Research|ANT: S-1 Review and First-Cut EPS Model

Anthropic filed its S-1 publicly today. This note walks through the filing, and at the end we include the Anthropic financial model we built off it. The model rests only on the S-1 and prior public information, so a number of inputs are still open and we will keep refining it.

What we focused on:

• Revenue and margins: 2Q26 revenue of $11.6bn at a 19% non-GAAP operating margin; 11% for the first nine months
• How and when ~$800bn of compute commitments flow into costs
• Whether the cash covers it: ~$132bn on the balance sheet; with IPO proceeds, the model trough is ~$150bn
• Demand and customer mix: NRR of ~900%; top five customers ~25% of revenue