Anthropic's filing shows $974m operating income in June, a $567m loss in September

Price cuts and discounts partly offset revenue growth, the filing says

In short

Compute and infrastructure expenses were 48% of revenue in the June 2026 quarter and 58% in the September 2026 quarter; the amended S-1 says the rise reflected additional compute deliveries.
The amended S-1 says that, from the June 2026 quarter to the September 2026 quarter, price reductions of about $600 million partly offset revenue gains from higher usage.
Anthropic's amended S-1 says that as of and after 30 September 2026 it had purchase commitments and lease agreements totalling about $895.4 billion, substantially all for compute and infrastructure.

notis drafts its stories with Claude, which is made by Anthropic, the company this article is about.

Anthropic, PBC filed Amendment No. 1 to its Form S-1 with the SEC on 2 November 2026. 1 The amendment states operating income of $974 million for the three months to 30 June 2026 and an operating loss of $567 million for the three months to 30 September. 2 The amendment's quarterly table shows operating losses of $935 million, $1,200 million, $3,089 million, $2,836 million and $1,667 million in the five quarters from March 2025 to March 2026, so June 2026 is the only one of the seven with operating income. 3

The amendment says the September loss was primarily driven by $5.0 billion of compute under short-term commitments, which currently costs significantly more than comparable compute bought under multi-year commitments, and $2.0 billion of non-cash donation-matching charges. 4 The amendment's quarterly table puts revenue at $4,731 million in the March 2026 quarter, $11,555 million in June and $16,956 million in September. 5

We opened both filings on the SEC's EDGAR system on 4 November and compared the passages this piece quotes. Where a figure comes from one filing only, the sentence names it. EDGAR lists Anthropic's S-1 on 26 October 2026 and the amendment on 2 November, after a draft registration on 1 June and five amended drafts from 13 July to 9 October. 6 The S-1 says Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT. 7 Both filings leave the offering price blank in the same words: the price per share "will be between $ and $ ." 8

“will be between $ and $ .”
U.S. SEC / Anthropic, PBC

Part 1 of 5June 2026 was the only quarter of seven with operating income

On 26 October the S-1 said revenue was $16.3 billion for the six months to 30 June 2026, up from $1.2 billion a year earlier. 9 The S-1 gave yearly revenue of $41 million for 2023, $386 million for 2024 and $4.6 billion for 2025. 10 For the nine months to 30 September, the amendment states revenue of $33,242 million against $2,545 million a year earlier, more than 13 times as much by our arithmetic. 11 The amendment states an operating loss of $1,260 million for those nine months. 12

The June figure is the same in both filings: the S-1's quarterly table also shows $974 million of operating income for that quarter. 13 The amendment says compute and infrastructure expenses fell from 251% of revenue in the March 2025 quarter to 48% in the June 2026 quarter, then rose to 58% in the September quarter, "reflecting the delivery of additional compute." 14 The amendment says price reductions with new model versions, and contractual discounts, took about $600 million off revenue between the June and September quarters. 15

$974 million

operating income, quarter to 30 Jun 2026

The amendment puts the September quarter's net loss at $23,291 million, including a $21,936 million expense from changes in the fair value of convertible notes, derivative liabilities and SAFEs. 17 On 26 October the S-1 had given a net loss of $80.7 billion for the first half of 2026, including $72.4 billion of the same kind of fair-value change. 18

On 26 October the S-1 described an operating margin of 8% for the June quarter; on 2 November the amendment described an operating margin of (3)% for the September quarter. 19 Anthropic also reports a measure of its own, Adjusted Operating Margin, which the amendment says fell from 19% in the June quarter to 15% in September, primarily because of the $5.0 billion of short-term compute. 16

Quoted from www.sec.gov on 2026-11-04: Our operating margin was (3)% and operating loss was $567 million for… — A sentence from the amended filing giving the operating loss for the September quarter. www.sec.gov, quoted / Anthropic, PBC: Amendment No. 1 to Form S-1 · quoted-evidence

Part 2 of 5About $895.4bn of commitments, generally owed whatever the revenue

The S-1 says Anthropic's compute commitments "are substantial and generally must be satisfied regardless of our revenue or utilization." 20 Where the S-1 left the total blank, the amendment puts the aggregate committed spend at about $895.4 billion, substantially all of it for compute and infrastructure. 21 The amendment says about $447.5 billion of that is expected before the end of 2030, and about $69.8 billion falls due in the 12 months after 30 September 2026. 22 The amendment says about $213.8 billion of the total relates to arrangements subject to termination rights or to conditions before they start, such as the counterparty's ability to secure financing. 23

The S-1 put Google's minimum at about $114.5 billion between April 2026 and July 2033; the amendment puts it at about $121.3 billion over the same period. 24 Microsoft's minimum of $44.9 billion ran to May 2033 in the S-1 and runs to June 2033 in the amendment. 25 The S-1 put Amazon's minimum at $110.0 billion between May 2026 and April 2036. 26 The S-1 also listed up to $120.5 billion with SpaceX.AI, up to about $44.6 billion with Nscale, about $41.3 billion with Lambda and about $161.2 billion of rent, excluding interest, on Broadcom leases. 27 The S-1 estimated a further $125.0 billion to $150.0 billion for additional TPU compute from 2028 to 2031, outside its commitments table. 28

Part 3 of 5Public shareholders get at most 49.9% of the vote; Anthropic "may imminently meet" an AI threshold

The S-1 says the Long-Term Benefit Trust generally has the authority to elect and remove the Class T directors, who together will be a majority of the board. 29 The S-1 gives the founders' Class F stock 50.1% of the total voting power and limits Class A holders, the shares being offered, to 49.9%. 30 Anthropic's post of 21 October announced that Christopher Stubbs had joined the Trust, and said the Trust can appoint a majority of its board. 31 The amendment, read on 4 November, says one of the five authorized seats for Trustees is currently vacant. 32

The amendment says Anthropic's internal estimates and its expectations about future models indicate that it "may imminently meet" its Responsible Scaling Policy's definition of "dramatically accelerated progress attributable to AI." 33 The next sentence says it has not designated any of its current models as exceeding this threshold. 34 The amendment estimates that customers it later found using its models in violation of its usage policy or commercial terms brought in about 5% to 7% of revenue in the nine months to 30 September. 35 The amendment says over 90% of the contributions to its codebase in September 2026 were written by Claude. 36

Quoted from www.sec.gov on 2026-11-04: As a result, the voting power of the holders of Class A… — A sentence from the filing that sets a ceiling on the voting power of holders of its Class A common stock. www.sec.gov, quoted / Anthropic, PBC: Form S-1 registration statement · quoted-evidence

Part 4 of 5Our 27 October notice said 18 underwriters; both filings list 22

Our notice of 27 October said the S-1 listed 18 underwriters, and we corrected it to 22 on 31 October. Both filings list the same 22 underwriters, with Goldman Sachs and Morgan Stanley named as their representatives. 43

Anthropic's post of 18 October said that, subject to stockholder approval, 5% of its shares would be committed to the Anthropic Public Benefit Fund. 44 It said a further 2% may be added, at the board's discretion, for every 50% increase in company value above a set baseline. 45 The S-1 says Anthropic has contributed 846,840,960 Class N shares, 5% of its fully diluted shares as of 30 June 2026 assuming full conversion of the Amazon Notes, to the fund. 46 The S-1 says the board may, at its discretion, issue up to a further 2% each time the share price rises 50% above the prior milestone, beginning with the offering price. 47 Our 19 October notice reported the post's terms, and the S-1 sets out different ones.

Anthropic filed a petition for panel rehearing or rehearing en banc in the D.C. Circuit on 13 October 2026, in its case against the U.S. Department of War, after a divided panel decided the case on 25 September. 48 Both filings say: "We filed a petition for rehearing en banc asking the full D.C. Circuit to review the panel's decision." 49

Our notice of 3 November named short-term compute in its headline and both causes in its body; the amendment names both.

Part 5 of 5On 4 November the registration statement had not become effective

We bounded this section to six pages: the two filings, Anthropic's EDGAR filing list, Anthropic's announcement and two SEC pages, all read on 4 November.

The amendment's cover still reads "Subject to Completion. Dated ." with no date. 37 The amendment also leaves its Run-Rate Revenue for 31 October blank. 38 The SEC says a company may not sell the securities in a registration statement until its staff declares the statement effective. 39 Its investor bulletin says a company typically files a final prospectus, usually a 424B3 or 424B4, after that declaration. 40 Anthropic's EDGAR filing list, read on 4 November, shows the amendment of 2 November as its latest filing, with no notice of effectiveness and no 424B4 prospectus after it. 41 Anthropic's announcement, read the same day, still says the registration statement "has not yet become effective." 42

We will open Anthropic's EDGAR filing list again on the day this issue closes. If it shows an amendment with a price range, the sentence above on the blank offering price changes.

What it means for you · our view

For a buyer, the useful detail is where the filing places the price reductions: on new model versions and on contractual discounts. They are described for the period in which compute took a larger share of Anthropic's revenue, and the S-1 says its compute commitments generally must be satisfied regardless of revenue or utilization. Compare each price in your agreement with the model version your teams actually call, and look for any discount written into the contract.

Built from 5 of our storiesEvery story this piece carries a fact from, with a link to each one still public.

How we checked this · the sourcesThis piece rests on 69 checked facts from 9 sources, checked between 14 Oct 2026 and 4 Nov 2026.

Every numbered sentence above rests on the facts listed under its number. A carried fact was checked when its story was published; it says when, and we did not open its source again for this piece.

Anthropic, PBC Amendment No. 1 to Form S-1 (filed 2 Nov 2026) · U.S. SEC / Anthropic, PBC · archived copy
1. 1 Anthropic, PBC filed Amendment No. 1 to its Form S-1 with the SEC on 2 November 2026 (registration no. 333-299633).
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  As filed with the Securities and Exchange Commission on November 2, 2026. Registration No. 333-299633 ... AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT ... Anthropic, PBC
2. 2 The S-1/A states an operating loss of $567 million for the three months ended 30 September 2026.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Our operating loss was $567 million for the three months ended September 30, 2026
3. 2 The S-1/A states operating income of $974 million for the three months ended 30 June 2026.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  compared to an operating income of $974 million for the three months ended June 30, 2026
4. 3 The S-1/A's quarterly table of operating income (loss) states $(935) million, $(1,200) million, $(3,089) million, $(2,836) million, $(1,667) million, $974 million and $(567) million for the quarters ended 31 March 2025, 30 June 2025, 30 September 2025, 31 December 2025, 31 March 2026, 30 June 2026 and 30 September 2026.
  checked 4 Nov 2026
  Quarterly Consolidated Statements of Operations ... Three Months Ended ... March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | September 30, 2026 ... Operating income (loss) | (935) | (1,200) | (3,089) | (2,836) | (1,667) | 974 | (567)
5. 4 The S-1/A says the September-quarter operating loss was primarily driven by $5.0 billion of compute under short-term commitments, which currently costs significantly more than comparable compute procured under multi-year commitments, and $2.0 billion of non-cash charges related to its donation matching program.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Our operating loss was $567 million for the three months ended September 30, 2026, compared to an operating income of $974 million for the three months ended June 30, 2026, primarily driven by $5.0 billion of compute under short-term commitments, which currently costs significantly more than comparable compute procured under our multi-year commitments, and $2.0 billion of non-cash charges related to our donation matching program.
6. 5 The S-1/A states revenue of $16,956 million for the three months ended 30 September 2026.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Quarterly Consolidated Statements of Operations ... Three Months Ended ... September 30, 2026 ... Revenue ... $ 16,956
7. 5 The S-1/A states revenue of $11,555 million for the three months ended 30 June 2026.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Quarterly Consolidated Statements of Operations ... Three Months Ended ... June 30, 2026 ... Revenue ... $ 11,555
8. 5 The S-1/A states revenue of $4,731 million for the three months ended 31 March 2026.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Quarterly Consolidated Statements of Operations ... Three Months Ended ... March 31, 2026 ... Revenue ... $ 4,731
9. 8 The S-1/A filed on 2 November 2026 leaves the price range blank: "It is currently estimated that the initial public offering price per share will be between $ and $ ."
  checked 4 Nov 2026
  It is currently estimated that the initial public offering price per share will be between $ and $ .
10. 11 The S-1/A states revenue of $33,242 million for the nine months ended 30 September 2026.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Consolidated Statements of Operations Data ... Nine Months Ended September 30 ... 2026 ... Revenue ... $ 33,242
11. 11 The S-1/A states revenue of $2,545 million for the nine months ended 30 September 2025.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Consolidated Statements of Operations Data ... Nine Months Ended September 30 ... 2025 ... Revenue ... $ 2,545
12. 12 The S-1/A states an operating loss of $1,260 million for the nine months ended 30 September 2026.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Consolidated Statements of Operations Data ... Nine Months Ended September 30 ... 2026 ... Operating loss ... (1,260)
13. 14 The S-1/A says compute and infrastructure expenses as a percentage of revenue decreased from 251% for the three months ended 31 March 2025 to 48% for the three months ended 30 June 2026, and increased to 58% for the three months ended 30 September 2026, reflecting the delivery of additional compute.
  checked 4 Nov 2026
  Compute and infrastructure expenses as a percentage of revenue decreased from 251% for the three months ended March 31, 2025 to 48% for the three months ended June 30, 2026 , as revenue growth outpaced the growth of our committed compute cost base, and increased to 58% for the three months ended September 30, 2026 , reflecting the delivery of additional compute.
14. 15 The S-1/A says that from the three months to 30 June 2026 to the three months to 30 September 2026, the increase in revenue due to higher usage was partially offset by a decrease of approximately $600 million from price reductions introduced as part of new model versions and contractual discounts.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  For the three months ended June 30, 2026 to the three months ended September 30, 2026, the increase in revenue due to higher usage was partially offset by a decrease of approximately $600 million from price reductions introduced as part of new model versions and contractual discounts.
15. 16 The S-1/A says Adjusted Operating Margin decreased from 19% for the three months ended 30 June 2026 to 15% for the three months ended 30 September 2026, primarily driven by the $5.0 billion of short-term compute.
  checked 4 Nov 2026
  while Adjusted Operating Margin decreased from 19% for the three months ended June 30, 2026 to 15% for the three months ended September 30, 2026 , primarily driven by the $5.0 billion of short-term compute noted above.
16. 17 The S-1/A states a net loss of $23,291 million for the three months ended 30 September 2026.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Quarterly Consolidated Statements of Operations ... September 30, 2026 ... Net loss ... $ (23,291)
17. 17 The S-1/A states a change in fair value of convertible notes, derivative liabilities, and SAFEs of $(21,936) million, an expense, for the three months ended 30 September 2026.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Change in fair value of convertible notes, derivative liabilities, and SAFEs ... September 30, 2026 ... (21,936)
18. 19 The S-1/A filed on 2 November 2026 says Anthropic's operating margin was (3)% for the three months ended 30 September 2026.
  checked 4 Nov 2026
  Our operating margin was (3)% and operating loss was $567 million for the three months ended September 30, 2026
19. 21 The S-1/A says that as of and subsequent to 30 September 2026 Anthropic had entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of approximately $895.4 billion, substantially all of which is related to compute and infrastructure.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of approximately $895.4 billion, substantially all of which is related to compute and infrastructure.
20. 22 The S-1/A says approximately $447.5 billion of those commitments is expected to be incurred before 31 December 2030.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  These commitments include approximately $447.5 billion expected to be incurred before December 31, 2030, and substantially all of the remainder is expected to be incurred between 2031 and 2045.
21. 22 The S-1/A says approximately $69.8 billion of those commitments is due in the 12 months following 30 September 2026.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  Approximately $69.8 billion of these commitments are due in the 12 months following September 30, 2026.
22. 23 The S-1/A says approximately $213.8 billion of the aggregate total of Anthropic's contractual obligations relates to arrangements subject to either exercisable termination rights or contingent conditions prior to commencement, such as the counterparty's ability to secure financing, facilities or regulatory approvals.
  checked 4 Nov 2026
  Approximately $213.8 billion of the aggregate total of our contractual obligations relates to arrangements that are subject to either exercisable termination rights or contingent conditions prior to commencement, such as the counterparty's ability to secure financing, facilities, or regulatory approvals, as applicable.
23. 24 The S-1/A says that under a March 2026 agreement with Google, amended between May and October 2026, Anthropic committed to spend at least approximately $121.3 billion between April 2026 and July 2033, regardless of actual usage.
  checked 4 Nov 2026
  In March 2026, we entered into a CSP hosting agreement with Google, which was subsequently amended between May and October 2026, pursuant to which we committed to spend at least approximately $121.3 billion between April 2026 and July 2033, regardless of actual usage.
24. 25 The S-1/A says that under a November 2025 agreement with Microsoft, amended between February and October 2026, Anthropic committed to spend at least $44.9 billion between November 2026 and June 2033, regardless of actual usage.
  checked 4 Nov 2026
  In November 2025, we entered into an agreement with Microsoft, which was subsequently amended between February and October 2026, pursuant to which we committed to spend an aggregate of at least $44.9 billion between November 2026 and June 2033, regardless of actual usage.
25. 32 The S-1/A, read on 4 November 2026, says: "Of the five authorized seats for Trustees, one is currently vacant."
  checked 4 Nov 2026
  Of the five authorized seats for Trustees, one is currently vacant.
26. 33 The S-1/A says Anthropic's internal estimates and its expectations regarding future models, rather than its current models, indicate that it may imminently meet its Responsible Scaling Policy's definition of "dramatically accelerated progress attributable to AI."
  checked 4 Nov 2026
  our internal estimates and our expectations regarding future models, rather than our current models, indicate that we may imminently meet our Responsible Scaling Policy's definition of "dramatically accelerated progress attributable to AI."
27. 34 The S-1/A says Anthropic has not designated any of its current models as exceeding this threshold.
  checked 4 Nov 2026
  We have not designated any of our current models as exceeding this threshold, and we continue to assess the underlying data.
28. 35 The S-1/A says Anthropic estimates that revenue from customers it subsequently determined were using its models, platform and applications in violation of its usage policy or commercial terms represented approximately 5% to 7% of its revenue for the nine months ended 30 September 2026.
  checked 4 Nov 2026
  amounts from customers that we subsequently determine are using our models, platform, and applications in violation of our usage policy or commercial terms ... we estimate that revenue from such customers represented approximately 5% to 7% of our revenue for the nine months ended September 30, 2026 .
29. 36 The S-1/A says that over 90% of the contributions to Anthropic's codebase in September 2026 were written by Claude.
  Carriedfrom Anthropic's amended S-1 reports a $567 million operating loss, blaming short-term compute · checked 3 Nov 2026, not opened again for this piece
  For example, over 90% of the contributions to our codebase in September 2026 were written by Claude.
30. 37 The cover of the S-1/A filed on 2 November 2026 reads "Subject to Completion. Dated ." with the date left blank.
  checked 4 Nov 2026
  Subject to Completion. Dated .
31. 38 The S-1/A leaves Anthropic's Run-Rate Revenue as of 31 October 2026 blank: "our Run-Rate Revenue was $ as of October 31, 2026."
  checked 4 Nov 2026
  Additionally, our Run-Rate Revenue was $ as of October 31, 2026.
32. 43 The underwriting table of the S-1/A filed on 2 November 2026 lists the same 22 underwriters, with SG Americas Securities, LLC in the last row.
  checked 4 Nov 2026
  Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters ("representatives"). ... Underwriters ... Goldman Sachs & Co. LLC ... Macquarie Capital (USA) Inc. ... SG Americas Securities, LLC
33. 49 The S-1/A filed on 2 November 2026 says: "We filed a petition for rehearing en banc asking the full D.C. Circuit to review the panel's decision."
  checked 4 Nov 2026
  We filed a petition for rehearing en banc asking the full D.C. Circuit to review the panel's decision.
EDGAR company filings: Anthropic, PBC · U.S. Securities and Exchange Commission
1. 6 Anthropic, PBC's EDGAR filing list shows a DRS filed on 2026-06-01, DRS/A filings on 2026-07-13, 2026-08-10, 2026-09-04, 2026-10-01 and 2026-10-09, an S-1 filed on 2026-10-26 and an S-1/A filed on 2026-11-02.
  checked 4 Nov 2026
  S-1/A ... 2026-11-02 ... S-1 ... 2026-10-26 ... DRS/A ... 2026-10-09 ... DRS/A ... 2026-10-01 ... DRS/A ... 2026-09-04 ... DRS/A ... 2026-08-10 ... DRS/A ... 2026-07-13 ... DRS ... [Cover] Draft Registration Statement ... 2026-06-01
2. 41 Anthropic, PBC's EDGAR filing list, read on 4 November 2026, shows the S-1/A of 2 November 2026 as the latest filing, with no notice of effectiveness and no 424B3 or 424B4 filing.
  checked 4 Nov 2026
  Items 1 - 8 ... S-1/A ... [Amend] General form for registration of securities under the Securities Act of 1933 ... 2026-11-02
Anthropic, PBC Form S-1 (filed 26 Oct 2026) · U.S. SEC / Anthropic, PBC · archived copy
1. 7 The S-1 filed on 26 October 2026 says Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol "ANT."
  checked 4 Nov 2026
  We have applied to list our Class A common stock on the Nasdaq Global Select Market under the symbol "ANT."
2. 8 The S-1 filed on 26 October 2026 leaves the price range blank: "It is currently estimated that the initial public offering price per share will be between $ and $ ."
  checked 4 Nov 2026
  It is currently estimated that the initial public offering price per share will be between $ and $ .
3. 9 The S-1 filed on 26 October 2026 says Anthropic's revenue was $16.3 billion for the six months ended 30 June 2026, up from $1.2 billion.
  checked 4 Nov 2026
  Our revenue was $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion for the six months ended June 30, 2025.
4. 10 The S-1 filed on 26 October 2026 says Anthropic's revenue was $41 million, $386 million and $4.6 billion in 2023, 2024 and 2025 respectively.
  checked 4 Nov 2026
  In 2023, 2024, and 2025, our revenue was $41 million , $386 million , and $4.6 billion , respectively
5. 13 The quarterly table in the S-1 filed on 26 October 2026 states operating income of $974 million for the three months ended 30 June 2026.
  checked 4 Nov 2026
  Quarterly Consolidated Statements of Operations Three Months Ended (in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 ... Operating income (loss) (935) (1,200) (3,089) (2,836) (1,667) 974
6. 18 The S-1 filed on 26 October 2026 says Anthropic's net loss was $80.7 billion for the six months ended 30 June 2026, and that net losses included a change in fair value of convertible notes, derivative liabilities and SAFEs of $72.4 billion for that period.
  checked 4 Nov 2026
  and $80.7 billion for the six months ended June 30, 2026 ... losses included change in fair value of convertible notes, derivative liabilities, and SAFEs of $1.0 billion , $5.4 billion , and $34.3 billion for the years ended December 31, 2023, 2024, and 2025, respectively , and $72.4 billion for the six months ended June 30, 2026
7. 19 The S-1 filed on 26 October 2026 says Anthropic's operating margin was 8% for the three months ended 30 June 2026.
  checked 4 Nov 2026
  Our operating margin was 8% and operating income was $1.0 billion for the three months ended June 30, 2026
8. 20 The S-1 says Anthropic's compute commitments "are substantial and generally must be satisfied regardless of our revenue or utilization."
  Carriedfrom Anthropic's S-1 lists compute commitments it must generally pay whatever its revenue · checked 27 Oct 2026, not opened again for this piece
  Our compute commitments are substantial and generally must be satisfied regardless of our revenue or utilization
9. 21 The S-1 filed on 26 October 2026 leaves the aggregate committed spend blank: "with an aggregate committed spend of more than $ ,".
  checked 4 Nov 2026
  with an aggregate committed spend of more than $ , substantially all of which is related to compute and infrastructure.
10. 24 The S-1 says that under a March 2026 agreement with Google, amended between May and August 2026, Anthropic committed to spend at least approximately $114.5 billion between April 2026 and July 2033, regardless of actual usage.
  Carriedfrom Anthropic's S-1 lists compute commitments it must generally pay whatever its revenue · checked 27 Oct 2026, not opened again for this piece
  In March 2026, we entered into an agreement with Google, which was subsequently amended between May and August 2026, and pursuant to which we committed to spend at least approximately $114.5 billion between April 2026 and July 2033, regardless of actual usage.
11. 25 The S-1 says that under a November 2025 agreement with Microsoft, amended in February and October 2026, Anthropic committed to spend at least $44.9 billion between November 2026 and May 2033, regardless of actual usage.
  Carriedfrom Anthropic's S-1 lists compute commitments it must generally pay whatever its revenue · checked 27 Oct 2026, not opened again for this piece
  In November 2025, we entered into an agreement with Microsoft, which was subsequently amended in February and October 2026, pursuant to which we committed to spend an aggregate of at least $44.9 billion between November 2026 and May 2033, regardless of actual usage.
12. 26 The S-1 says that under an April 2026 agreement with Amazon, Anthropic committed to spend at least $110.0 billion between May 2026 and April 2036, regardless of actual usage.
  Carriedfrom Anthropic's S-1 lists compute commitments it must generally pay whatever its revenue · checked 27 Oct 2026, not opened again for this piece
  In April 2026, we entered into an agreement with Amazon, pursuant to which we committed to spend an aggregate of at least $110.0 billion between May 2026 and April 2036, regardless of actual usage.
13. 27 The S-1 says that between May and October 2026 Anthropic entered into agreements with SpaceX.AI LLC (formerly X.AI LLC) to access compute powered by NVIDIA GPUs, under which it agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029.
  Carriedfrom Anthropic's S-1 lists compute commitments it must generally pay whatever its revenue · checked 27 Oct 2026, not opened again for this piece
  Under the SpaceXAI Arrangements, we agreed to spend an aggregate of up to $120.5 billion over terms extending into 2029
14. 27 The S-1 says that in August 2026 Anthropic agreed with subsidiaries of Nscale to spend up to approximately $44.6 billion over terms extending into 2033 for compute powered by NVIDIA GPUs.
  Carriedfrom Anthropic's S-1 lists compute commitments it must generally pay whatever its revenue · checked 27 Oct 2026, not opened again for this piece
  Under the Nscale Services Agreements, we agreed to spend an aggregate of up to approximately $44.6 billion over terms extending into 2033, with fees accruing only as capacity is delivered to and accepted by us.
15. 27 The S-1 says the Lambda Agreements, entered into in May, June and August 2026, commit Anthropic to spend approximately $41.3 billion over terms extending into 2034 for compute powered by NVIDIA GPUs.
  Carriedfrom Anthropic's S-1 lists compute commitments it must generally pay whatever its revenue · checked 27 Oct 2026, not opened again for this piece
  Under the Lambda Agreements, we agreed to spend an aggregate of approximately $41.3 billion over terms extending into 2034, with fees accruing only as capacity is delivered to and accepted by us.
16. 27 The S-1 says Anthropic has entered into five-year master equipment leases with Broadcom, accounted for as finance leases, with rent over the life of the leases of approximately $161.2 billion excluding interest.
  Carriedfrom Anthropic's S-1 lists compute commitments it must generally pay whatever its revenue · checked 27 Oct 2026, not opened again for this piece
  We have entered into five-year master equipment leases with Broadcom ... These Lease Arrangements are accounted for as finance leases. Our rent payments over the life of these leases are equal to an aggregate of approximately $161.2 billion excluding interest
17. 28 The S-1 says Anthropic estimates aggregate future payments of approximately $125.0 billion to $150.0 billion for additional TPU compute from TPU providers including Google, to be delivered between 2028 and 2031, and that this is not included in the contractual commitments table.
  Carriedfrom Anthropic's S-1 lists compute commitments it must generally pay whatever its revenue · checked 27 Oct 2026, not opened again for this piece
  We estimate the aggregate future payments for such additional compute to be approximately $125.0 billion to $150.0 billion, which are not included in the contractual commitments table above.
18. 29 The S-1 filed on 26 October 2026 says the Long-Term Benefit Trust generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the board.
  checked 4 Nov 2026
  Through a special class of common stock, Class T common stock, the LTBT generally has the authority to elect and remove the Class T directors, who together will constitute a majority of the authorized members of our board of directors.
19. 30 The S-1 filed on 26 October 2026 says the Class F common stock, held by the Founder LLC, will be entitled to votes equal to 50.1% of the total voting power of Anthropic's outstanding shares on matters submitted to stockholders generally.
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  Our Class F common stock, which will be held by the Founder LLC, will be entitled to an aggregate number of votes that equals 50.1% of the total voting power of our outstanding shares of capital stock with respect to matters submitted to stockholders generally
20. 30 The S-1 filed on 26 October 2026 says the voting power of the holders of Class A common stock is limited to an aggregate of 49.9% of the total outstanding voting power.
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  As a result, the voting power of the holders of Class A common stock is limited to an aggregate of 49.9% of the total outstanding voting power as of the applicable record date.
21. 43 The underwriting table of the S-1 filed on 26 October 2026 lists 22 underwriters, from Goldman Sachs & Co. LLC to Macquarie Capital (USA) Inc., and names Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC as the representatives of the underwriters.
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  Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters ("representatives"). ... Underwriters ... Goldman Sachs & Co. LLC ... Macquarie Capital (USA) Inc.
22. 46 The S-1 filed on 26 October 2026 says Anthropic contributed 846,840,960 shares of its Class N common stock, representing 5% of its fully diluted shares as of 30 June 2026 assuming full conversion of the Amazon Notes, to the Anthropic Public Benefit Fund, its wholly owned subsidiary.
  Toned down checked 4 Nov 2026
  As part of these initiatives, we contributed 846,840,960 shares of our Class N common stock, representing 5 % of our fully diluted shares as of June 30, 2026 (assuming full conversion of the Amazon Notes, as defined below) , to Anthropic Public Benefit Fund, LLC
23. 47 The S-1 filed on 26 October 2026 says Anthropic's board has approved a framework under which it may, in its discretion, issue Class N shares to the Anthropic Public Benefit Fund representing up to an additional 2% of its then-outstanding shares each time its share price appreciates 50% above the prior share price milestone, beginning with its initial public offering price.
  checked 4 Nov 2026
  Our board of directors has also approved a framework under which it may, in its discretion, issue shares of our Class N common stock to the Anthropic Public Benefit Fund (or other designee) representing up to an additional 2% of our then-outstanding shares ... each time our share price appreciates 50 % above the prior share price milestone , beginning with our initial public offering price
24. 49 The S-1 filed on 26 October 2026 says: "We filed a petition for rehearing en banc asking the full D.C. Circuit to review the panel's decision."
  checked 4 Nov 2026
  We filed a petition for rehearing en banc asking the full D.C. Circuit to review the panel's decision.
Physicist Christopher Stubbs joins Anthropic's Long-Term Benefit Trust · Anthropic · archived copy
1. 31 Anthropic's post dated 21 October 2026 announces that Christopher Stubbs has joined its Long-Term Benefit Trust.
  Carriedfrom Anthropic added physicist Christopher Stubbs, Harvard's former Dean of Science, as a trustee of its Long-Term Benefit Trust. · checked 22 Oct 2026, not opened again for this piece
  has joined Anthropic’s Long-Term Benefit Trust.
2. 31 Anthropic says the Trust can appoint a majority of its board.
  Carriedfrom Anthropic added physicist Christopher Stubbs, Harvard's former Dean of Science, as a trustee of its Long-Term Benefit Trust. · checked 22 Oct 2026, not opened again for this piece
  It has the authority to appoint a majority of Anthropic’s board,
Going public · U.S. Securities and Exchange Commission
1. 39 The SEC's Going public page says a company may not actually sell the securities covered by a registration statement until the SEC staff declares the registration statement effective.
  checked 4 Nov 2026
  Your company may not actually sell the securities covered by the registration statement until the SEC staff declares the registration statement "effective."
Investor Bulletin: Investing in an IPO · U.S. Securities and Exchange Commission
1. 40 The SEC's investor bulletin on IPOs says that after a company's IPO registration statement has been declared effective, the company will typically file a final prospectus, usually identified as a 424B3 or 424B4 filing in EDGAR.
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  After a company's IPO registration statement has been declared effective, the company will typically file a final prospectus--usually identified as a 424B3 or 424B4 filing in the EDGAR database.
Anthropic files S-1 with the SEC for proposed initial public offering · Anthropic · archived copy
1. 42 Anthropic's announcement of 26 October 2026, read on 4 November 2026, says a registration statement relating to these securities has been filed with the SEC but has not yet become effective.
  checked 4 Nov 2026
  A registration statement relating to these securities has been filed with the SEC but has not yet become effective.
Anthropic Public Benefit Fund · Anthropic · archived copy
1. 44 Anthropic published a post on 18 October 2026 about the Anthropic Public Benefit Fund.
  Carriedfrom Anthropic says it will commit 5% of its shares to a new Public Benefit Fund. · checked 19 Oct 2026, not opened again for this piece
  Investing in the public benefit ... Oct 18, 2026 ... Today, we're committing a portion of Anthropic's shares to the Anthropic Public Benefit Fund
2. 44 Anthropic says that, subject to stockholder approval, 5% of its shares will be committed to the Anthropic Public Benefit Fund.
  Carriedfrom Anthropic says it will commit 5% of its shares to a new Public Benefit Fund. · checked 19 Oct 2026, not opened again for this piece
  Subject to stockholder approval, 5% of Anthropic's shares will be committed today
3. 45 Anthropic says an additional 2% may be added, at the board's discretion, for every 50% increase in company value above a set baseline.
  Carriedfrom Anthropic says it will commit 5% of its shares to a new Public Benefit Fund. · checked 19 Oct 2026, not opened again for this piece
  with an additional 2% added at the board's discretion for every 50% increase in the company's value above a set baseline.
Petition for Panel Rehearing or Rehearing En Banc, Anthropic PBC v. U.S. Department of War, Nos. 26-1049 and 26-1162 (D.C. Cir., filed 13 October 2026), with the 25 September 2026 panel opinion in its addendum · United States Court of Appeals for the District of Columbia Circuit (filing by Anthropic's counsel) · archived copy
1. 48 Anthropic filed a petition for panel rehearing or rehearing en banc in the U.S. Court of Appeals for the D.C. Circuit on 13 October 2026, in Nos. 26-1049 (lead) and 26-1162 (consolidated), Anthropic PBC v. U.S. Department of War.
  Carriedfrom Anthropic asks full D.C. Circuit to rehear Pentagon supply-chain ruling · checked 14 Oct 2026, not opened again for this piece
  No. 26-1049 (lead); No. 26-1162 (consolidated) UNITED STATES COURT OF APPEALS FOR THE DISTRICT OF COLUMBIA CIRCUIT ANTHROPIC PBC, Petitioner, v. U.S. DEPARTMENT OF WAR ... PETITION FOR PANEL REHEARING OR REHEARING EN BANC ... October 13, 2026
2. 48 The petition asks the court to rehear the case after a divided panel decided it on 25 September 2026; its conclusion says only that the court should grant the petition.
  Carriedfrom Anthropic asks full D.C. Circuit to rehear Pentagon supply-chain ruling · checked 14 Oct 2026, not opened again for this piece
  A divided panel upheld that extraordinary designation. ... CONCLUSION The Court should grant the petition.