Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
Anthropic publicly filed its S-1 on Oct 26, 2026, for a Nasdaq listing under “ANT,” led by Goldman Sachs and Morgan Stanley with 22 other underwriters. Reuters reports a roadshow as early as the week of Nov 9 and first trade before Thanksgiving (Nov 26). I have assembled this document as a briefing book from a number of sources, including the company’s S-1 filing. Anthropic’s Claude was used to collect and analyze data. The conclusions are my own.
Key Data Points
In the first half of 2026, revenue was $16.3 billion, representing year over year growth in excess of 1,300 percent. Second quarter revenue reached $11.6 billion with $974 million of GAAP operating income and a nineteen percent adjusted operating margin. First half operating cash flow was $3.9 billion. Anthropic is sitting on $131.7 billion of cash and short-term investments at the end of the second quarter.
The firm has more than 11,900 customers with more than $100,000 of trailing revenues, up from roughly 950 last year. It disclosed compute commitments of approximately $657 billion across eight counterparties, and an estimated $125–150 billion of additional TPU capacity for 2028 to 2031.
Our take. The business is exceptional. But its growth rate has started to slow, with comparable quarter revenue growth declining to approximately 45% from 144% for the second quarter. Margins are expected to remain negative in 2027.
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