Anthropic opens its books to Wall Street, disclosing record revenue and heavier long-term obligations

Anthropic submitted an S-1 prospectus to the SEC, planning to list on Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the underwriting. The prospectus shows revenue rising from $376 million in the first quarter of 2025 to $11.6 billion in the second quarter of 2026, a year-over-year increase of 1368%; total revenue for the first half of 2026 was $16.3 billion, more than three times the full-year 2025 total of $4.6 billion, and GAAP operating profit in the second quarter was $974 million. During the same period, compute contracts signed with Broadcom, Google, Amazon, Microsoft and others totaled approximately $780 billion to $810 billion, with costs locked in long term while revenue fluctuates with usage. Net revenue retention is approximately 900%, about 11,900 customers pay more than $100,000 per year, and 80% of revenue is billed by token usage. According to Yahoo Finance, the market expects a valuation of approximately $2 trillion.