上半年的数据显示出巨大的增长势头。收入从 2025 年第一季度的 3.76 亿美元跃升至 2026 年第二季度的 116 亿美元，同比增长 1,368%。2026 年上半年，Anthropic 总收入达到 163 亿美元，是其 2025 年全年收入 46 亿美元的三倍多。政府合同仅占总收入的约 1%，而约有 5% 至 7% 的收入来自违反使用政策的客户，主要通过 模型蒸馏实现，Anthropic 一直在严厉打击此类行为。
在 2026 年第二季度，Anthropic 实现了首次 GAAP（公认会计准则）营业利润，达 9.74 亿美元。计算成本同期增长了 300%，但增速低于收入增长。每名员工的收入为 660 万美元，仅次于英伟达，在所有“七巨头”公司中位居第二，公司员工总数约为 5,300 人。英伟达、博通和 AMD 等芯片股在招股书公开后股价上涨。
超过 11,900 家客户每年支付超过 10 万美元，其中约 250 家客户支付超过 1,000 万美元。没有任何单一客户占收入的 10% 以上，但五家客户合计占 25%。如果这些客户包括 Meta、Google 或 Microsoft 等可能转向自有或更便宜模型的公司，这种集中度可能成为风险。
根据 S-1 文件，同时使用 Claude Enterprise 和 Claude Code 的企业用户是最大的支出者，其支付金额约为其他客户的 20 倍。80% 的收入按实际使用量计费，以处理的最小计费单位——令牌（token）计，其余 20% 来自固定订阅。这种比例可能表明订阅服务仍在被大量交叉补贴，但也暗示 Anthropic 有提价空间。据《金融时报》报道，该公司明年的预测将主要基于使用量。
Anthropic 承担了巨大的财务义务以推动其增长。与博通、Google、Amazon、Microsoft 及其他提供商签订的算力容量合同总额约为 7,800 亿至 8,100 亿美元，这些成本大致固定且长期锁定，而收入则是可变的且取决于使用情况。
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Anthropic filed its IPO prospectus, and the market seems to like it.
The AI lab is the first major company of its kind to publicly file an S-1 with the SEC. Anthropic plans to list on the Nasdaq under the ticker "ANT," with Goldman Sachs and Morgan Stanley leading the offering. Wall Street expects a valuation of roughly $2 trillion, according to Yahoo Finance, up from the company's most recent private valuation of about $965 billion, which already put it ahead of rival OpenAI at roughly $852 billion.
The first-half numbers show huge growth. Revenue jumped from $376 million in Q1 2025 to $11.6 billion in Q2 2026, a 1,368 percent year-over-year increase. For the first half of 2026, Anthropic brought in $16.3 billion total, more than triple its full-year 2025 revenue of $4.6 billion. Government contracts account for only about one percent of that total, while roughly 5 to 7 percent comes from customers who violate usage policies, primarily through model distillation, which Anthropic has already been cracking down on.
In Q2 2026, Anthropic posted its first positive GAAP operating profit at $974 million. Compute costs rose 300 percent over the same period, but that's slower than revenue growth. Revenue per employee sits at $6.6 million, higher than any Magnificent 7 company except Nvidia, with about 5,300 people on staff. Chip stocks like Nvidia, Broadcom, and AMD rallied after the filing went public.
Existing customers spend nine times more year over year
Anthropic's net revenue retention rate sits at roughly 900 percent, meaning existing customers are spending nine times what they did a year ago. That figure speaks to AI's scaling potential, especially considering most deployments are likely still shallow, depend on human oversight, and don't run AI at full speed yet.
More than 11,900 customers pay over $100,000 annually, and about 250 spend more than $10 million. No single customer accounts for more than ten percent of revenue, but five customers together make up 25 percent. If those include companies like Meta, Google, or Microsoft that could switch to their own or cheaper models, that concentration could become a risk.
Claude Enterprise users who also use Claude Code are the biggest spenders, paying about 20 times more than other customers, according to the S-1. Eighty percent of revenue is billed on actual usage, per token processed as the smallest billing unit for AI models, while the remaining 20 percent comes from fixed subscriptions. That split might signal how heavily subscriptions are still being cross-subsidized, but it also suggests Anthropic has room to raise prices. The company's forecast for next year will be primarily usage-based, according to the FT.
Compute commitments top $780 billion
Anthropic has taken on huge financial obligations to fuel its growth. Compute capacity contracts with Broadcom, Google, Amazon, Microsoft, and other providers add up to roughly $780 to $810 billion, and those costs are more or less fixed and locked in long-term, while revenue remains variable and usage-dependent.
That means the company needs to keep growing fast to cover its future bills. If it can't, the AI-fueled capital market could start to wobble. To gain more flexibility and lower costs over time, Anthropic is building its own data centers under the name "Anthropic Direct".
Anthropic also left Q3 numbers out of the S-1, even though the company already has them. One possible reason is that growth slowed significantly in Q3. Momentum may have already picked back up, though. OpenRouter data shows demand for Anthropic models climbed again after the October release of the 5.5 series, especially Opus 5.5. OpenRouter only captures a tiny slice of total token demand and tends to skew toward open-weight models, so if Anthropic is dominating there, it's likely doing even better everywhere else.
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