The model maker selling a stake in itself, decoded from its own filing.
$16.3B Revenue, first half of 2026 p. 22 14× Against the same half of 2025 p. 22 $114.5B Largest compute commitment owed regardless of use, Google p. 171 50.1% Votes held by one Class F share pp. 108, 247 BD·ANT·2026 · v1.2 · Updated Oct 28, 2026 · See changes Open the deckEvery IPO moves through five stages. Bellipo tracks each one from the filing record.
RADAR NOW Rumored or filed, no terms READY Terms set PING Priced STRIKE First trade ORBIT Trading Radar · Filed S-1 Oct 26, 2026 · no terms yet Next Ready, when the filing sets all terms: price, shares and a sourced expected date.What Anthropic sells, who pays for it, how it charges and who it competes with, as the S-1 states it.
Anthropic is a public benefit corporation that develops advanced AI models and earns revenue from usage and from subscriptions. (pp. 138, F-14)
Founded 2021 p. 179 Legal form Delaware public benefit corporation p. 13 Employees About 5,300 p. 229 Mission “The responsible development and maintenance of advanced AI for the long-term benefit of humanity” p. 179 The product line| Layer | Product | What it does | Page |
|---|---|---|---|
| Models | Mythos (incl. Fable) | Most capable class. Fable is generally available; Mythos goes to vetted cyber and life-science users | |
| Models | Opus | Workhorse for reasoning-heavy work; Opus 5.5 is the “enterprise daily driver” | |
| Models | Sonnet | Balance of performance, cost and speed for everyday tasks | |
| Models | Haiku | Lowest cost and fastest, for high-volume work | |
| Platform | Claude Platform | Tools for developers to build, run and manage agents: reasoning controls, tool use, long context, MCP, Agent Skills | |
| Platform | Agent SDK / Managed Agents | The harness behind Claude Code, on the customer's compute or Anthropic's | |
| Apps | Claude Code | Coding agent: plans, writes, tests and commits code | |
| Apps | Claude Cowork | Knowledge-work agent that returns finished documents, sheets and decks | |
| Apps | Claude.ai | The flagship chat app; “top-of-funnel” for enterprise | |
| Apps | Security, Tag, Design, Science | Cyber defence, team agent in Slack, visual work, research workbench | |
| Verticals | Seven industry solutions | Including Financial Services, Financial Advisors, Healthcare, Life Sciences |
| Model | How it bills | 2024 | 2025 | Jan to Jun 2026 | Page |
|---|---|---|---|---|---|
| Pay-for-intelligence | Per token used, priced by the model chosen | $288M (75%) | $3.8B (83%) | $13.1B (80%) | |
| Subscription | A fee for set usage, terms of 12 months or less | $98M (25%) | $789M (17%) | $3.2B (20%) |
Customers buy direct or through AWS, Google Cloud and Azure marketplaces. Anthropic keeps the contract and pays each cloud a fee. Growing numbers of enterprises sign annual or multi-year minimum-spend contracts.
Who pays| Measure | Figure | Page |
|---|---|---|
| Customers at $100K+ a year | More than 11,900 (Sep 30, 2026), up from about 20 at end of 2023 | |
| Customers at $1M+ a year | More than 1,900 | |
| Customers at $10M+ a year | About 250 | |
| Net revenue retention | About 900% (Sep 30, 2026) | |
| Using platform and an app | Over 50%, up from about 30% | |
| Largest single customer | None above 10% of revenue | |
| How customers arrive | Self-serve and individual users first, then direct sales, Applied AI teams, cloud and consulting partners |
| Arena | Named in the filing | Anthropic's stated edge | Page |
|---|---|---|---|
| Frontier model labs | OpenAI, Google and large tech companies | Enterprise focus, research talent, compute efficiency | |
| Other model providers | Open-weight and open-source models, incl. from state actors | Most capable models for the hardest work, efficient on routine work | |
| Application makers | Enterprise software companies in select categories | Primarily a platform others build on | |
| The status quo | Legacy systems and resistance to change | Not stated |
SourcesFrom the S-1 of Oct 26, 2026 · Open the filing
First-half 2026 revenue was about 14 times the first half of 2025.
Jan to Jun 2025 $1,163M Jan to Jun 2026 $16,286M Summary Consolidated Financial Data, p. 22. Filed periods only; no estimates or run-rate.SourcesFrom the S-1 of Oct 26, 2026 · Open the filing
The operating loss was $693M. Most of the $80.7B net loss, $72.4B, is the change in fair value of convertible notes, derivative liabilities and SAFEs, driven mainly by the convertible notes rising with the company's valuation.
Operating loss ($693M) Interest income $1,111M Fair value of notes, derivatives, SAFEs ($72,388M) Other income (expense), net ($8,757M) Income taxes ($21M) Net loss ($80,748M) Summary Consolidated Financial Data, pp. 22–23; fair value driver, MD&A p. 150; other income detail, Notes p. F-37. Figures in $M, six months to Jun 30, 2026.SourcesFrom the S-1 of Oct 26, 2026 · Open the filing
Runway is the wrong question for Jan to Jun 2026. Operating activities brought cash in: $3,929M in those six months, after three years of outflows.
($1,627M) ($5,692M) ($2,637M) ($1,513M) $3,929M 2023 2024 2025 Jan to Jun 2025 Jan to Jun 2026Investing used ($17,181M) from Jan to Jun 2026, mostly ($18,972M) of short-term investments bought with new funding. Cash, cash equivalents and short-term investments stood at $131,651M on Jun 30, 2026.
Consolidated Statements of Cash Flows, p. F-12; Balance Sheet Data, p. 24. Revenue for the same half: $16,286M.SourcesFrom the S-1 of Oct 26, 2026 · Open the filing
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