The company reported $33.24 billion in revenue for the nine months that ended Sept. 30, along with a $104 billion net loss, according to the filing [1]. The amended document also disclosed purchase commitments and lease agreements with an aggregate committed spend of about $895.4 billion, substantially all related to compute and infrastructure, with $70 billion due in the next 12 months.
The filing follows an initial prospectus for its initial public offering (IPO) released about a week earlier, and precedes an expected Wall Street debut later this month. Anthropic plans to list on the Nasdaq Global Select Market under the ticker symbol ANT, the company said [1].
Financial Results
Nine-month revenue rose roughly 1,200% from the same period last year, the filing stated, while third-quarter revenue increased about 1,127% year over year. Quarter-over-quarter growth slowed: third-quarter revenue rose about 47%, compared with 144% in the second quarter and 132% in the first quarter, according to the filing.
The nine-month net loss included a $94 billion charge for an accounting adjustment related to convertible notes and derivative liabilities, the company said; the prior-year loss over the same stretch was $25.1 billion. The company said the third-quarter net loss reflected an accounting loss tied to its soaring valuation [3].
Compute and infrastructure expenses increased by $14.4 billion for the nine months ended Sept. 30, up 329% from the same period last year, according to the filing. "As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased," Anthropic said in the filing.
Commitments and Compute Costs
The amended S-1 states that Anthropic 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." About $70 billion of that committed spend is due within the next 12 months, according to the filing.
Anthropic obtains much of its capacity from Amazon, Google and SpaceX, and also relies on neoclouds for some compute, the filing stated. Wall Street concerns cited in the filing include rising interest rates, debt affordability for data center developers and neoclouds, and whether hyperscaler AI spending may pressure cash flows or delay computing capacity.
Ken Griffin, founder of multinational hedge fund Citadel, said at a conference in New York that investors are "almost certainly" in the midst of an AI bubble [4]. The filing gave no indication of how much Anthropic expects to raise in the IPO or what the shares will be priced at when it goes public.
IPO Context and Risk Factors
The initial S-1 included financials only through the first half of the year; the amended filing adds third-quarter figures, the company said. Anthropic is led by CEO Dario Amodei, who co-founded the company with other former OpenAI researchers, according to the filing. The company has worked to position itself as more safety-conscious than its competitors.
The S-1 includes more than 90 pages of risk factors, the filing shows, covering potential political headwinds, complex infrastructure needs and difficulties balancing safety and commercial objectives. OpenAI confidentially filed its prospectus with the SEC in June, and its executives have signaled a 2027 debut, the filing stated.
Conclusion
The amended filing shows Anthropic's revenue is growing while profit remains elusive, a pattern the company said is similar to its AI rivals. Investors are expected to weigh the company's $895.4 billion in committed compute and infrastructure spending, cash flow considerations and interest-rate conditions as the roadshow approaches, according to the filing.
Independent analysts have raised questions about the sustainability of such spending, with some warning that the AI infrastructure buildout resembles a speculative bubble [5][6]. The company cited multiple risk factors in the filing but offered no guidance on valuation or IPO proceeds.
References
- Anthropic posts $17B quarterly revenue but losses continue in fresh IPO filing. https://apnews.com/article/anthropic-ipo-revenue-ai-claude-0cbd1a649a4cce904be59af8f6b30179
- Anthropic reports $17 billion in Q3 revenue, purchase commitments of $895.4 billion in revised S-1. https://www.cnbc.com/2026/11/02/anthropic-ant-s-1-quarter-financials.html
- Anthropic's amended IPO filing shows $17bn revenue, $895bn ... - TNW. https://thenextweb.com/news/anthropic-ipo-filing-17bn-revenue-commitments
- Ken Griffin Says AI Is "Almost Certainly" A Bubble As Corporate America Opens Its Anthropic And OpenAI Bills. https://www.zerohedge.com/markets/ken-griffin-says-ai-almost-certainly-bubble-corporate-america-opens-its-anthropic-and
- The AI Investment Bubble Is Starting to Crack … and You Might Be Exposed Without Knowing It. https://www.naturalnews.com/2026-10-16-ai-investment-bubble-is-starting-to-crack.html
- The AI Rally Trapdoor Just Swung Open Violently. https://www.zerohedge.com/markets/ai-rally-trapdoor-just-swung-open-violently
Explainer Infographic
Source link
