TLDR
- Anthropic reported about $17 billion in third-quarter revenue, up 47% from the prior quarter.
- Quarterly growth slowed from 144% in Q2 and 132% in Q1.
- Revenue for the first nine months of 2026 reached $33.24 billion.
- The company reported a $23.29 billion net loss in Q3.
- Purchase and lease commitments total about $895.4 billion, mostly for compute and infrastructure.
Anthropic filed an amended Form S-1 with the Securities and Exchange Commission on Monday. The filing adds third-quarter results to the prospectus it unveiled last week. The first version only included financials through the first half of the year.
The company behind the Claude AI model is preparing for a possible initial public offering. Reports say the listing could value it at around $1.5 trillion, down from earlier talk of $2 trillion.
Third-quarter revenue and growth
Anthropic generated just under $17 billion in revenue in the third quarter. That is up about 1,127% from the same period last year. It is also up about 47% from the second quarter.
That sequential growth is a sharp drop from earlier quarters. Revenue grew 144% from Q1 to Q2 and 132% from Q4 of last year to Q1. In Q4 of last year, growth was about 48%.
The company said revenue for the nine months ended Sept. 30 was $33.24 billion. That is up roughly 1,200% from the same period a year earlier.
The filing points to several factors behind the slowdown. These include capacity constraints, seasonal dips in business activity during the summer, and limits placed on customers who broke its terms. Anthropic did not say how much each factor contributed.
The company also said price cuts on new models and contractual discounts reduced Q3 revenue by about $600 million. Adding that amount back would put quarterly growth near 52%. That estimate assumes customers would have used the same amount at higher prices.
Losses and compute spending
Anthropic reported a net loss of $23.29 billion for the third quarter. For the first nine months of the year, the net loss was $104 billion. In the same period of 2025, the loss was $25.1 billion.
Most of the nine-month loss came from changes in the fair value of convertible notes and derivative liabilities. The company did not tie the loss mainly to operating costs.
Compute and infrastructure expenses rose by $14.4 billion in the nine-month period. That is an increase of 329% from a year earlier. Anthropic said these costs grow as its capacity grows.
The filing also lists purchase commitments and lease agreements with a total committed spend of about $895.4 billion. The company said substantially all of it relates to compute and infrastructure.
Anthropic gets much of its capacity from Amazon, Google and SpaceX. It also uses neoclouds, which are companies that rent out AI computing power, for some of its needs.
Investors have raised concerns about the AI buildout. Rising interest rates could make debt harder to afford for data center developers and neoclouds. Last week’s earnings from Microsoft, Alphabet and Amazon added to those worries.
The S-1 includes more than 90 pages of risk factors. They cover possible political headwinds, complex infrastructure needs, and the challenge of balancing safety with commercial goals.
Anthropic’s co-founders wrote that they consider it their personal responsibility to help the world understand AI risks. CEO Dario Amodei co-founded the company with other researchers who left OpenAI.
OpenAI confidentially filed its prospectus with the SEC in June. Its executives have signaled they are aiming for a 2027 debut.
Anthropic is now preparing to start its roadshow, the series of investor meetings that comes before a listing. The amended filing was made public on Monday, Nov. 2.
