Anthropic's S-1 Financials, Quarter by Quarter, in Marvin Labs
6 min readAlex Hoffmann, Co-Founder and CEO
Anthropic's S-1 financials are now in Marvin Labs, quarter by quarter from 1Q-2025 to 3Q-2026. You can read the statement of operations exactly as the prospectus prints it, chart revenue against compute spend, and ask AI Analyst Chat about the convertible notes with every answer cited to the S-1/A. The same applies to every company going public in the US: its prospectus fills the financials until the first 10-Q arrives.
Marvin Labs now crawls IPO registration statements from EDGAR: the S-1, each S-1/A amendment and the final 424B4 prospectus. The audited statements in the prospectus become the company's standardized financials until its first quarterly report, and the as reported view shows them exactly as the prospectus prints them.
Each new version replaces the last on the documents page and is announced like any other new filing. When the company files its first 10-Q, the XBRL figures in it take over for the periods they cover. Prospectuses from the last two years are also collected for companies already in coverage, so a recent IPO shows the statements it went public on.
Anthropic filed its S-1 on October 26 and an amendment on November 2 that added results for the first nine months of 2026. Both are in Marvin Labs. The company presents its operating expenses by nature: compute and infrastructure, personnel, sales and marketing, and other operating and administrative costs. That layout comes through line by line, including the Bartz settlement and the change in fair value of its convertible notes, which Anthropic shows as lines of their own.
Anthropic's statement of operations as printed in its S-1/A, by quarter.
The S-1/A prints year-to-date figures, not every quarter. Marvin Labs works the missing quarters out from them: the third quarter of 2026 is the nine months less the first half, and the second quarter is the first half less the first quarter. The quarterly results Anthropic prints in its MD&A fill the rest. The result is seven consecutive quarters on one basis, and the four 2025 quarters add up to the full-year revenue the prospectus reports.
Revenue was $376M in 1Q-2025 and $17.0B in 3Q-2026. Revenue for the first nine months of 2026 was $33.2B, against $4.6B for all of 2025.
Compute and infrastructure costs grew more slowly. They were 2.5 times revenue in 1Q-2025 and 58% of it in 3Q-2026. Revenue passed compute and infrastructure spend for the first time in 1Q-2026.
Revenue passed compute and infrastructure spend in 1Q26
Source: Anthropic S-1 and S-1/A, Marvin Labs
The operating line turned positive once, in 2Q-2026, at $974M. It went back to a $567M loss in 3Q-2026 as other operating and administrative costs rose to $3.6B from $1.0B a quarter earlier. The 3Q-2025 loss includes the $1.5B Bartz settlement.
The change in fair value of convertible notes, derivative liabilities and SAFEs was a $59.6B charge in 2Q-2026, against a net loss of $66.3B. In 3Q-2026 the charge was $21.9B and the net loss $23.3B. Convertible notes payable stood at $130.5B at the end of 3Q-2026, next to $95.6B of cash and $36.3B of short-term investments.
Fair-value charges account for most of the net loss
Source: Anthropic S-1 and S-1/A, Marvin Labs
A charge of that size says more about the notes than about the business. Their fair value tracks the company's valuation, so the loss grows as the valuation rises, and it is non-cash. Read the operating line and the compute ratio for the business, and the balance sheet for how the notes convert.
AI Analyst Chat and Deep Research Agents read the same prospectus statements and the text around them. Ask how Anthropic's compute costs moved against revenue, what the convertible notes convert into, or what the Bartz settlement covered, and the answer cites the S-1/A section it comes from. Every financials table, standardized and as reported, also exports to CSV and Excel.
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by Alex Hoffmann
Alex is the co-founder and CEO of Marvin Labs. Prior to that, he spent five years in credit structuring and investments at Credit Suisse. He also spent six years as co-founder and CTO at TNX Logistics, which exited via a trade sale. In addition, Alex spent three years in special-situation investments at SIG-i Capital.
