Anthropic filed its S-1 prospectus on October 27, 2026, reporting $16.3 billion in first-half revenue, a 14-fold jump, against an $80.7 billion net loss and a $693 million operating loss. The filing also shows $11.6 billion in second-quarter revenue, an operating profit above $900 million, net revenue retention near 900%, and customers paying $100,000 a year rising from 950 to about 11,900. Long-term compute, lease and fixed commitments total $587 billion, plus $245 billion from new and amended agreements. The discussion now turns on the loss figures, which accounts put at $80 billion or $81 billion, on what the filing leaves out, and on a reported target to go public the week of November 16.