Rapid revenue growth, improving operating results, large financing inflows, and valuation-driven losses coexist in this filing. Read the income statement, cash-flow statement, and proposed governance structure together; each answers a different question.
This collection is a curated set of notes about Anthropic’s preliminary S-1 filed on October 26, 2026. It covers the core financial statements and selected MD&A, offering, governance, and risk disclosures; it does not reproduce all prospectus pages or every exhibit.
The proposed Nasdaq symbol is ANT. The preliminary prospectus leaves the offering price, number of shares, and several proceeds and dilution fields blank. A registration filing and proposed listing are not evidence of a completed IPO.
H1 2026 revenue was $16.286 billion, compared with $1.163 billion in H1 2025. The six-month GAAP operating loss was $693 million. Quarterly MD&A data show Q1 2026 operating loss of $1.667 billion followed by Q2 operating income of $974 million. The quarterly improvement does not make the full six months profitable on a GAAP operating basis.
H1 2026 net loss was $80.748 billion. The income statement separately reports a $72.388 billion negative fair-value change in convertible notes, derivative liabilities, and SAFEs. The cash-flow statement adds that non-cash remeasurement back when reconciling net loss to operating cash flow. Net loss is therefore not a proxy for cash consumed.
USD millions · parentheses in the filing become minus signs here. Audited annual financial statements · Unaudited interim financial statements.
| Metric | Basis | FY 2023 | FY 2024 | FY 2025 | H1 2025 | H1 2026 |
|---|---|---|---|---|---|---|
| Revenue | US GAAP | 41 | 386 | 4,585 | 1,163 | 16,286 |
| Compute and infrastructure | US GAAP | 433 | 2,522 | 7,326 | 2,334 | 8,945 |
| Personnel | US GAAP | 95 | 454 | 1,839 | 538 | 3,152 |
| Bartz settlement | US GAAP | 0 | 0 | 1,500 | 0 | 0 |
| Sales, marketing, and partnerships | US GAAP | 2 | 43 | 568 | 120 | 3,168 |
| Other operating and administrative | US GAAP | 62 | 347 | 1,412 | 306 | 1,714 |
| Total operating expenses | US GAAP | 592 | 3,366 | 12,645 | 3,298 | 16,979 |
| Operating loss | US GAAP | -551 | -2,980 | -8,060 | -2,135 | -693 |
| Interest income | US GAAP | 69 | 106 | 431 | 115 | 1,111 |
| Change in fair value of convertible notes, derivative liabilities, and SAFEs | US GAAP | -1,045 | -5,434 | -34,308 | -10,942 | -72,388 |
| Other income (expense), net | US GAAP | -2 | 0 | -8 | 0 | -8,757 |
| Total other income (expense), net | US GAAP | -978 | -5,328 | -33,885 | -10,827 | -80,034 |
| Loss before provision for income taxes | US GAAP | -1,529 | -8,308 | -41,945 | -12,962 | -80,727 |
| Provision for income taxes | US GAAP | 2 | 1 | 20 | 7 | 21 |
| Net loss | US GAAP | -1,531 | -8,309 | -41,965 | -12,969 | -80,748 |
USD millions · parentheses in the filing become minus signs here. Unaudited quarterly MD&A data.
| Metric | Basis | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|
| Revenue | US GAAP | 376 | 787 | 1,382 | 2,040 | 4,731 | 11,555 |
| Compute and infrastructure | US GAAP | 944 | 1,390 | 2,047 | 2,945 | 3,387 | 5,558 |
| Personnel (1) | US GAAP | 218 | 320 | 489 | 812 | 1,295 | 1,857 |
| Bartz settlement | US GAAP | 0 | 0 | 1,500 | 0 | 0 | 0 |
| Sales, marketing, and partnerships | US GAAP | 24 | 96 | 202 | 246 | 1,033 | 2,135 |
| Other operating and administrative | US GAAP | 125 | 181 | 233 | 873 | 683 | 1,031 |
| Total operating expenses | US GAAP | 1,311 | 1,987 | 4,471 | 4,876 | 6,398 | 10,581 |
| Operating income (loss) | US GAAP | -935 | -1,200 | -3,089 | -2,836 | -1,667 | 974 |
| Interest income | US GAAP | 51 | 64 | 124 | 192 | 349 | 762 |
| Change in fair value of convertible notes, derivative liabilities, and SAFEs | US GAAP | -5,701 | -5,241 | -9,165 | -14,201 | -12,791 | -59,597 |
| Other income (expense), net | US GAAP | 0 | 0 | -3 | -5 | -309 | -8,448 |
| Total other income (expense), net | US GAAP | -5,650 | -5,177 | -9,044 | -14,014 | -12,751 | -67,283 |
| Loss before provision for income taxes | US GAAP | -6,585 | -6,377 | -12,133 | -16,850 | -14,418 | -66,309 |
| Provision for income taxes | US GAAP | 7 | 0 | 5 | 8 | 21 | 0 |
| Net loss | US GAAP | -6,592 | -6,377 | -12,138 | -16,858 | -14,439 | -66,309 |
The filing presents compute and infrastructure within operating expenses. Those costs support research, model development, customer serving, and internal workloads. This collection preserves that presentation and does not invent a cost-of-revenue allocation or a gross-profit margin.
The revenue-recognition note describes Anthropic as principal in its specified CSP marketplace arrangements and recognizes that revenue on a gross basis. The non-GAAP adjusted operating measure excludes selected costs; its reconciliation remains separate from GAAP operating results.
USD millions · parentheses in the filing become minus signs here. GAAP starting point; Audited annual financial statements · GAAP starting point; Unaudited interim financial statements.
| Metric | Basis | FY 2023 | FY 2024 | FY 2025 | H1 2025 | H1 2026 |
|---|---|---|---|---|---|---|
| Operating loss | Issuer-defined non-GAAP reconciliation; GAAP starting point | -551 | -2,980 | -8,060 | -2,135 | -693 |
| Stock-based compensation expense | Issuer-defined non-GAAP reconciliation; GAAP starting point | 29 | 192 | 1,165 | 286 | 2,185 |
| Non-cash charitable contributions (1) | Issuer-defined non-GAAP reconciliation; GAAP starting point | 0 | 0 | 541 | 0 | 126 |
| Bartz settlement (2) | Issuer-defined non-GAAP reconciliation; GAAP starting point | 0 | 0 | 1,500 | 0 | 0 |
| Adjusted Operating Income (Loss) | Issuer-defined non-GAAP reconciliation; GAAP starting point | -522 | -2,788 | -4,854 | -1,849 | 1,618 |
At June 30, 2026, cash and cash equivalents were $112.389 billion and short-term investments were $19.262 billion. Their derived sum is $131.651 billion, excluding restricted cash. H1 operating cash inflow was $3.929 billion, while financing cash inflow was $110.774 billion. Financing is a major source of the balance-sheet expansion.
Convertible notes payable were carried at $108.566 billion at June 30, 2026. This carrying amount must not be treated as a disclosed cash principal repayment due immediately. The filing also discusses extensive compute and lease commitments, with aggregate forward commitment amounts left blank in parts of the preliminary disclosure. No cash-runway forecast is inferred here.
USD millions · parentheses in the filing become minus signs here. Audited balance sheet · Unaudited interim balance sheet.
| Metric | Basis | Dec 31, 2024 | Dec 31, 2025 | Jun 30, 2026 |
|---|---|---|---|---|
| Cash and cash equivalents | US GAAP | 3,141 | 17,388 | 112,389 |
| Short-term investments | US GAAP | 0 | 2,889 | 19,262 |
| Accounts receivable, net | US GAAP | 95 | 909 | 5,833 |
| Total current assets | US GAAP | 5,312 | 23,746 | 137,980 |
| Restricted cash | US GAAP | 13 | 13 | 2,529 |
| Total assets | US GAAP | 7,752 | 24,661 | 147,358 |
| Total current liabilities | US GAAP | 374 | 2,817 | 7,220 |
| Convertible notes payable | US GAAP | 14,116 | 41,677 | 108,566 |
| Total liabilities | US GAAP | 14,679 | 45,397 | 117,467 |
USD millions · parentheses in the filing become minus signs here. Audited annual financial statements · Unaudited interim financial statements.
The offering includes primary shares sold by Anthropic and secondary shares sold by selling stockholders. Anthropic states it will receive no proceeds from the selling stockholders’ shares. The final share counts, offering-price range, and proceeds estimates are not populated in the preliminary cover.
Capitalization and dilution tables include actual, pro forma, and pro forma as adjusted presentations. Those bases must remain distinct. Blank terms do not support an IPO valuation, a final ownership percentage, or a numerical dilution estimate; this collection leaves those outcomes unspecified.
Anthropic is a Delaware public benefit corporation. The filing describes a Long-Term Benefit Trust whose Class T shares generally enable election and removal of Class T directors constituting a majority of the authorized board. Class T shares have no economic rights.
A proposed single Class F share held by the Founder LLC is entitled to 50.1% of the total voting power on matters submitted to stockholders generally, including election of directors other than the Class T directors. Class F has no economic rights. Class A has one vote per share; Class N generally has no voting rights except as required by law and specified conversion rights. The company identifies itself as a controlled company under Nasdaq requirements.
Compute capacity, electrical power, infrastructure counterparties, and long-term obligations constrain expansion. Reliance on third-party distribution and infrastructure can create intertwined commercial, financing, and execution exposure. These are disclosed risk themes, not probability estimates.
The filing also describes model safety and reliability, competition, intellectual-property litigation, regulation, security and privacy, and governance-related risks. In the notes’ significant-customer table, Customer C represented 11% of H1 2026 revenue. The filing anonymizes those customers; this collection does not identify them by inference.
The June 30, 2026 balance sheet is not an October 26 balance sheet. The subsequent-events note describes a September increase in revolving credit commitments from $3.3 billion to $15.0 billion, an extension to September 2031, and an increase in the minimum liquidity covenant from $500 million to $5.0 billion.
The note also describes a September 10-for-1 stock split and subsequent equity and compensation events. Such disclosures provide later context; this collection does not add them to June 30 balances or treat available credit commitments as cash already borrowed.
Financial values were extracted from the filing’s consolidated operations, balance-sheet, cash-flow, quarterly results, and adjusted operating reconciliation tables. Monetary observations in RDF are stored in US dollars; financial tables display USD millions. Reporting periods, source anchors, and accounting basis are retained on each observation. Per-share figures, share-count schedules, and detailed exhibit terms are not reproduced. Dashes in the selected monetary rows are normalized to zero.
The primary S-1 contains no inline XBRL financial tags. The accession’s extracted XBRL instance is for filing fees. Standard financial concepts were therefore checked against the official FASB 2026 taxonomy and mapped editorially; no mapping is presented as a tag extracted from Anthropic’s financial statements. Filer-specific measures retain local identifiers. This is a curated financial reading, not a full XBRL conversion, audit, valuation, or investment recommendation.
Curator-authored reading sequence; not an issuer procedure or investment instruction.
Check each table’s period, currency, scale, and audited or unaudited status before comparing values.
Read GAAP operating income or loss, GAAP net income or loss, and operating cash flow separately; use the reconciliation to identify non-cash adjustments.
Distinguish available liquidity from debt carrying values and commitments, and distinguish economic ownership from voting and director-election rights.
Open the linked filing sections and notes. Preserve blank offering terms and treat subsequent events separately from historical balances.
Anthropic’s non-GAAP operating measure, which must be read with its GAAP reconciliation.
The trust-held special class with specified director-election rights and no economic rights.
The trust described in the filing with special Class T governance rights and a mission-related role.
Filing-specific label preserved without asserting an exact standard XBRL equivalent: Personnel.
Shares sold by the issuer, distinguished from shares sold by selling stockholders.
Editorial alignment to verified FASB US-GAAP 2026 concept Assets. Not an extracted filing tag.
Editorial alignment to verified FASB US-GAAP 2026 concept Liabilities. Not an extracted filing tag.
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