If you’ve priced a DDR5 kit or a high-end graphics card this year, you already know the AI industry eats first. Now one of the hungriest companies at that table has opened its books. Anthropic, the company behind the Claude models, filed its S-1 registration statement with the SEC today. For hardware enthusiasts, the compute disclosures are the interesting part.
Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the ticker “ANT,” with Goldman Sachs and Morgan Stanley heading a long underwriter list (Ed: Do you think Ant Man is going to object?). The share count and price range are still blank, so there’s no valuation yet. Revenue came in at $4.59 billion for 2025 and $16.29 billion for the first half of 2026, compared with $1.16 billion in the first half of 2025. The reported net loss for that half was $80.7 billion, but $72.4 billion of it came from a change in the fair value of convertible notes, which the company attributes mostly to its rising valuation.
Anthropic says it trains and serves Claude across four chip families: AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs. On the NVIDIA side, it agreed to spend up to $120.5 billion with SpaceXAI for NVIDIA-powered compute on terms running into 2029. That works out to about $3.1 billion a month once all the capacity is delivered, which the company expects in December 2026. A separate August 2026 deal with Nscale covers up to roughly $44.6 billion in NVIDIA GPU compute through 2033. The filing says its NVIDIA access includes Grace Blackwell and Vera Rubin systems. AMD gets a slice too: In July 2026, Anthropic signed a supply framework for Helios rack-scale systems built on Instinct MI450 GPUs. As part of that deal, AMD committed to buy up to $5 billion of Anthropic stock in tranches tied to delivery milestones, and the first milestone is expected in 2027.
The filing names SK hynix, Samsung, and Micron as the main makers of high-bandwidth memory. It warns that their capacity expansions may not keep pace with demand, especially if large buyers lock up a manufacturer’s output with exclusive supply commitments. It also flags how concentrated leading-edge chip production is at TSMC, and says Anthropic has not always been able to get enough chips on time. (Ed: The last time memory got this silly, scalpers were asking four figures for DDR5 kits during the 2021 launch shortage. This time the buyers are considerably better fueled up with other people’s money.)
Those DRAMurai three memory makers also build the DRAM in your DIMMs and the GDDR on your graphics card. AI data center demand has already pushed some consumer memory products to double in price or more. When one AI customer is on track to spend about $3.1 billion a month on a single NVIDIA-backed compute contract, it isn’t hard to guess who wins the wafer allocation arguments. Anthropic says it has operated in a compute-constrained environment where customer demand exceeds available compute, and that it plans to secure more compute beyond its existing commitments.
One more detail for prospective shareholders: a founder-held Class F share will carry 50.1% of general voting power, and the company’s Long-Term Benefit Trust elects a majority of the board.
The next milestone is an amended filing with an actual price range. Until then, the S-1 is a useful reminder that the hardware you want for gaming is being bought in bulk by companies spending at a scale that’s hard to picture.
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