Anthropic S-1 by the numbers: business booming, but with $441 billion in irrevocable compute commitments

Anthropic filed its S-1, expecting to list on Nasdaq at a valuation of $1.8 trillion to $2 trillion as early as mid-November. The filing shows first-half 2026 revenue rising from $1.3 billion to $17 billion; excluding non-cash items such as fair value changes on convertible notes, adjusted operating profit was $1.6 billion, a margin above 9%, free cash flow was about $3.5 billion, and enterprise customers with annual revenue above $100,000 reached 11,000. The risk lies in seven infrastructure contracts with Microsoft, Amazon, SpaceX and others totaling $630 billion, 70% of which is irrevocable by amount; about $441 billion of commitments mostly have terms of no more than seven years, requiring at least $60 billion in annual revenue to cover.