, enforcement actions or treatment in government procurement.

Anthropic also warns that its governance structure limits public shareholders’ influence. The Long-Term Benefit Trust generally has the power to elect and remove a majority of the board, and with the Founder LLC’s 50.1% of the vote, the filing says the structure may effectively eliminate Class A holders’ ability to influence important decisions, including a change in control. Anthropic says it is considered a controlled company under Nasdaq rules. As a public benefit corporation, its directors must balance stockholders’ financial interests with those of other affected stakeholders and the company’s stated purpose, which the filing says may conflict with financial performance.

Secondary transaction prices were one factor that helped inform common-stock valuations

Before the IPO, Anthropic’s board used third-party valuations, preferred-round prices and secondary-transaction prices, including tender offers, among other factors to estimate the fair value of its common stock.

Directors, officers and holders of a substantial portion of the company’s stock have signed lock-up or market standoff agreements. Those generally run 180 days after the offering, with specified early-expiration provisions. Goldman Sachs and Morgan Stanley may release holders from the lock-ups early. For many employee RSUs, the performance condition is met when the registration statement becomes effective. As of June 30, the company had $26.6 billion of unrecognized stock-based compensation expense tied to RSUs.

Augment and/or its affiliates hold a position in Anthropic.

Reported private-company financials and secondary-market indications may be unaudited, incomplete, non-standard, or based on limited transaction activity. They should not be relied upon as fair value, executable pricing, or a basis for any investment decision.

For more company information, recent coverage, and available market data, visit Anthropic on Augment.

Bedrock Robotics raised $600 million at a $4.1 billion valuation

Bedrock Robotics, which sells kits that let excavators work without an operator, announced a $600 million Series C on Monday at a $4.1 billion post-money valuation. CapitalG, Alphabet’s growth fund, and Emergence Capital co-led the round. US Innovative Technology Fund, Bessemer Venture Partners and Temasek joined as new investors. The company says its total funding is now nearly $1 billion.

In February, Bedrock’s $270 million Series B valued it at $1.75 billion. Bedrock says its excavators began paid, fully autonomous work on commercial job sites in mid-August. TechCrunch reports the machines are working at a Nevada water treatment facility, an earthwork site in Texas and a civil sitework project with Zachry Construction. Bedrock says its customer count has more than doubled since 2025. The announcement does not disclose revenue.

Reported private-company financials and secondary-market indications may be unaudited, incomplete, non-standard, or based on limited transaction activity. They should not be relied upon as fair value, executable pricing, or a basis for any investment decision.

Data Point of the Day

$63 billion

The size of the financing Bank of America, Blackstone, Citi and Morgan Stanley arranged Monday to buy Broadcom chips and lease them to Anthropic, per Bloomberg. A new special purpose vehicle will buy the accelerators and networking gear, according to the firms’ joint statement. Bank of America, Citi and Morgan Stanley are arranging the first-lien financing, Blackstone is the sole provider of committed second-lien financing, and Broadcom is providing residual value support equal to the first lien. Deliveries are expected to start in 2027.

Quick Takes

The following items reference financings, valuations, offerings, and transactions for market context only and are not recommendations or valuation opinions.

SpaceX locked in about $40 billion of GPU financing with Apollo. An Apollo-managed entity will buy Nvidia chips and server hardware and lease them to SpaceX for about five years from each delivery, per a regulatory filing. SpaceX expects the deal to close by year-end, with leases starting in the first half of 2027.

Helion and Commonwealth Fusion Systems agreed to give the government nonvoting shares for CHIPS Act awards. Helion received $175 million and Commonwealth Fusion Systems $85 million from the Commerce Department, according to TechCrunch. The awards give the government equity in the companies, unlike the nondilutive funding startups commonly receive.

Nevis raised a $70 million Series B led by EQT Ventures. The startup, which builds AI software that handles paperwork for financial advisors, is valued at $500 million, according to a person familiar with the matter cited by Fortune. Charles Schwab joined as a new investor. Nevis says assets at advisory firms using its platform grew from $50 billion to $700 billion over the past year.

From the Manual

Market standoff agreement

A market standoff agreement is a commitment by a shareholder not to sell or transfer shares for a set period after a company goes public. It may be written into option plans or investor agreements, so it can bind holders who never signed an underwriter’s lock-up. The company generally controls early release from these agreements.

In Anthropic’s case, the company has agreed with the underwriters not to waive or amend the standoff agreement without the underwriters’ consent, except for transfers a lock-up would already permit.

What We’re Watching

Anthropic’s price range. The S-1 leaves the share count, price range and several totals blank. An amended filing would be expected to fill them in.

Google’s option on up to $10 billion of Class N stock. The filing says Google may buy those shares in a private placement alongside the IPO, at the public offering price. Exercising the option would reduce the amount of notes Anthropic can issue to Google under a separate agreement by the same amount.

Bedrock’s expansion past its first commercial sites. The company says the new funding will go toward more deployments and the field operations behind them. It has not disclosed how many machines are working.

Augment and/or its affiliates hold a position in Anthropic.