The AI ReceiptsHow much does Anthropic make? $16.3B in six months, per its IPO filing
The AI Receipts, published by Bambana LLC · Data checked Oct 27, 2026 · How we verify
Anthropic made $16.3 billion in the first half of 2026, 3.6x all of 2025, according to its IPO filing (S-1, filed Oct 26, 2026). Q2 alone was $11.6B and its first quarter with an operating profit. It still lost $80.7B in the half, mostly on paper. Company filing, not verified by us
Unlike most of our site, nothing on this page is processor-verified. The revenue, loss, quarter, customer and cash figures come from Anthropic's own SEC registration statement (2023–2025 audited; the 2025 and 2026 half-years and quarters unaudited). Earlier press reports are kept in their own section and labelled. We did not estimate any revenue number; per-day figures and multiples are our math and labelled as such. For businesses whose payment data we can check, see the verified AI revenue leaderboard.
How much revenue does Anthropic make per year?
| Period | Revenue | Operating loss | Net loss |
|---|---|---|---|
| 2023 | $41M | −$551M | −$1.53B |
| 2024 | $386M | −$2.98B | −$8.31B |
| 2025 | $4.59B | −$8.06B | −$41.97B |
| H1 2025 (Jan–Jun) | $1.16B | −$2.14B | −$12.97B |
| H1 2026 (Jan–Jun) | $16.29B | −$693M | −$80.75B |
Source: Anthropic, PBC Form S-1, summary consolidated statements of operations (filed Oct 26, 2026; EDGAR). Our math: H1 2026 revenue is about 14x H1 2025 and about 3.6x all of 2025.
How much revenue does Anthropic make per quarter?
| Quarter | Revenue | Operating income (loss) |
|---|---|---|
| Q1 2025 | $376M | −$935M |
| Q2 2025 | $787M | −$1.20B |
| Q3 2025 | $1.38B | −$3.09B |
| Q4 2025 | $2.04B | −$2.84B |
| Q1 2026 | $4.73B | −$1.67B |
| Q2 2026 | $11.56B | +$974M |
Source: S-1, quarterly results of operations (unaudited). The filing says Q2 2026 revenue grew 1,368% year over year while compute and infrastructure costs grew 300%. Our math: Q2 2026 is about $127M a day. The Q3 2026 (Jul–Sep) figure is left blank in this first version of the filing.
Is Anthropic profitable?
On operations, it just turned the corner. Q2 2026 was its first quarter with an operating profit, $974M, after an operating loss of $1.67B in Q1. For the full first half it lost $693M on operations, against $8.06B for all of 2025. Its own non-GAAP "adjusted operating income" was +$1.62B for the half (that measure leaves out some costs).
The bottom line is very different: a net loss of $80.75B for the half. Most of that, $72.39B, is a non-cash change in the fair value of convertible notes, derivatives and SAFEs, which grows as the company's value rises; another $8.76B is other expense. (Our math: the fair-value line is about 90% of the net loss.)
Where does Anthropic's money go?
Compute is the biggest cost: $8.95B in H1 2026, about 55% of revenue (our math), down from 251% of revenue in Q1 2025 and 48% in Q2 2026 (S-1). Sales, marketing and partnerships rose to $3.17B in the half (from $120M a year earlier) and personnel to $3.15B. It had about 5,300 employees on Sep 30, 2026, and says trailing-12-month revenue per employee was over $6.6M. Cash, cash equivalents and short-term investments were $131.7B on Jun 30, 2026.
Who pays Anthropic?
- More than 11,900 customers paid $100,000+ over the 12 months to Sep 30, 2026 (more than 950 a year earlier). More than 1,900 paid $1M+, and about 250 paid $10M+.
- Net revenue retention of about 900% on Sep 30, 2026 (its definition excludes Claude Pro and Max subscribers).
- Top five customers: about 25% of revenue for the nine months to Sep 30, 2026; no single customer over 10%. Government agencies: about 1%.
- Claude Code is the expansion engine: in Q3 2026, Claude Enterprise users who did not use Claude Code spent under $75 a month on average, while the top 5% of users who did spent about 20 times that.
All from the S-1. Revenue from the $100K+ customers was about $3.5B in 2025 (76% of revenue); the 2026 share is blank in this version.
What was reported before the filing?
These figures came from Anthropic's announcements and press reports of its investor meetings. The S-1 does not confirm them yet: its Q3 2026 revenue and Oct 31, 2026 run rate are both blank. Reported, not verified
| When | Reported figure | Source |
|---|---|---|
| End of 2025 | About $9B run rate | Anthropic, Apr 6, 2026 |
| Feb 2026 | $14B run rate; 500+ business customers each spending $1M+ a year; valued at $380B | Anthropic Series G, Feb 12, 2026 |
| Apr 2026 | Over $30B run rate; 1,000+ customers spending $1M+ a year | Anthropic, Apr 6, 2026 |
| May 2026 | Over $47B run rate; valued at $965B | Anthropic Series H, May 28, 2026 |
| End of Jul 2026 | Over $65B run rate | Reuters (one source; Bloomberg first), Aug 17, 2026 |
| Oct 2026 | $67B run rate, shared at its pre-IPO investor meeting | Aswath Damodaran, Oct 22, 2026 |
| Q3 2026 | $16.8B revenue (people at its Oct 14 investor day) | CNBC / Reuters, Oct 14–15, 2026 |
The filing backs up what was reported for the first half: press said $4.7B for Q1 and $11.6B for Q2, and the S-1 shows $4.73B and $11.56B. The S-1 defines run rate as the last 28 days of usage fees times 13, plus monthly subscriptions times 12. As Damodaran (Oct 22, 2026) noted, Anthropic books Claude sold through cloud partners at full price (gross), while OpenAI reports net, so their figures aren't directly comparable.
How much does Claude cost?
From claude.com/pricing, read Oct 24, 2026: Free; Pro $20 a month ($17 a month billed annually); Max $100 or $200 a month (5x or 20x Pro's usage). Teams and enterprises buy seats, and developers pay per use through the API.
What does Anthropic's growth mean if you want to make money with AI?
Its money comes overwhelmingly from businesses paying to get work done: writing code, answering customers, running agents. In our read, the same pattern shows up at small scale: people paying for AI that does a job. These small AI businesses have verified revenue in our data (we don't know which AI models each one uses):
| Business | Revenue |
|---|---|
| TypingMind A chat front-end for LLMs that became a solo founder's path to financial independence. | ~$130–160k / month founder newsletter, Oct 2025 |
| AEO Engine An AI-search SEO agency that gets clients cited by ChatGPT and AI Overviews. | $165,000 MRR TrustMRR, Oct 22 2026 |
| Laper AI screenwriting software for professional writers, "without the AI aftertaste". | $48,500 MRR TrustMRR, Oct 28 2026 |
| SEObot An AI agent that runs blog SEO end to end for busy founders. | $34,900 MRR TrustMRR, Oct 21 2026 |
More: how to make money with AI, how to automate your business with AI, how to build a business with AI and how much TypingMind makes (a solo-founder app built on top of AI models).
More AI revenue breakdowns
Other big AI companies (reported figures): how much Cursor makes, Lovable, Replit, Perplexity, ElevenLabs, Cognition and Higgsfield. Its closest rival: how much OpenAI makes. All of them side by side: how much do AI companies make?
Compare every AI company we cover: how much do AI companies make? (verified and reported revenue, side by side).
FAQ
How much does Anthropic make?
Anthropic made $16.29 billion in revenue in the first half of 2026 (January to June), up from $1.16 billion in the first half of 2025, according to its IPO filing (Form S-1, filed with the SEC on Oct 26, 2026). That is about 3.6x its revenue for all of 2025 ($4.59 billion) and about 14x the same half a year earlier (our math). Q2 2026 alone was $11.56 billion.
Is Anthropic profitable?
Not overall. The S-1 shows a net loss of $80.75 billion for the first half of 2026, but $72.39 billion of that is a non-cash change in the fair value of convertible notes, derivatives and SAFEs. On an operating basis it lost $693 million in the half, and Q2 2026 was its first quarter with an operating profit: $974 million. Its own non-GAAP adjusted operating income was $1.62 billion for the half.
How much did Anthropic make in 2025?
$4.585 billion, up from $386 million in 2024 and $41 million in 2023 (audited figures in the S-1). It lost $8.06 billion on an operating basis in 2025, including a $1.5 billion settlement in the Bartz copyright case.
How much did Anthropic make in Q3 2026?
The S-1 leaves that number blank for now. Before the filing, people at its Oct 14, 2026 investor day told Reuters and CNBC it was $16.8 billion. Treat that as reported until an amended filing fills it in.
What is Anthropic's run rate?
The S-1 defines Run-Rate Revenue as the last 28 days of usage fees times 13, plus monthly subscription fees times 12, but the Oct 31, 2026 figure is still blank. Before the filing it reportedly told investors about $67 billion (Aswath Damodaran, Oct 22, 2026).
How many big customers does Anthropic have?
More than 11,900 customers paid it $100,000 or more over the 12 months to Sep 30, 2026, up from more than 950 a year earlier. More than 1,900 paid $1 million or more, and about 250 paid $10 million or more. Its top five customers made up about 25% of revenue in the first nine months of 2026; none was over 10% (S-1).
When is the Anthropic IPO?
It filed its S-1 on Oct 26, 2026 to list Class A shares on the Nasdaq Global Select Market under the ticker ANT. The price range and number of shares are still blank in the filing, so there is no confirmed pricing date yet.
How much does Claude cost?
Per claude.com/pricing (read Oct 24, 2026): Free, Pro at $20 a month ($17 a month billed annually), and Max from $100 a month (5x Pro usage) or $200 a month (20x). Businesses and developers also pay per use through the API.
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