# Anthropic’s IPO filing shows rapid growth and $780B in commitments

> Anthropic has filed to list on Nasdaq, disclosing fast-rising revenue, big-spending customers and long-term computing commitments of up to $810 billion.

Oossa · 2026-10-26 · https://oossa.com/en/anthropic-s-ipo-filing-shows-rapid-growth-and-780b-in-commitments

Anthropic has filed paperwork with the US Securities and Exchange Commission for an initial public offering, becoming the first major AI company to publicly file an S-1, according to The Decoder. The company plans to list on Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the offering. The filing gives investors a detailed look at a business growing quickly—and at the large future costs it has agreed to take on.

Anthropic reported $16.3 billion in revenue during the first half of 2026, more than three times its $4.6 billion for all of 2025. The Decoder says quarterly revenue rose from $376 million in Q1 2025 to $11.6 billion in Q2 2026. Anthropic also recorded its first positive GAAP operating profit, $974 million, in Q2 2026. Compute costs rose 300 percent over the same period, though the filing’s figures show they grew more slowly than revenue.

## A small number of customers spend heavily

The filing puts Anthropic’s net revenue retention rate at about 900 percent: existing customers, taken together, spend roughly nine times what they did a year earlier. More than 11,900 customers pay over $100,000 annually, and about 250 pay over $10 million. No single customer accounts for more than 10 percent of revenue, but the five largest together account for 25 percent.

Around 80 percent of revenue comes from usage-based billing, with customers charged according to how much they use Anthropic’s models; fixed subscriptions make up the rest. Claude Enterprise customers who also use Claude Code spend about 20 times more than other customers, according to the filing. The Decoder notes that concentrated spending could pose a risk if major customers move to their own or cheaper models.

## Long-term computing costs loom

Anthropic’s contracts for computing capacity with Broadcom, Google, Amazon, Microsoft and other providers total roughly $780 billion to $810 billion, The Decoder reports. These are long-term commitments, while much of Anthropic’s revenue depends on how much customers use its services. The company is also building its own data centers under the name Anthropic Direct, which The Decoder says could give it more flexibility and lower costs over time.

The S-1 does not include Q3 results, although The Decoder says Anthropic already has those figures. It raises the possibility that the omission reflects slower growth, but offers no confirmation. Separately, it points to OpenRouter data showing renewed demand for Anthropic models after the October release of the 5.5 series; that data covers only a small share of overall model use.

## The facts

- Anthropic plans to list on Nasdaq under the ticker ANT.
- The company reported $16.3 billion in revenue for the first half of 2026, compared with $4.6 billion for all of 2025.
- More than 11,900 customers pay Anthropic over $100,000 a year.
- Anthropic’s computing-capacity contracts total roughly $780 billion to $810 billion, according to The Decoder.

## Why it matters

For investors and customers, the filing shows that Anthropic’s business is growing quickly, but also depends on continued customer usage to help cover long-term computing contracts. The filing leaves out Q3 results, so the pace of growth after the first half is not clear from the figures disclosed here.

## Sources & references

1. [Anthropic opens its books for Wall Street, showing record revenue and mounting obligations](https://the-decoder.com/anthropic-opens-its-books-for-wall-street-showing-record-revenue-and-mounting-obligations/) – The Decoder, 2026-10-26
2. [Anthropic S-1, The Cost of Compute, Who Is Paying?](https://stratechery.com/2026/anthropic-s-1-the-cost-of-compute-who-is-paying/) – Stratechery / Ben Thompson, 2026-10-27
3. [Anthropic’s IPO needs believers to bridge it to the payoff](https://www.semafor.com/article/10/27/2026/anthropics-ipo-needs-believers-to-bridge-it-to-the-payoff) – Semafor, 2026-10-27

Last updated: 2026-10-27