Anthropic has reported roughly $17 billion in third-quarter revenue and disclosed about $895.4 billion in aggregate purchase commitments and lease agreements, mostly for compute and infrastructure, in an amended S-1 filing with the SEC.
The artificial intelligence company said it generated $33.24 billion in revenue for the nine months ended September 30, up roughly 1,200% from the same period last year. It reported a $104 billion net loss during the period, though most of that was due to the change in fair value of convertible notes and derivative liabilities. Anthropic lost $25.1 billion over the same stretch in 2025.
Anthropic unveiled its prospectus last week, bringing it closer to a potentially historic IPO. The initial filing covered financials through the first half of the year.
Third-quarter revenue growth slowed on a quarter-to-quarter basis, increasing around 47%, a steep drop from 144% growth in Q2 and 132% in Q1. The company reported a net loss of $23.29 billion in the third quarter.
As the five-year-old company prepares to kick off its road show, it will have to reckon with growing market jitters around the AI buildout. Wall Street has been worried that rising interest rates will make debt unaffordable for many data center developers and neoclouds, and quarterly reports from Microsoft, Google and Amazon last week added fuel to those concerns. The hyperscalers' aggressive AI spending is eating into their cash flows, causing some investors to worry that compute capacity may not come online quickly enough to meet Anthropic's demands.
Anthropic gets much of its capacity from Amazon, Google and SpaceX, but also relies on neoclouds for some compute as it races to expand. In the amended S-1, the company said it has entered into purchase commitments and lease agreements with an aggregate committed spend of about $895.4 billion, “substantially all of which is related to compute and infrastructure.” Anthropic said its compute and infrastructure expenses increased by $14.4 billion for the nine months ended September 30, up 329% compared to the same period last year.
"As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased," Anthropic said in the filing.
CEO Dario Amodei co-founded Anthropic alongside a handful of other researchers who defected from OpenAI, now its chief rival. OpenAI confidentially filed its prospectus with the SEC in June, but its executives have signaled that it is aiming for a 2027 debut.
Anthropic has worked to position itself as more safety-conscious than its competitors, and its S-1 includes more than 90 pages of risk factors. The company highlights risks including potential political headwinds, its complex infrastructure needs and the difficulties that can come from balancing safety and commercial objectives.
"We consider it our personal responsibility to help the world understand these risks, to prevent or mitigate them when they arise from our AI models, and to work with governments and the rest of the industry to address them at a societal level," Anthropic's co-founders said in the filing.
Anthropic’s true genius in making people think that these numbers add up to its being a world-class business, when in reality it is teetering on fiscal disaster. x.com/madisonmills22…
QuotingAnthropic's updated IPO filing shows spending commitments surge to nearly $900 billion while Q3 rev surged to nearly $17 billion.
$70 billion of that $900b is due over the next 12 months.
This comes after the FT reported that Anthropic may not receive an investment grade rating on its debt.
More here:View post
The IPO will be one of the largest in tech history, giving public markets direct exposure to the AI boom and Anthropic's safety-focused model
The $895.4 billion in compute commitments signals the immense capital intensity required to scale frontier AI, raising questions about profitability and dependence on hyperscaler infrastructure
Slowing quarterly revenue growth and persistent losses could test investor appetite for AI stocks amid broader market jitters about rising interest rates and data center debt
Background
Founded in 2021 by former OpenAI researchers including Dario Amodei, Anthropic develops the Claude family of large language models. The company has positioned itself as a safety-first alternative to OpenAI, attracting billions in investment from Amazon, Google and others. Its S-1 filing last week began the process toward a public listing that could set records for AI companies. The amended filing adds third-quarter results and details on its massive infrastructure commitments.
Key Perspectives
Anthropic (company in filing): Says revenue rose roughly 1,200% for the nine months but growth slowed quarter over quarter. It disclosed $895.4 billion in committed spend on compute and infrastructure, noting expenses are rising with capacity.
Anthropic's co-founders (in filing): Said they consider it their personal responsibility to help the world understand AI risks, prevent or mitigate them, and work with governments and industry to address them at a societal level.
What to Watch
Investor reaction to the slowing revenue growth trajectory during Anthropic's road show
Whether market concerns about AI infrastructure debt and hyperscaler cash flows affect the IPO pricing or timing
OpenAI's IPO timeline and how the two rival AI companies' public debuts compare
12 claims in this story checked against 1 source: 12 supported.
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SupportedAnthropic reported roughly $17 billion in third-quarter revenue.Tech: “During its third quarter, Anthropic generated roughly $17 billion in revenue”
SupportedAnthropic disclosed about $895.4 billion in aggregate purchase commitments and lease agreements, substantially all related to compute and infrastructure.Tech: “Anthropic said it has entered into purchase commitments and lease agreements with an aggregate committed spend of about $895.4 billion, "substantially all of which is related to compute and infrastructure."”
SupportedThe amended filing shows revenue growth slowing as Anthropic prepares for a potential stock-market debut.Tech: “Revenue growth slowed on a quarter to quarter basis, however.”
SupportedAnthropic generated $33.24 billion in revenue for the nine months ended September 30, up roughly 1,200% from the same period the previous year.Tech: “The artificial intelligence company said it generated $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from the same period last year.”
SupportedAnthropic reported a $104 billion net loss for the nine-month period.Tech: “It reported a $104 billion net loss during the period”
SupportedMost of that nine-month net loss was due to the change in fair value of convertible notes and derivative liabilities.Tech: “though most of that was due to the change in fair value of convertible notes and derivative liabilities.”
SupportedThird-quarter revenue growth was around 47%, down from 144% in Q2 and 132% in Q1.Tech: “Third quarter revenue increased around 47%, a steep drop from 144% growth in Q2 and 132% in Q1.”
SupportedAnthropic reported a third-quarter net loss of $23.29 billion.Tech: “The company reported a net loss of $23.29 billion during its third quarter.”
SupportedAnthropic gets much of its compute capacity from Amazon, Google and SpaceX.Tech: “Anthropic gets much of its capacity from Amazon, Google and SpaceX”
SupportedAnthropic's compute and infrastructure expenses increased by $14.4 billion for the nine months ended September 30, up 329% year on year.Tech: “Anthropic said its compute and infrastructure expenses increased by $14.4 billion for the nine months ended Sept. 30, up 329% compared to the same period last year.”
SupportedAnthropic said, “As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased.”Tech: “"As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased," Anthropic said in the filing.”
SupportedAnthropic's co-founders said, “We consider it our personal responsibility to help the world understand these risks, to prevent or mitigate them when they arise from our AI models, and to work with governments and the rest of the industry to address them at a societal level.”Tech: “"We consider it our personal responsibility to help the world understand these risks, to prevent or mitigate them when they arise from our AI models, and to work with governments and the rest of the industry to address them at a societal level," Anthropic's co-founders said in the filing.”
Q3 numbers are not what you want to see heading into an IPO.
Again the issue is not is Anthropic an amazing growth story. Zero would debate that.
The issue is this is a probably $200-300B company pretending it’s a $2T company.
Add to that the insane amount of committed spend,…
From a financial analyst on Bluesky: https://bsky.app/profile/peark.es/post/3mzdkyxzzns2w
> Okay so Q3 ARR at $67.8bn versus $46.2bn for Q2, +47% QoQ. Turns out tokenmaxxing's end over the summer slowed revenue growth versus an absolutely torrid 100%+ growth rate in Q1/Q2 but…
