[UPDATE] Analysts flag slowing growth, compute commitments and dual-class control as open questions in Anthropic S-1
CNBC's analysis of the public S-1 notes first-half 2026 revenue of $16.29B and an implied gross margin of about 85%. It also notes that sequential growth slowed from about 144% in Q2 to about 47% in Q3. Analysts quoted point to unclear splits between training and serving compute commitments, and to co-founders holding 50.1% of voting power through a single Class F share. No price range has been set, and analyst valuation estimates span $1T-$2T. What to watch: an S-1/A with a price range and share count.