Anthropic earned $16.3B in the first half of 2026, according to its S-1 filing, about 80% from usage fees and 20% from subscriptions. That is roughly 14 times the $1.2B it earned a year earlier, and it is the first question behind its IPO valuation.
Our Anthropic S-1 decoded guide covers the full filing. This breakdown focuses on how Anthropic earns: what enterprise and individual customers pay for, how revenue flows to Anthropic, and what risks could alter the trajectory.
Where does Anthropic’s revenue come from?
Anthropic sells access to its Claude AI models, and most customers pay for what they use. The S-1 filing defines run-rate revenue as trailing 28-day consumption fees multiplied by 13, plus monthly recurring subscription fees multiplied by 12. That formula highlights the company’s two revenue streams:
| Stream | How it works | Who pays | Share of H1 2026 revenue |
| Usage (consumption) fees | Billed on tokens processed through the API and cloud platforms | Developers, companies and apps built on Claude | About 80% |
| Subscriptions | Fixed monthly fee for Claude plans | Individuals and teams | About 20% |
In 2025, the split was about $3.8B from usage and $0.8B from subscriptions.
The three ways customers buy Claude
Anthropic distributes its models across three distinct commercial channels:
- Direct API and Claude Platform: Software developers and enterprise engineering teams connect directly to Anthropic’s API and pay per token processed
- Cloud Marketplaces: According to the S-1, Claude is distributed natively through Amazon Web Services (AWS Bedrock), Google Cloud (Vertex AI), and Microsoft Azure. Enterprise clients sign direct commercial agreements with Anthropic while using their existing cloud commit budgets, and Anthropic pays each cloud provider a distribution fee. Secondary analysis by Kepler estimates that cloud marketplaces accounted for roughly 48% of first-half 2026 revenue.
- Paid Subscription Plans: Individual users and corporate teams purchase fixed monthly plans (such as Claude Pro, Team, and Enterprise tiers), generating predictable recurring subscription revenue.
This channel mix carries major financial implications: consumption revenue scales rapidly when companies deploy autonomous workflows, whereas subscription revenue depends on seat growth and annual renewal rates.
Claude Code and agent workloads
Claude Code, the coding product, is a large driver of usage. Anthropic and research firm Sacra reported its run-rate revenue above $2.5B in February 2026. That is a reported figure from before the filing, and the S-1 should be read for the latest split.
Coding agents run long tasks that consume many tokens, which is why usage billing grows faster than seat counts. The S-1 also credits the Opus 5.5 model with cutting customer cost per task by about 40%, so cheaper tasks can raise volume even as the price per task falls.
Who pays Anthropic, and how concentrated is it?
As of September 30, 2026, the S-1 reports more than 11,900 customers spending $100K or more over the trailing 12 months, more than 1,900 spending $1M or more and about 250 spending $10M or more. Net revenue retention was about 900%, meaning existing customers spend roughly nine times what they did a year earlier. That measure excludes consumer subscriptions.
Concentration is the counterweight. Yahoo Finance’s reading of the filing, used in our S-1 guide, is that about 25% of nine-month revenue came from five customers, with none above 10%. Customers can also leave without long-term contracts, according to Fortune’s reading of the filing.
Is India a big market for Claude?
India has rapidly become one of Anthropic’s largest international user bases. The company inaugurated its Bengaluru engineering and operations office on February 16, 2026, to support local enterprise and developer adoption.
According to Anthropic’s India country brief (as reported by NewsBytes):
- Global Ranking: India represents the second-largest global market for Claude.ai after the United States, accounting for roughly 5.8% of worldwide usage.
- Revenue Velocity: Run-rate revenue in India doubled within four months following October 2025.
- Developer Focus: Nearly half of all Indian platform usage (45.2%) is concentrated in software engineering and coding tasks.
Anthropic also now prices Claude plans in rupees in India: Claude Pro is ₹2,000 a month billed annually, Max starts at ₹11,999 a month and Team starts at ₹2,399 per user a month, per YourStory.
Growth and Compute Cost
Revenue grew 1,368% year over year in the June quarter, while compute expense grew 300%, per the S-1. Compute and infrastructure cost was $8.9B in the first half of 2026, or about 55% of revenue, compared with about 201% in the first half of 2025. Morningstar’s reading is that about $2.4B of that $8.9B was revenue-generating, with the rest going to training and capacity. The bill ahead is larger. The amended S-1 shows about $895B of compute and infrastructure commitments.
Does Anthropic make money?
Anthropic makes a lot of revenue but is not yet profitable on a GAAP basis. The S-1 shows an operating loss of $693M for the first half of 2026 and a net loss of $80.7B, of which $72.4B is a non-cash change in fair value. On the company’s adjusted (non-GAAP) basis, H1 2026 operating income was about $1.6B, per the S-1.
By quarter, press analysis of the S-1 shows a loss in Q1 and an operating profit in Q2. Bloomberg reported Q3 revenue of about $17B, and Yahoo Finance reported a Q3 operating loss of $567M.
What the IPO price assumes
The IPO range of $70 to $78 per share implies a value of about $1T on shares outstanding, per Reuters, and up to about $1.4T fully diluted, per Bloomberg. That is 28x to 40x trailing revenue of about $35.3B, as reported by TradingKey. Those multiples are CoinDCX calculations, not forecasts. They show how much further growth the price already assumes.
Trade Anthropic with Pre-IPO Futures on CoinDCX
Indian traders can access Anthropic’s price movements prior to its public exchange listing through CoinDCX Pre-IPO Futures.
A Pre-IPO contract is a cash-settled derivative (futures) contract that tracks the expected share price of a private company ahead of its public stock market debut. You trade price movements directly in INR rather than purchasing underlying shares. Holding a Pre-IPO futures contract does not grant physical equity ownership, shareholder voting rights, or an IPO share allotment.
For Indian traders, Anthropic Pre-IPO Futures are live exclusively on CoinDCX with entry starting from ₹100 in INR:
- Open the CoinDCX App: Launch the application on your mobile device and complete your mandatory KYC verification.
- Navigate to Global Futures: Go to the Global Futures section and search for “Anthropic Pre-IPO”.
- Fund Your Wallet: Add Indian rupees (INR) directly to your futures margin wallet with zero currency conversion steps.
- Execute Your Trade: Select your position direction (Long or Short), choose your preferred position size and leverage (if applicable), and place your order.
Leverage amplifies both profit and loss, and Pre-IPO prices can move sharply on listing news. Check the contract terms in the app, including what happens at listing, before you trade.
Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. For any queries, visit support.coindcx.com. Futures are derivative contracts, not shares, and leverage amplifies both profit and loss. The information provided here is for general informational purposes only and does not constitute investment advice. Please do your own research before making any investment decisions.
