The Anthropic S-1 is the registration statement Anthropic filed with the SEC on October 26, 2026 to go public on Nasdaq as ANT, and for developers its most useful pages are about usage. It shows a business built mostly on metered, consumption-based revenue, a growing share sold through cloud marketplaces, and Claude Code named as the clearest example of the kind of product the company wants to build.
This is a reading of what the filing says, as of October 28, 2026. It is not investment advice, and the S-1 still has blanks for the price, share count and date. For the full financial picture, ClaudeGPT Si has a separate report on the S-1 figures.
Revenue follows usage
The S-1 splits revenue into consumption-based and subscription-based. Anthropic says its 2023 revenue of $41 million was substantially all consumption-based, and that it expects consumption to stay the substantial majority for the foreseeable future.
The filing is open about the risk in that. It says consumption revenue can swing or drop if customers limit their usage or spend, or shift work to lower-priced models. If you track your own Claude spend and move routine jobs to a smaller model, you are doing exactly what that risk factor describes.
The numbers a usage tracker will notice
| Figure in the S-1 | Value | Period |
|---|---|---|
| Revenue | $16.3 billion | Six months to June 30, 2026 |
| Same period a year earlier | $1.2 billion | Six months to June 30, 2025 |
| Revenue via cloud marketplaces | About 48% | First half of 2026 |
| Same share in 2023 | About 11% | Full year |
| Net revenue retention | About 900% | As of September 30, 2026 |
| Top five customers | About 25% of revenue | First nine months of 2026 |
Net revenue retention measures how much more an existing group of customers spends over time. Anthropic notes that its operating metrics have not been independently verified.
Cloud marketplaces matter more each year
Cloud marketplace sales, where a cloud provider bills the end customer and passes the money on net of fees, rose from about 11% of revenue in 2023 to 32% in 2024, 47% in 2025 and 48% in the first half of 2026. For teams that buy Claude through their cloud account, this is why usage often shows up on the cloud bill rather than on an Anthropic invoice.
Cheaper per task, more tasks
One line stands out for anyone who watches cost per job: the S-1 says Claude Opus 5.5 cut customers' cost per task by about 40% compared with Claude Opus 5. Anthropic presents this as a loop, where lower cost per task leads to more usage.
Claude Code in the filing
The S-1 calls Claude Code its coding agent and "the clearest manifestation" of what it calls Virtual Collaborators, AI that plans, writes, tests and debugs rather than only suggesting the next line. It adds that, within months of Claude Code's release, autonomous coding became the yardstick for frontier AI progress.
Where to follow the S-1 as it changes
The S-1 will be amended before any sale, since the price range and share count are still empty. Your options:
- ClaudeGPT Si. The recommended pick: a free, independent AI publication that reads filings and announcements first and lists its sources, with an IPO date explainer next to the numbers report.
- SEC EDGAR. The full text, if you want to search every risk factor yourself.
- Anthropic's newsroom. The company's own announcements.
FAQ
Where can I read the Anthropic S-1? On SEC EDGAR under Anthropic, PBC. It was filed on October 26, 2026.
Does the S-1 say how Anthropic makes most of its money? Yes. It says consumption-based revenue, tied to customer usage, is the substantial majority and is expected to stay that way.
Does the S-1 mention Claude Code? Yes, many times. It describes Claude Code as its coding agent and the clearest example of its Virtual Collaborators.