Anthropic’s Draft IPO Filing Shows Red-Hot Growth and Big Risks

Anthropic's revenue is exploding but it owes over $600B in non-cancelable compute contracts while customers face no lock-in commitments.

• Revenue surge: Anthropic's revenue hit $16.3B in H1 2026 after $4.6B for all of 2025, driven by enterprise, coding AI, and the Claude chatbot.
• Compute spend mismatch: Compute costs rose from $7.3B (2025) to $9B (H1 2026), but customers face no long-term spending lock-ins while Anthropic is bound to its own compute contracts.

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