Anthropic, which plans to go public later this month, has released an updated S-1 registration statement. According to the filing, the company's 5,300 employees incurred total personnel costs exceeding $1.7 billion in the third quarter of this year—an average of more than $322,000 per employee for the quarter, or over $100,000 per month, with equity incentives accounting for the largest share. In the first nine months of 2026, personnel costs totaled $4.8 billion, and their share of total revenue has fallen from more than double that figure in 2023 to 15%. Between the end of 2024 and the end of September 2026, the workforce grew fivefold, yet the organization as a whole remains relatively lean. The IPO is expected to value the company at $1.6 trillion—close to Meta and above Broadcom. Anthropic currently generates $6.6 million in revenue per employee per year, far outpacing Meta and Google. The company believes that talent density matters more than headcount.