To The Moon

$Anthropic(ANT)$ ’s S-1 Is Here!

It’s all hands on deck.

I had something else prepared for this morning, but when the biggest IPO filing we’ve ever seen hit, it’s time to call an audible.

We got official numbers from Anthropic, the fastest-growing company at scale that I’ve ever seen, and a potential $2 trillion IPO within the next month. It’s impressive. It’s scary. And it’s holding up the market.

I’ll get to the Anthropic S-1 and what I took from it in a moment.

Anthropic’s S-1

If you’ve never seen an S-1, the financial filing a company makes before going public, this is an interesting one. Find the S-1 here.

Anthropic is not only a well-known company, but it’s also arguably the most important in the AI buildout. The company has ~$500 billion in obligations to some of the most valuable companies in the world. It’s a huge source of demand for chip and semiconductor fab companies. And it says itself the company could be an “existential risk to humanity.”

Here are the biggest takeaways for me.

First off, the revenue ramp for Anthropic is insane. The company’s Claude Code product was adopted so quickly early in 2026 that the company nearly 6x’d revenue in two quarters.

Now, it’s interesting that the company filed now and not a few weeks from now, when it may have needed to provide Q3 results. We’ll see if we get some more information between now and the IPO, but from the highlighted section above, we can infer a Q/Q growth rate of ~45%, as reported, in Q3. That’s down sharply from a 146% growth rate Q/Q in Q2.

The market doesn’t like slowing growth…but let’s be honest. 45% Q/Q growth is insane!

The obligations for Anthropic’s future spending are also a little crazy. Here are the big highlights from deals with $Microsoft(MSFT)$ $Alphabet(GOOG)$ $Amazon.com(AMZN)$ $SpaceX(SPCX)$

What we didn’t get is when those bills are due. This table 👇 needs to be filled out!

Future obligations are what will make or break Anthropic. If revenue grows faster than costs, great!

If costs go up faster than revenue, we have a problem!

And you can see above, the deals with Microsoft, Google, and Amazon are minimum obligations. Only SpaceX’s is cancellable.

I also thought it was interesting that partnerships, essentially distributors like Cursor, cost about $3 billion. Might be a great business for Microsoft, Google, and SpaceX!

And look at the operating improvement above. Depending on how you measure it, the company is at or above operating income positive and is generating operating cash flow.

Which leads me to this question: Why IPO now?

Anthropic had $130+ billion in cash and equivalents at the end of June. And it made an operating profit in Q3, if reports are correct. The company doesn’t need cash!

I’m not saying this is a bad thing. Just pointing out that someone is selling if you’re buying.

And we still don’t know the details of those future sales. Another blank table…

There’s a little something for everyone here.

I want to see the full filing, including the timing of obligations and the revenue and margin changes in Q3. But at the very least, one of the most anticipated IPOs ever is getting close, and it’s going to have a big impact on the market one way or another.