Anthropic went from $41 million of revenue in 2023 to $11.6 billion in Q2 2026 alone. In the same quarter, it reached $974 million of GAAP operating profit.
That makes the February 2023 pitch deck look prophetic. But the S-1 also reveals hundreds of billions of dollars in infrastructure arrangements, complex accounting, and a governance structure that gives public investors limited control.
In this newsletter we went through:
All 318 pages of the S-1
The original ten-slide pitch deck
You’ll find both at the end of the newsletter!
High-signal analysis on markets, capital and the companies shaping the next decade
In this issue you’ll find:
The deck’s real bet was trust, not chat
Demand turned into an enterprise machine
“Demand > capacity” became the whole AI economy
The S-1 shows real growth and real operating leverage
Claude’s moat comes with dependencies investors cannot ignore
Great company, unanswered stock: what to watch before buying
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Let’s begin!