๐จ Anthropic ๐๐ฃ๐ข ๐ฝ๐ฟ๐ผ๐๐ฝ๐ฒ๐ฐ๐๐๐ ๐ฏ๐ฟ๐ฒ๐ฎ๐ธ๐ฑ๐ผ๐๐ป: This morning, the f
By Kloeckner ยท October 27, 2026 ยท Curated by George's Blog
๐จ Anthropic ๐๐ฃ๐ข ๐ฝ๐ฟ๐ผ๐๐ฝ๐ฒ๐ฐ๐๐๐ ๐ฏ๐ฟ๐ฒ๐ฎ๐ธ๐ฑ๐ผ๐๐ป: This morning, the first frontier lab publicly filed its S-1 prospectus with the SEC. Here are the highlights: ๐
๐ Unless you've been living under a rock, you know that Anthropic has been ramping up revenue like crazy during the last 12 months. It also seems to have decent operating leverage, with revenue growing much faster than compute costs.
๐คฏ What's mind-blowing to me is ๐๐ป๐๐ต๐ฟ๐ผ๐ฝ๐ถ๐ฐ'๐ revenue expansion. I confidently claimed in our Doppelgรคnger Podcast episodes that $ANT would be the first billion-dollar revenue company with net revenue retention (NRR)>200%, meaning customers at least double their spending with the lab. Only to learn a few weeks later that their CFO claims a 540%(!) NRR. Now the S-1 prospectus states a ๐ต๐ฌ๐ฌ%(!!) ๐ก๐ฅ๐ฅ. Customers 10-fold their spending year-on-year.
๐งฎ Anthropic also seems to enjoy ๐ต๐ฒ๐ฎ๐น๐๐ต๐ ๐ด๐ฟ๐ผ๐๐ ๐บ๐ฎ๐ฟ๐ด๐ถ๐ป๐ ๐ผ๐ณ ๐ด๐ฑ% at first glance. It's important to note that it shares revenue with hyperscalers (AWS, GCP, Azure) and books these costs as Sales & Marketing. Also, the training compute isn't in the COGS (which makes sense). However, I think you should move a large portion of S&M into COGS for a more realistic view.
๐ ๐ง๐ต๐ฒ $๐ด๐ญ๐ ๐ป๐ฒ๐ ๐น๐ผ๐๐? While that makes for a good headline, it doesn't reflect Anthropic's operating success. Quite the opposite: Only because its stock price appreciated so drastically, it now has to book a large hypothetical loss for a dilution that happened years ago.
๐ณ๏ธ The founders will stay in control, owning 50.1% of the company's voting rights. Not surprising, given the company's mission.
๐ต Anthropic has plenty of cash. No company has ever IPO'd with $132B in liquidity lingering on its balance sheet. Including the freshly raised IPO funds, $ANT will have a $200bn+ war chest, which it might need as financing gets increasingly cumbersome over time.
๐ช๐ต๐ฎ๐'๐ ๐ป๐ผ๐ ๐ถ๐ป ๐๐ต๐ฒ ๐ณ๐ถ๐น๐ถ๐ป๐ด? Anthropic isn't releasing its Q3 numbers (which it already knows). Revenue will likely be between $16-17B. The good news: That's as much as Q1 + Q2 combined. The bad news: Growth has significantly slowed to around 40% vs Q2 as OpenAI and Chinese OS models grab market share.
โ The big question remains: Will Anthropic find its mojo again and double its revenue 3 or 4 more times?
๐ณ๐๐๐๐๐๐๐๐๐: ๐๐๐ ๐๐๐๐๐๐ ๐๐ ๐๐ ๐ฐ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐.