Anthropic’s S-1: The 2023 pitch deck worked. Now comes the hard part

Anthropic’s S-1: The 2023 pitch deck worked. Now comes the hard part

We read the 318-page filing and the original ten-slide deck. The business is working. The stock still needs a price.

Guillermo Flor

Oct 26, 2026

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Anthropic went from

$41 million of revenue in 2023 to $11.6 billion in Q2 2026 alone

. In the same quarter, it reached

$974 million of GAAP operating profit

.

That makes the February 2023 pitch deck look prophetic. But the S-1 also reveals hundreds of billions of dollars in infrastructure arrangements, complex accounting, and a governance structure that gives public investors limited control.

In this newsletter we went through:

All 318 pages of the S-1

The original ten-slide pitch deck

You’ll find both at the end of the newsletter!

Understand where AI is creating value before everyone else does

High-signal analysis on markets, capital and the companies shaping the next decade

In this issue you’ll find:

The deck’s real bet was trust, not chat

Demand turned into an enterprise machine

“Demand > capacity” became the whole AI economy

The S-1 shows real growth and real operating leverage

Claude’s moat comes with dependencies investors cannot ignore

Great company, unanswered stock: what to watch before buying

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