Anthropic's amended IPO filing: $17B Q3 revenue, $23B loss

Anthropic has filed an amended S-1 with the US Securities and Exchange Commission, adding its third-quarter numbers to the IPO prospectus it published last week. The original filing only covered the first half of the year, so this is the first full look at how the Claude maker did through the end of September, CNBC reports.

The headline numbers

• Q3 revenue: about $17 billion, up roughly 1,127% year over year.
• Nine months to 30 September: $33.24 billion in revenue, up about 1,200%.
• Q3 net loss: $23.29 billion.
• Nine-month net loss: $104 billion, compared with $25.1 billion for the same period of 2025.

Those losses look enormous, but according to the filing most of the nine-month figure comes from changes in the fair value of convertible notes and derivative liabilities — accounting charges rather than money spent running the business. Growth is also slowing in percentage terms: Q3 revenue rose about 47% from Q2, after 144% growth in Q2 and 132% in Q1.

A near-trillion-dollar compute bill

The most striking number is the commitments line. Anthropic says it has signed purchase commitments and lease agreements worth about $895.4 billion, "substantially all" of it for compute and infrastructure. Compute and infrastructure expenses rose by $14.4 billion in the first nine months, up 329% on last year. The company gets most of its capacity from Amazon, Google and SpaceX, and also rents from smaller "neocloud" providers.

That reliance is one of the risks investors will weigh. CNBC notes that last week's earnings from Microsoft, Alphabet and Amazon raised worries that hyperscalers' AI spending is squeezing their cash flow, and that new data-centre capacity may not arrive as fast as Anthropic needs it. The S-1 runs to more than 90 pages of risk factors, covering political headwinds, infrastructure and the tension between safety and commercial goals.

What happens next

The updated prospectus clears the way for Anthropic's roadshow ahead of a listing expected later this month, according to AP. Rival OpenAI has confidentially filed its own prospectus but has signalled a 2027 debut. For readers following the money behind AI products, our earlier report on OpenAI cutting its funding target to $20 billion shows how differently the two leading labs are now financing their compute. If you want to run models yourself rather than rent them, start with our explainer on open-weight AI models.