Anthropic filed a registration statement on Form S-1 with the SEC on October 26. The Class A shares are meant to trade on the Nasdaq Global Select Market under the ticker “ANT.” How many shares will be offered, and in what price range, has not been set yet, the company says. Goldman Sachs and Morgan Stanley are issuing the preliminary prospectus.
The company had already filed confidentially back in June. The document only became public on Monday, which puts Anthropic ahead of OpenAI in the queue.
The half-year numbers were known, the lease commitments are not
Revenue of $16.3 billion and a net loss of $80.7 billion for the first half were already in a draft version, which I wrote about on October 21. Most of that loss comes from revaluing convertible notes.
The compute commitments, though, are considerably larger than they looked then. The public prospectus lists roughly $3.1 billion a month to SpaceX for Nvidia GPUs once the planned capacity is delivered, up to $120.5 billion in total by 2029. On top of that: $44.9 billion with Microsoft through 2033, at least $114.5 billion with Google through 2033, and $110 billion with Amazon over the next ten years.
11,900 customers at $100,000 a year or more
As of September 30, Anthropic counted more than 11,900 customers spending at least $100,000 annually, more than 1,900 above a million, and about 250 above ten million. Net revenue retention was around 900 percent at the end of the third quarter.
How those numbers come about is more interesting than their size. More than half of the customers above $100,000 now use both the Claude Platform and a first-party app such as Claude Code or Cowork; at the end of last year that share was about 30 percent. And among Claude Enterprise customers, the top five percent who use Claude Code spent roughly twenty times as much per month in the third quarter as the average enterprise user without the tool.
With the hyperscalers, the prospectus says Anthropic holds the direct contract with the customer and pays AWS, Google Cloud and Microsoft Azure a fee. That avoids channel conflict and keeps pricing in its own hands. There is also a joint venture with Blackstone and other private equity firms, “Ode with Anthropic,” that places engineers directly inside customer organizations.
The prospectus sells the lock-in, not the model
The founders write that they believe AI is “one of the most consequential technologies in human history.” That part is expected. The other part is drier: an S-1 has to explain why revenue comes back, and Anthropic explains it through entanglement rather than model quality. A business that starts with the API gets Claude Code for its engineers and Cowork for everyone else. That path is the bet investors are now asked to price — and the $120.5 billion for SpaceX capacity is the invoice sitting next to it.