Anthropic S-1 analysis: Big Tech circular deals and $518B cloud commitments

A breakdown of Anthropic's S-1 filing ahead of its Nasdaq IPO reveals a circular vendor-financing loop: Google, Amazon and Microsoft invest in Anthropic while securing multi-year cloud contracts worth $450–518B. H1 2026 revenue hit $16.29B, but the GAAP net loss reached $80.75B, including $72.39B in non-cash convertible note revaluations.

• H1 2026 revenue was $16.29B vs $4.6B for all of FY 2025
• H1 2026 GAAP net loss hit $80.75B, $72.39B of it non-cash
• Google Cloud purchase obligations total $111.1–114.5B through 2033
• 47% of 2025 revenue flowed through AWS and GCP marketplaces at ~16% fees