Anthropic's Leaked S-1: $11.5B Quarterly Revenue, $518B in Compute Commitments -- and a Supplier That Is Also Its Lender

A draft of Anthropic's IPO prospectus (S-1) surfaced via Reuters on September 28, 2026. It had been shared with select partners and was described in reports as a draft not yet publicly filed with the SEC. On October 1, Reuters reported a further detail from the filing: Broadcom has agreed to lend Anthropic up to $42 billion to finance its infrastructure.

The reported figures:

• Revenue: about $4.6 billion in 2025, up roughly twelvefold from about $400 million in 2024. Q2 2026 revenue was $11.5 billion, against $4.73 billion in Q1. Fortune reports the company was profitable on an operating basis for a second consecutive quarter.
• Losses: the 2025 operating loss was $8.06 billion. The net loss was about $42 billion. The Decoder attributes roughly $34 billion of that to non-cash accounting charges reflecting the higher estimated value of financing that could convert into stock, not to cash spending. Compute and infrastructure costs were $7.33 billion in 2025.
• Commitments: about $518 billion in planned cloud, compute and infrastructure spending. Yahoo Finance's reading of the filing names counterparties including Broadcom, Google, Amazon and Microsoft, and says about 80% is binding and non-cancelable.
• Concentration: two customers made up nearly a quarter of 2025 revenue. Backers are reportedly targeting a valuation above $2 trillion, with a listing expected after the US midterm elections.

The Broadcom facility is a separate $42 billion from the net loss; the figures are coincidentally equal. According to Reuters, as reported by The Next Web, Anthropic would issue convertible notes that could turn into equity. The money could finance about a third of a $125.2 billion, five-year lease of TPU capacity, the tensor processing units Google designs with Broadcom. Broadcom may bring in a financing partner, and Anthropic does not expect notes to be sold before its IPO. The prospectus itself warns that Broadcom's role as both "hardware supplier and a financing partner" creates "potential conflicts of interest." It also warns that certain payment or performance defaults could make a large share of lease obligations immediately payable while limiting access to the facility.

Why it matters: this is the first detailed look at the economics of a frontier lab, and it shows two things at once. Revenue is growing faster than almost any software business on record, and the compute bill is committed years ahead of it. The Broadcom structure is the latest example of vendor financing in AI, where the chip supplier lends the money its customer uses to rent its chips. That keeps capacity flowing, but it ties a lab's access to compute to the health of a single supplier relationship. Caveats: this is a leaked draft; figures can change before a public filing, and several numbers above come from secondary reporting rather than the document itself. Watch for the public EDGAR filing, whether the operating-profit claim holds in audited form, and whether other labs adopt convertible chip-for-equity financing.