2 hours ago, Anthropic filed for an IPO.

We went through the S-1 and broke it down in 6 charts:

Anthropic’s quarterly revenue went from $376M in Q1 2025 to $11.6B in Q2 2026, ~31x in 5 quarters.

In the S-1, the company says it expects that growth rate to decline over time.

At the end of 2023, Anthropic had ~20 customers spending $100K+ a year. As of September, it had more than 11,900.

Yet in Q3, its Fortune 500 customers spent, on average, less than 0.1% of their total expenses on Anthropic.

In Q1 2025, it spent ~$2.51 on compute and infrastructure for every $1 of revenue. By Q2 2026, that was down to ~$0.48.

Anthropic turned an operating profit in Q2 2026: $974M on $11.6B of revenue.

It still reported a $66.3B net loss, driven by non-cash charges: $59.6B from revaluing convertible notes as valuation rose, and $8.4B mostly tied to note purchase agreements.

In 1H 2026, ~80% of Anthropic’s revenue was consumption-based.

The other ~20% was subscription-based.

In Q1, Anthropic’s top 5 customers made up ~36% of its revenue. By Q3, it was ~21%.

Even so, revenue from each of its top 5 customers hit a record in Q3.

This breakdown highlights selected financial data from Anthropic’s S-1.

It does not cover all the information in the filing, including risks, which should be read in full.

Nothing here is investment advice or a recommendation to buy or sell any security.