What Anthropic’s S-1 Says About Compute Spending

Anthropic reported $8.945 billion in compute and infrastructure expense for the six months ended June 30, 2026. Its $2.380 billion cost of revenue is a separate accounting category, made up substantially of compute costs for serving customers, plus certain personnel costs and allocated overhead. The two figures describe different slices of the business, not a disclosed workload-by-workload split.

Anthropic filed its preliminary S-1 on October 26, 2026, for a proposed share offering. NeoTeo previously covered the proposed offering and filing. The filing’s financial statements and expense definitions are available in the SEC registration statement.

What Anthropic reported for compute spending

The S-1 reports that compute and infrastructure expense rose between the first halves of 2025 and 2026. Revenue and cost of revenue also increased over those same six-month periods.

Anthropic manages computing capacity as a shared pool, directing it among research, model development, customer service and internal use of Claude. The S-1 does not give a precise dollar allocation for each workload. That matters because the total compute line covers more than the systems serving paying customers.

What the customer-serving estimate measures

Cost of revenue is a functional expense category, not a direct tally of customer-serving compute alone. Anthropic says substantially all of the $2.380 billion reported for the first half of 2026 consisted of compute and infrastructure associated with customer-serving workloads; the category also includes certain personnel costs and allocated overhead. Research and development expense was $9.741 billion for the same period, but that figure also includes personnel, software and overhead alongside compute for research, model development and internal use.

Tom’s Hardware estimated that customer-serving costs represented at most 27% of first-half 2026 compute. It also estimated that at least $5.93 billion went to training, research and internal use, based on its calculation of the reported totals and an estimate for free Claude access. These are outside estimates, not workload percentages or amounts reported by Anthropic. The S-1’s shared-pool description does not assign the remaining compute to a single purpose.

Why published compute-agreement totals differ

Tomasz Tunguz calculated a $637 billion total across seven named agreements. Tom’s Hardware estimated approximately $782 billion to $807 billion by adding an estimated $125 billion to $150 billion in additional TPU capacity and using $20 billion as a reference amount for AMD capacity. The AMD agreement has no fixed dollar commitment and could exceed $20 billion if Anthropic takes the full initial capacity.

The totals use different scopes and combine agreements with different terms, including minimums, caps and conditional capacity. Anthropic’s S-1 leaves the aggregate committed-spend field blank, so neither calculation is an overall total stated by the company.

What the S-1 says about customer concentration

For the nine months ended September 30, 2026, Anthropic reported that its five largest customers together represented approximately 25% of revenue, while no single customer exceeded 10%. The S-1 does not name those customers.