Anthropic, PBC has filed to list on the Nasdaq Global Select Market under the symbol ANT. It does not trade yet, so this report has no price, valuation or TenQ Score. Every figure comes from its S-1 registration statement. The full report follows its first quarterly filing as a listed company.
$11.6B$787M a year earlier
$16.3B$4.6B in all of 2025
$974Mits first operating profit in the filing
$3.9B-$1.5B a year earlier
$131.7Bon 30 June 2026
The Anthropic story
What Anthropic does, how its numbers work and what could change the story, written from its S-1.
Usage drives revenue. Consumption-based revenue reached $13.1 billion in the six months to June 2026, making customer activity, rather than subscription renewals alone, central to Anthropic’s results.
Profit meets accounting losses. Anthropic recorded operating income of $974 million in the quarter to June 2026, but noncash financing charges helped produce a net loss of $66.3 billion for that period.
Capacity comes first. Fixed or minimum commitments under compute agreements stood at $265.6 billion as of 30 June 2026, with spending obligations generally due regardless of revenue or utilization.
Why does Anthropic report a net loss when it made an operating profit?
Quarter
Operating income
Interest income
Fair-value change
Other, net
Net loss
Q1 2025
-935.0M
51.0M
-5.70B
0
-6.59B
Q2 2025
-1.20B
64.0M
-5.24B
0
-6.38B
Q3 2025
-3.09B
124.0M
-9.16B
-3.0M
-12.14B
Q4 2025
-2.84B
192.0M
-14.20B
-5.0M
-16.86B
Q1 2026
-1.67B
349.0M
-12.79B
-309.0M
-14.44B
Q2 2026
974.0M
762.0M
-59.60B
-8.45B
-66.31B
Q2 2026, from revenue to the net result. Each bar is the running total after that line. The last step includes -$8.4B of other items, mostly the change in value of other financial instruments.
→In Q2 2026, Anthropic made $974M from operations and reported a net loss of $66.3B. $59.6B of the gap was a non-cash charge: the convertible notes, derivatives and SAFEs held by its investors rose in value as the company's valuation rose.
What this measures
A convertible note or a SAFE turns into shares later. The company carries it at what it is worth today, so when its valuation rises, the liability rises and the increase is booked as an expense.
What good looks like. No cash leaves the company: the charge is added back in the cash flow statement, which is why operating cash flow can be positive while the net loss is large.
If it rises or falls. A larger charge means the valuation rose more in the period. The charges continue while the notes are outstanding.
Cash and short-term investments, convertible notes and redeemable convertible preferred stock, at each balance sheet date. Deferred revenue, billed but not yet earned, was $1.6B on the latest date.
→Anthropic held $131.7B in cash and short-term investments on 30 June 2026, up from $20.3B on 31 December 2025. Convertible notes stood at $108.6B.
One customer brought 11% of revenue in the first half of 2026. The largest share in the filing was 43%, in 2023.
Customer
2023
2024
2025
H1 2025
H1 2026
Customer A
Under 10%
Under 10%
12%
Under 10%
Under 10%
Customer B
Under 10%
Under 10%
12%
18%
Under 10%
Customer C
43%
Under 10%
Under 10%
Under 10%
11%
Customer D
11%
Under 10%
Under 10%
Under 10%
Under 10%
Share of revenue from each customer that reached 10% in a period. The filing does not name them.
Commitments
How much has Anthropic committed to spend?
Year
Commitments
2026
7.06B
2027
11.13B
2028
10.83B
2029
8.30B
2030
5.43B
Thereafter
11.81B
Future minimum payments under non-cancelable purchase commitments, by the year they fall due, as of 31 December 2025.
→Anthropic had $54.6B of non-cancelable purchase commitments on 31 December 2025. By 30 June 2026, fixed or minimum commitments under these agreements were about $265.6B.
The main risks Anthropic lists in the summary of its S-1, in its own words.
Our success depends in large part on our ability to continue to develop the most advanced and capable AI models, and any failure to do so could adversely affect our business.
If we are unable to secure adequate compute or if we fail to direct our compute effectively across our workloads, we may be unable to train models that remain competitive with those of our competitors or adequately serve our customers.
Constraints on the critical inputs supporting compute could limit our ability to secure adequate compute.
We are highly dependent on the continued service of our co-founders, senior management team, and key technical employees, and the loss of any of these individuals may adversely affect our business, financial condition, and results of operations.
Our company culture has contributed to our success and, if we cannot maintain this culture as we grow, our business could be adversely affected.
We face intense competition, and if we are unable to compete effectively, our business, financial condition, and results of operations could be adversely affected.
If the market for our models, platform, and applications develops more slowly than we expect or declines, our growth may slow or stall, and our business, financial condition, and results of operations could be adversely affected.
If the use of our AI models results in harm, whether through use by malicious actors or misuse by other third parties, or if our model guardrails or safeguards fail to prevent such misuse, our reputation and brand, business, financial condition, and results of operations could be adversely affected.
Our AI models may behave in unintended, misaligned, or autonomous ways, including by taking harmful actions that no user or third party directed, which could adversely affect our reputation and brand, business, financial condition, and results of operations.
We may be exposed to liability, litigation, and regulatory action arising from harms associated with our AI models, and our contractual protections and insurance may be insufficient, any of which could adversely affect our business, financial condition, and results of operations.
A substantial portion of our revenue and accounts receivable is driven by a limited number of customers and distribution channels, and the loss of, or a significant reduction in, spend from one or more of our top customers or disruption through those channels could adversely affect our prospects, business, and financial condition.
We have a limited operating history in an evolving and nascent industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
