Anthropic's Public S-1: H1 2026 Revenue $16.3 Billion, Adjusted Operating Margin 10%

First-half revenue rose to $16,286 million from $1,163 million, and annual revenue has gone from $41 million in 2023 to $4,585 million in 2025. Compute and infrastructure expense, which covers research, model development and customer serving, grew far more slowly: $8,945 million in H1 2026 against $2,334 million a year earlier. In H1 2025 that line was about twice revenue; in H1 2026 it was below revenue. Operating cash flow turned positive at $3,929 million.

Management says this margin expansion depends on timing. Compute is contracted 12 to 18 months before it becomes available, and its cost is recognized as capacity comes online, ahead of the revenue it eventually supports. The filing states that operating margin and Adjusted Operating Margin "may compress" as large blocks of capacity arrive. It also expects more expensive short-term compute purchases to rise in the near term. H1 2026 is therefore a high point for margins in the current compute cycle, and the filing does not present it as a steady state.

The $80.7 billion H1 2026 net loss is almost entirely non-cash. It includes a $72.4 billion fair-value charge on convertible notes, derivatives and SAFEs, which grows as Anthropic's private valuation rises, and $8.8 billion of other expense tied to the initial recognition of the note purchase agreements. These marks end as the instruments convert. Operating loss and cash flow are the better measures of underlying performance.

The customer base has broadened. No single customer exceeded 10% of revenue for the nine months to September 30. Customers outside the top five accounted for about 79% of Q3 revenue, up from about 64% in Q1. Two disclosures cut the other way. Model versions released in the prior six months produced more than 80% of Q3 revenue, so revenue depends heavily on a continuing release cadence. And 5% to 7% of nine-month revenue came from customers later found to be violating usage policy or commercial terms. The company expects that share to decline after enforcement was tightened in August and September, but says the timing and size of the revenue effect are uncertain.

Control rests with the Founder LLC's fixed 50.1% vote and the Long-Term Benefit Trust's right to appoint a board majority. Public Class A holders get economic exposure and a minority vote that cannot exceed 49.9% in aggregate. Separately, 846,840,960 Class N shares (5% of fully diluted shares as of June 30, 2026) have been contributed to the Anthropic Public Benefit Fund, a wholly owned subsidiary. The board may issue up to a further 2% of outstanding shares to the fund each time the share price rises 50% above the prior milestone, starting at the IPO price. A milestone counts only after closes above the threshold on 90 of 120 trading days. This is a dilution mechanism linked to share price that has no equivalent at large-cap software peers, and it should be modeled explicitly.

The S-1 sets no price range, so the most recent company-stated valuation is the private one. On May 28, 2026, Anthropic announced a $65 billion Series H at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. The prospectus records the Series H-1 preferred sold in May and June 2026 at $589.0095 per share, before the September 10-for-1 split of the common stock. The offer valuation will first be disclosed when an S-1/A sets a price range.

• The S-1/A price range and share count, followed by the final 424B4 at pricing.
• Q3 2026 revenue, which the filing names as a reporting period but leaves blank.
• The total compute commitment figure and its schedule through 2045. Contractual obligations are also still blank.
• Whether Google exercises its option to buy up to $10.0bn of Class N concurrently with the IPO, and how much of Amazon's $6.2bn converts at the IPO versus rolls over under its 12% cap.
• Lock-up percentages and expiry dates (the filing describes staged, timed releases) as indicators of supply after listing.
• Any update to the 5% to 7% figure for usage-policy-violation revenue after the August-September enforcement.