Anthropic S-1: it spent just $482M on capex in H1 2026, leasing most of its compute, and its capex is almost entirely outsourced via $782B in lease obligations (Tim Culpan/Culpium)

Anthropic's S-1 filing reveals that the company spent only $482M on capital expenditures in the first half of 2026. The company primarily leases its computing resources, with its capital expenditure largely outsourced through $782B in lease obligations. This strategy means Anthropic owns very few assets, despite its significant revenue per employee, which reached $6.6 million.

Unlike other AI firms that invest heavily in owned infrastructure, Anthropic's S-1 filing reveals it spent just $482M on capex in H1 2026, outsourcing most compute via $782B in lease obligations.