Anthropic Files S-1, Shows $3.9 B Cash Flow

Anthropic reported $3.9 billion of free cash flow in the first half of 2026 despite a $5.6 billion compute spend. It also earns more than two dollars of revenue for every dollar of compute, giving a 19% adjusted operating margin. But the S-1 shows compute contracts total at least $602 billion to $627 billion across Microsoft, Amazon, SpaceX, Google and others. Chip deals add another $181 billion - $20 billion with AMD and $161 billion with Broadcom - pushing total commitments toward $808 billion. Revenue surged 1,300% from H1 2025 to H1 2026, a growth rate the filing admits may not be sustainable. The prospectus warns that added compute will be expensed before revenue arrives, so margins could compress. Control sits with a Long-Term Benefit Trust and founders holding 50.1% voting power, leaving regular investors with little say. As the filing puts it, "we expect operating margin may compress in those periods."