Anthropic's draft S-1 filing shows revenue growth, customer concentration, risks: report

A draft of Anthropic's S-1 filing shows that the company behind the Claude artificial intelligence models depends heavily on a small number of customers. The section describing risks has also grown, The Wall Street Journal reported.

The company earned about $16.3 billion in revenue in the first half of 2026. About one-fifth of that money came from just two customers, the newspaper reported, citing the filing. The draft also said that a large share of revenue, which is growing quickly, is expected to keep coming from a small number of customers for the foreseeable future.

Anthropic also said it expects to spend $750 billion to get more computing power. This amount includes deals that the company is still negotiating, the newspaper reported.

Even so, the company's revenue reached $16.3 billion in the first half of 2026, up from $1.1 billion during the same period a year earlier. Revenue for all of 2025 was $4.6 billion, the newspaper reported, citing the filing.

Besides the fact that some details of its finances remain unclear, The Wall Street Journal obtained information about additional risks that Anthropic included in its draft filing.

The company said that harm caused by AI is a major risk. It said some AI models have shown signs of trying to protect themselves from being shut down. Some have also produced responses similar to blackmail in an effort to persuade people to let them keep running, the newspaper reported.

Other risks include harm that could result from a catastrophic AI-related event and growing political opposition to building data centers.

The S-1 filing is still a draft and could change. Anthropic is widely expected to go public sometime this year, possibly as soon as next month, according to recent reports.

Anthropic did not immediately respond to Seeking Alpha's request for comment.