Anthropic just submitted its IPO paperwork on Monday and its numbers quickly went viral.

The S-1 filing doesn't give a date, but Bloomberg reported that Anthropic could start formally marketing the IPO as soon as early November.

Underneath an $80.7 billion first-half net loss, most of it on paper, sits an operating business that's starting to make money.

Here’s how revenue has grown:

Meanwhile, of the $80.7 billion first-half net loss, $72.4 billion was a fair value charge on convertible notes and SAFEs that got more expensive as Anthropic's valuation climbed.

The GAAP operating loss was $693 million.

On a non-GAAP basis, adjusted operating income swung to a $1.6 billion profit in the first half from a $1.8 billion loss a year earlier.

That's a 10% adjusted margin, versus a GAAP operating margin of negative 4%.

Compute also appears to be getting cheaper relative to sales.

By our math, based on the filing, compute and infrastructure costs equaled 251% of revenue in the first quarter of 2025 and 48% in the second quarter of 2026, when Anthropic posted $974 million of GAAP operating income.

Notably, too, Anthropic disclosed commitments of at least $110 billion with Amazon, at least roughly $114.5 billion with Google and at least $44.9 billion with Microsoft, plus up to $120.5 billion with SpaceX's AI unit.

The stated amounts for seven named deals add up to roughly $637 billion by our tally.

About $430 billion of that is minimum spending or fixed lease payments, and the rest is "up to" amounts or capacity paid for only as it's delivered.

Amazon's deal runs through April 2036.

Finally, customers with $100,000 or more of revenue over the past 12 months grew to more than 11,900 as of September 30, from about 1,500 at the end of 2025.

No single customer topped 10% of revenue in the first nine months of 2026, though the top five made up about 25%.

None of this makes Anthropic look like a cheap or sure bet ahead of its IPO.

But the numbers do point to an AI lab whose revenue is finally catching up to its stratospheric ambitions, even as its compute commitments stretch years into the future.

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🤖 Meta plans to raise up to $95 billion by selling stock to fund its AI buildout. It launched about $35 billion of underwritten offerings and plans an at-the-market program of up to $60 billion. (Meta)

📊 Verizon raised its forecasts after adding 406,000 monthly-bill-paying wireless subscribers in the third quarter. It also signed an AI infrastructure deal worth more than $2 billion with Amazon Web Services. (Silvia News)

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