Anthropic filed its S-1 on October 26, 2026. We read the 421 pages the way we read any corporate narrative: the claim first, then the number that has to be true for the claim to hold. The twenty charts below are the result, grouped by the dimensions we test a narrative against: growth, operating leverage, profitability, reinvestment, products, customers, market, risk and governance. Every figure comes from the filing itself, and every chart carries one finding. Swipe through the deck, or page with the arrows.

Cover: The story Anthropic’s S-1 is telling in 20 charts. Reading Anthropic’s registration statement by the numbers.

Quarterly revenue grew 30× in six quarters: $376M in Q1 2025 to $11.6B in Q2 2026.

International sales stuck at 28% of revenue: 17% in 2023, 32% in 2024, 27% in 2025, 28% in H1 2026.

Sales spend grew 89× while revenue grew 30×: sales, marketing and partnerships expense from $24M to $2.1B a quarter; revenue from $376M to $11.6B.

Revenue overtook the compute bill in Q1 2026: revenue $4.7B against compute expense $3.4B; compute fell from 251% of revenue to 48%.

Revenue grew 1,200% on 170% more people: trailing-12-month revenue per employee rose from $1.4M in September 2025 to $6.6M in September 2026.

Operating margin climbed 257 points to the first profit: from −249% in Q1 2025 to +8% in Q2 2026.

Stock compensation is the whole gap between a 10% adjusted margin and a −4% GAAP margin: −$693M GAAP operating loss plus $2.2B of stock-based compensation and $126M of non-cash donations equals $1.6B adjusted operating income, H1 2026.

A compute dollar now returns $2.08 of revenue, up from $0.40: in-period revenue divided by compute expense, Q1 2025 to Q2 2026.

Rented compute cost 19× what owned equipment did: $8.9B of compute and infrastructure expense against $482M of property and equipment purchases, H1 2026.

Anthropic has $132B in cash and $77B more on call: $131.7B of cash and short-term investments at June 30, 2026, plus $42B Broadcom, $20B Google and $15B Amazon note facilities.

80% of revenue is metered, not subscribed: consumption-based revenue was 75% of the total in 2024, 83% in 2025 and 80% in H1 2026.

Enterprise users on Claude Code spend 20× more: about $1,500 a month for the top 5% of Claude Enterprise users on Claude Code against under $75 for users without it, Q3 2026.

Six-figure customers grew 600× in under three years: about 20 in December 2023, 200 in December 2024, 1,500 in December 2025 and more than 11,900 in September 2026.

Existing customers spend 9× what they spent a year ago: Net Revenue Retention of about 900% as of September 30, 2026, a company-defined metric that excludes Pro and Max subscribers.

Half the Fortune 500 spends under 0.1% on Claude: the average Fortune 500 customer spends less than 0.1% of total expenses on Claude; the top ten spend less than 1%.

$974M of operating profit became a $66B net loss: operating income $974M, interest income $762M, fair-value change on convertible notes and SAFEs −$59.6B, other expense −$8.4B, net loss −$66.3B, Q2 2026.

The largest customer fell from 43% of revenue to 11%: 2023 against H1 2026.

One copyright settlement cost a third of 2025 revenue: the $1.5B Bartz class-action settlement against $4.6B of 2025 revenue.

The preferred share price rose 229× from Series A to Series H: $2.57 to $589.01 per share.

Seven founders’ one share carries 50.1% of the vote: Class F common stock holds 50.1% of voting power; all other voting stockholders hold 49.9%.

The Numbers Tell a Story. Actual Agency operates at the intersection of narrative and numbers. actualagency.ai

The same deck is available as a PDF for download.