Anthropic's S-1 reveals huge compute commitments, heavy customer usage of Claude

On October 26, 2026, Anthropic filed an S-1 registration statement with the U.S. Securities and Exchange Commission and submitted an IPO application on the Nasdaq under the symbol ANT. The number of Class A shares to be offered and the price range had not yet been determined. According to a Wall Street Journal-affiliated report, the filing showed a net loss of $80.7 billion for the first half of the year, and the company cautioned that it may not achieve profitability in the future. On the same day, Broadcom arranged a $63 billion deal with Bank of America, Blackstone, Citigroup and Morgan Stanley to finance chip purchases for Anthropic through a newly created special purpose vehicle.

The deal structure disclosed by the Chinese financial outlet shows the financing will fund the purchase of Broadcom XPU AI accelerators and networking equipment, which will then be leased to Anthropic. Chip deliveries are expected to begin in 2027. Bank of America, Citigroup and Morgan Stanley arranged the senior financing tranche, while Blackstone acts as the sole committed party for the second-priority tranche. Broadcom is providing residual value support to the special purpose vehicle. Broadcom shares closed 2.33% higher on Monday.

The prospectus also disclosed large compute and infrastructure agreements with several technology companies, with commitments extending to 2036. Anthropic committed to spend at least approximately $114.5 billion with Google from April 2026 to July 2033, at least $110 billion with Amazon from May 2026 to April 2036, and at least $44.9 billion with Microsoft from November 2026 to May 2033. These commitments generally cannot be cancelled merely because actual usage declines, except in specified breach scenarios.

On the customer side, as of September 30, Anthropic had more than 11,900 customers spending at least $10 per year, over 1,900 spending at least $100 per year, and roughly 250 spending $10 million or more annually. Among customers spending $100,000 or more per year, more than half use both the Claude platform and first-party applications such as Claude Code and Cowork, up from about 30% at the end of last year. The company reported a net revenue retention rate of approximately 900% at the end of the third quarter, and said enterprise customers in the top 5% by spending who use Claude Code spend roughly 20 times more per month than those who do not. The matter now stands at the prospectus disclosure stage, with pricing and listing timing yet to be set.