Anthropic filed its S-1 registration statement on October 26, revealing a shift to operating profit in the second quarter and a substantial burden of approximately $430 billion in non-cancelable computing contracts.
On October 27, a detailed analysis of Anthropic's filing showed that its revenue for the first half of the year reached $16.286 billion, a 14-fold increase from $1.163 billion in the same period last year, and 3.5 times last year's total revenue of $4.585 billion. Despite rapid revenue growth, analysts suggest that the growth rate has begun to slow. Quarterly revenues were $4.7 billion in the first quarter, $11.6 billion in the second quarter, and $16.8 billion in the third quarter, with the growth rate for the third quarter at about 45%, down from approximately 147% in the second quarter.
The company's cost structure has improved, with computing and infrastructure costs dropping from 160% of revenue in 2025 to 55% in the first half of this year. The second-quarter operating profit was $974 million, a turnaround from a $1.7 billion loss in the first quarter. Of the total net loss of $80.7 billion in the first half, $72.4 billion was attributed to accounting losses from convertible bonds and other valuation changes. The operating loss stood at $693 million, while the adjusted operating profit, as defined by the company, was $1.618 billion, reflecting a 10% operating margin.
However, the company faces a challenge as its required expenditures exceed its available cash. As of June 30, Anthropic had $131.7 billion in cash and short-term investments. In contrast, its non-cancelable computing contracts, as aggregated by Yahoo Finance, include $161.2 billion from Broadcom, $114.5 billion from Google, $110 billion from Amazon, and $44.9 billion from Microsoft, totaling approximately $430 billion. Including contracts with SpaceX AI and Enscale & Lambda, the total rises to about $637 billion. Dividing the $430 billion evenly results in an annual average of about $66 billion, comparable to the projected third-quarter revenue of $67.2 billion.
Anthropic has a broad customer base. As of September 30, there were 11,900 customers with annual revenues exceeding $100,000, 1,900 with revenues over $1 million, and about 250 with revenues exceeding $10 million. The revenue retention rate for existing customers compared to a year ago is approximately 900%. However, sales channels are concentrated among a few companies.
According to the draft, the sales share through Amazon and Google is expected to rise from 11% in 2023 to 32% in 2024 and 47% (approximately $21.6 billion) in 2025. Additionally, 60% of the $909 million in receivables expected by the end of 2025 will be collected by these two companies. Two anonymous customers contributed 12% each to last year's revenue. Sales, marketing, and partnership expenses for the first half of the year totaled $3.168 billion, a 26-fold increase from $120 million the previous year.
The planned IPO is expected to approach a record size of nearly $100 billion. Earlier, SpaceX raised $75 billion in June, collecting $85.7 billion.
Based on a projected valuation of $2 trillion, the $100 billion IPO would represent 6.7% of the equity. This is a larger proportion than SpaceX's 4.3%, which was around $175 billion. The valuation of $2 trillion is approximately 30 times the projected annualized revenue of $67.2 billion for the third quarter.
In South Korea, SK Telecom invested $100 million in Anthropic in 2023, and the book value of its stake increased from 1.3762 trillion won six months ago to 3.505 trillion won in the first half of this year.
* This article has been translated by AI.
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