Anthropic reported about $17 billion in revenue for the third quarter of 2026 in an amended IPO filing made public Monday, November 2. That was roughly 1,127% more than a year earlier. The filing adds third-quarter results to the prospectus Anthropic released the previous week, which covered only the first half of the year.
For the nine months ending September 30, the Claude maker reported $33.24 billion in revenue, up roughly 1,200% from the same period in 2025. It also reported a $104 billion net loss for those nine months, compared with a $25.1 billion loss a year earlier. Anthropic said most of the latest loss came from changes in the fair value of convertible notes and derivative liabilities.
Compute spending is a major commitment
Anthropic’s third-quarter net loss was $23.29 billion. Revenue grew about 47% from the second quarter, slower than the 144% quarter-over-quarter growth in the second quarter and 132% in the first quarter. Those comparisons show a slowdown in the pace of growth, even as revenue remained far higher than a year earlier.
The amended filing lists about $895.4 billion in combined purchase commitments and lease agreements. Anthropic says substantially all of that committed spend relates to compute and infrastructure. Its compute and infrastructure expenses rose by $14.4 billion in the first nine months of 2026, a 329% increase from the same period last year.
Anthropic relies on Amazon, Google and SpaceX, as well as neocloud providers, for computing capacity. CNBC reports that investors are watching whether the companies building data centers can bring capacity online quickly enough to meet demand. The filing’s commitment figure covers future spending agreements; it does not mean Anthropic has already paid that amount.
The filing lays out IPO risks
The five-year-old company is preparing for a road show as it moves toward a possible IPO. Its prospectus devotes more than 90 pages to risk factors, including political challenges, complex infrastructure needs, and tensions between safety and commercial goals. Anthropic’s co-founders say the company sees it as a personal responsibility to help the world understand and address risks from its AI models.
The filing comes amid broader questions about the cost of AI infrastructure. CNBC reports that spending by Microsoft, Google and Amazon has raised investor concerns about pressure on cash flows, while higher interest rates could make debt more expensive for data-center developers. OpenAI confidentially filed its prospectus in June, and its executives have indicated a possible 2027 debut.
Why it matters
For investors weighing a possible Anthropic IPO, the filing puts rapid revenue growth beside large losses and substantial future infrastructure commitments. The figures show the scale of the company’s spending obligations, but do not establish whether that capacity will arrive on time or how profitable Anthropic can become.
