To fund its expansion, Anthropic has lined up up to $77 billion in additional note facilities from Broadcom ($42 billion), Google ($20 billion) and Amazon ($15 billion), and is expanding its revolving credit facility from $3.3 billion to $15 billion while raising its minimum liquidity requirement from $500 million to $5 billion. The prospectus shows consumption-based usage generated 80% of first-half revenue, or $13.1 billion, compared with $3.2 billion from subscriptions, while sales through Amazon, Google and Microsoft cloud marketplaces accounted for 48% of total revenue, up from 11% in 2023. Customer concentration has eased as the client base grew to more than 11,900 accounts paying at least $100,000 annually, more than 1,900 paying $1 million or more and roughly 250 paying at least $10 million: the top five customers represented 25% of revenue over the first nine months of 2026 with no single customer exceeding 10%, down from two customers making up 54% of sales in 2023.

The filing also details mounting regulatory and legal clashes, including an October civil investigative demand from the Federal Trade Commission into Anthropic’s consumer protection, privacy, safety and security practices, and a $1.5 billion copyright settlement in 2025. Anthropic is seeking a rehearing after the D.C. Circuit voted 2-1 on Sept 25 to uphold a U.S. government “supply-chain risk” designation imposed after the company refused to allow its models to be used for mass domestic surveillance and fully autonomous weapons, reversing an Aug 27 district court ruling that had called the label unconstitutional retaliation. The prospectus, led by underwriters Goldman Sachs, Morgan Stanley and JPMorgan for a targeted debut the week of Nov 16, previously showed first-half revenue rose 1,300% year-over-year to $16.3 billion, free cash flow hit $3.4 billion, and first-half net losses reached $80.7 billion due to $72.4 billion in noncash convertible note charges, while omitting third-quarter financial statements.