# Anthropic's S-1 filing shows revenue up about 1,300% and a $80.7 billion net loss

> Original title: Anthropic 向 SEC 公开递交了 S-1 招股书，股票代码为「ANT」由高盛和摩根士丹利承销，这将是人类历史上最大规模的 IPO。文档中有非常多有趣的细节都被公开了，一点值得庆幸的是——我们并没有看到 AI 的泡沫 👀

- Source: indigo
- Published: 2026-10-27T00:05:08.000Z
- Bad Influence: https://badinfluence.news/items/mkxncwbb0uvymaa7128t0fsdk
- Original: https://x.com/indigox/status/2114870981034725662

## Summary

Anthropic filed its S-1 with the SEC, listing the ticker ANT with Goldman Sachs and Morgan Stanley as underwriters. The filing reports first-half 2026 revenue of $16.29 billion, up about 1,300% from $1.16 billion a year earlier, and a net loss of $80.75 billion. The author says about $72.39 billion of that loss comes from non-cash fair value changes tied to rising valuation, and names customer and cloud concentration and limited shareholder control as the main risks.

## Post

Anthropic 向 SEC 公开递交了 S-1 招股书，股票代码为「ANT」由高盛和摩根士丹利承销，这将是人类历史上最大规模的 IPO。文档中有非常多有趣的细节都被公开了，一点值得庆幸的是——我们并没有看到 AI 的泡沫 👀

进入 2026 年，Anthropic 的营收增长进一步加速，上半年达到 162.86 亿美元，较上年同期的 11.63 亿美元增长约 1,300%，仅半年营收就达到 2025 年全年的约 3.6 倍。

不过，同期净亏损也扩大至 807.48 亿美元，上年同期为 129.69 亿美元。其中约 723.88 亿美元来自可转换债务、衍生负债及未来股权简单协议（SAFE）的公允价值变动，主要与 Anthropic 估值上升有关，属于非现金会计损失，并非实际支付了同等规模的现金。

从经营层面来看，Anthropic 上半年经营亏损已从上年同期的 21.35 亿美元收窄至 6.93 亿美元，降幅约 68%。第二季度已实现约 9.74 亿美元的 GAAP 经营利润。

Claude 已经从「工程师的编程工具」扩展为「全员的工作代理」，并开始嵌入客户自己卖给终端用户的产品里。真正能够干活的 Agent 已经进入到企业真实的生产环境里面，他们就像业务的轴承一样在运作，而这一切才刚开始！

另外，Anthropic 把更多的算力投入到了模型的自我改进上面，以确保自己的领先地位。但 S-1 里最值得关注的风险有两点：

第一是客户和云厂商太集中。Anthropic 相当一部分收入来自少数几个大客户和销售渠道，只要其中一两家减少投入，业绩就会明显受影响。同时，它训练和运行模型所需的算力，主要依赖几家云厂商。这些云厂商身份复杂，既是供应商，也是投资人，还是客户，利益并不完全一致。一旦关系生变，算力供应和收入可能同时受到冲击。

第二是股东几乎没有控制权。公司的投票权集中在长期利益信托和创始人手里，而且远超他们实际持有的经济权益。普通 A 类股东买到的主要是经济收益，对董事会、重大决策乃至公司被收购，基本说不上话。再加上 Anthropic 是公益公司，董事会要在股东回报和公司使命之间做平衡，股东利益不一定排第一位。

个人感觉，这一次 Anthropic 的 IPO 之后将会是美股的短期高点，很快会因为各种意外的消息导致股市剧烈回调。例如，客户更加经济地在使用各种 API 调用、客户流失以及增长放缓，都会是导致市场波动的因素。

但放到中长期来看，企业的 AI adoption 才刚刚开始，我们还有足够多的空间开到 AI 的真正渗透和头部公司的收入与估值增长，真正的 AI 泡沫，都在现在火热的早期公司里面🤔

## AI translation

Anthropic has publicly filed its S-1 prospectus with the SEC, with the stock ticker "ANT," underwritten by Goldman Sachs and Morgan Stanley. This will be the largest IPO in human history. The document reveals a lot of interesting details, and one thing to be thankful for: we don't see an AI bubble 👀

Entering 2026, Anthropic's revenue growth accelerated further, reaching $16.286 billion in the first half of the year, up about 1,300% from $1.163 billion in the same period last year. Half a year's revenue alone is about 3.6 times its full-year revenue for 2025.

However, the net loss over the same period also widened to $80.748 billion, compared with $12.969 billion a year earlier. About $72.388 billion of that came from fair value changes in convertible debt, derivative liabilities, and SAFEs (simple agreements for future equity), mainly related to the rise in Anthropic's valuation. This is a non-cash accounting loss; it did not involve actually paying out cash of a similar scale.

From an operating perspective, Anthropic's operating loss in the first half narrowed from $2.135 billion in the same period last year to $693 million, a decline of about 68%. In the second quarter, it posted GAAP operating profit of about $974 million.

Claude has expanded from "the engineers' programming tool" to "a work agent for the whole company," and it has begun to be embedded in products that customers sell to their own end users. Agents that can actually get work done have entered real enterprise production environments, operating like bearings in a business. And all of this is just beginning!

In addition, Anthropic is putting more compute into the model's self-improvement to secure its leading position. But the two most noteworthy risks in the S-1 are:

First, customers and cloud providers are too concentrated. A considerable portion of Anthropic's revenue comes from a few large customers and sales channels. If one or two of them reduce their spending, its results will be noticeably affected. At the same time, the compute needed to train and run its models depends mainly on a few cloud providers. These cloud providers have complicated roles: they are suppliers, investors, and customers all at once, and their interests are not fully aligned. If the relationship changes, compute supply and revenue could be hit at the same time.

Second, shareholders have almost no control. Voting power is concentrated in the Long-Term Benefit Trust and the founders, and far exceeds their actual economic stake. Ordinary Class A shareholders mainly buy economic returns and have essentially no say over the board, major decisions, or even a sale of the company. Moreover, Anthropic is a public benefit corporation, so the board must balance shareholder returns against the company's mission, and shareholder interests are not necessarily the top priority.

Personally, I feel that after this IPO, Anthropic will mark a short-term peak for US stocks, and the market will soon undergo sharp pullbacks due to various unexpected news. For example, customers using various APIs more economically, customer churn, and slowing growth could all be factors causing market volatility.

But in the medium to long term, enterprise AI adoption has only just begun, and there is plenty of room for AI's real penetration and for leading companies' revenue and valuation growth. The real AI bubble lies in the hot early-stage companies right now 🤔

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