Reading Anthropic's S-1

Tilo Mitra's chart-based reading of Anthropic's S-1, filed October 26, reports first-half 2026 revenue of $16.3B and a first operating profit of $974M in Q2, on quarterly revenue that rose from $376M to $11.6B in five quarters. The $80.7B net loss is mostly a non-cash $72.4B remeasurement. The risk is about $637B in compute commitments, $265.6B of it a must-pay minimum, against mostly usage-based revenue. Nearly half of revenue comes through cloud marketplaces. The figures come from the filing as relayed by the author, and none could be independently checked.