Anthropic S-1 highlights revenue surge but leaves scaling and margin questions open
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Anthropic’s S-1 showed first-half 2026 revenue of $16.29 billion and cost of revenue of $2.38 billion, implying an 85% gross margin, up from $1.16 billion in the first half of 2025. CEO Dario Amodei and six co-founders each hold over 200 million shares. Revenue growth slowed to about 47% in the third quarter after roughly 144% in the second, with analysts citing unclear compute costs per dollar as demand rises.
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