Anthropic's per-employee monthly cost exceeds $100,000; S-1 discloses $1.7 billion in personnel spending for the third quarter
Anthropic's revised S-1 IPO filing shows that personnel costs for 5,300 employees in the third quarter exceeded $1.7 billion, with a per-capita cost of more than $322,000 over three months, including $1.1 billion in share-based compensation expenses. Personnel costs for the first nine months of 2026 totaled $4.8 billion, accounting for only 15% of total revenue, whereas in 2023 this spending was more than twice revenue. The filing also states that Anthropic generates $6.6 million in revenue per employee per year, compared with estimated figures of $3.2 million for Meta and $2.5 million for Google.
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The S-1 filing discloses Anthropic's personnel costs, share-based compensation share, and revenue per employee, allowing for horizontal comparison with Meta and Google.
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Anthropic's per-employee monthly cost exceeds $100,000, S-1 discloses $1.7 billion in Q3 personnel expenses
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On the 2nd local time, Anthropic, which plans to IPO later this month, published a revised S-1 registration statement. The document shows that in the third quarter of this year, Anthropic's 5,300 employees generated more than $1.7 billion (at the current exchange rate, about 11.323 billion yuan) in personnel costs, with the average cost per person over three months exceeding $322,000 (at the current exchange rate, about 2.145 million yuan).
With high pay and rapidly rising company valuation, Anthropic has attracted a large number of outstanding engineers, researchers and other professionals. According to the registration statement, in the first nine months of 2026, Anthropic's personnel costs totaled $4.8 billion (at the current exchange rate, about 31.972 billion yuan).
The $1.7 billion (at the current exchange rate, about 11.323 billion yuan) in the third quarter includes employee salaries, bonuses, benefits and payroll taxes borne by the company, with the largest expenditure coming from stock-based compensation. Anthropic recognized $1.1 billion (at the current exchange rate, about 7.327 billion yuan) in employee stock-based compensation expenses in the quarter.
While Anthropic invests heavily in employees, its revenue growth has been even faster. In 2023, the company's personnel costs were still more than twice its revenue; by the first nine months of 2026, this expenditure accounted for only 15% of total revenue.
From the end of 2024 to the end of September 2026, Anthropic's workforce expanded to five times its original size, but it remains quite lean compared with other tech giants.
Meta has about 67,000 employees and a valuation of about $1.6 trillion (at the current exchange rate, about 10.66 trillion yuan), and Anthropic's IPO valuation is also expected to reach this level.
Broadcom, whose valuation is similar to Meta's, has more than 30,000 employees.
On average, each Anthropic employee generates $6.6 million (at the current exchange rate, about 43.962 million yuan) in revenue per year, while the estimated figures for Meta and Google are $3.2 million (at the current exchange rate, about 21.315 million yuan) and $2.5 million (at the current exchange rate, about 16.652 million yuan), respectively. Anthropic wrote in its registration statement: "Talent density matters more than talent quantity."
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