Anthropic filed an S-1 document with the SEC disclosing $637 billion in multiyear compute and infrastructure commitments across seven providers, including $161.2 billion for Broadcom and at least $114.5 billion for Google. The company generated $11.6 billion in revenue in the second quarter of 2026 and $16.3 billion over the first half, but it also recorded an $80.7 billion net loss driven primarily by non-cash charges on convertible securities. It nevertheless achieved its first positive GAAP operating profit, at $974 million, while roughly 80% of revenue is consumption-based and net revenue retention stands near 900%. The IPO, tentatively scheduled for mid-November 2026 on Nasdaq under the ticker ANT, could value Anthropic at between $1.5 trillion and $2 trillion; at the second-quarter revenue pace, roughly 14 years of revenue would be needed to cover the non-cancelable commitments.
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