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Anthropic filed an on Monday with its third-quarter numbers. Revenue was $16.96 billion, up 47% from $11.56 billion in the second quarter, after 144% growth the quarter before.
Compute and infrastructure costs rose 77% to $9.86 billion, so each dollar of revenue carried about 58 cents of compute, against 48 cents in the second quarter. The filing blames compute bought on short notice, which "currently costs significantly more" than capacity contracted 12 to 18 months ahead, and says it expects to buy more of it in the near term, compressing margins.
The company swung to an operating loss of $567 million from a $974 million . About $1.96 billion of from an employee donation-matching program also landed in the quarter. Adjusted operating margin fell to 15% from 19%. The $23.3 billion net loss is mostly an accounting charge on the rising value of its .
For the first time the document puts a single figure on what Anthropic has signed for: purchase commitments and leases with an aggregate committed spend of about $895.4 billion, substantially all compute and infrastructure. About $447.5 billion falls before the end of 2030 and most of the rest between 2031 and 2045; $69.8 billion is due in the next twelve months. Customers paying $100,000 or more a year grew from about 950 to more than 11,900. The price range, the share count and the October revenue are still blank, so the has not started; the Japanese disclosed this morning is sized but unpriced too.
Anthropic's amended IPO filing shows $17 billion of third-quarter revenue, an operating loss, and $895 billion of commitments
Anthropic filed an amended S-1 on Monday with its third-quarter numbers. Revenue was $16.96 billion, up 47% from $11.56 billion in the second quarter, after 144% growth the quarter before. Compute and infrastructure costs rose 77% to $9.86 billion, so each dollar of revenue carried about 58 cents of compute, against 48 cents in the second quarter. The company swung to an operating loss of $567 million from a $974 million operating profit. The filing blames compute bought on short notice, which "currently costs significantly more" than capacity contracted 12 to 18 months ahead, and says it expects to buy more of it in the near term, compressing margins. About $1.96 billion of non-cash charges from an employee donation-matching program also landed in the quarter. Adjusted operating margin fell to 15% from 19%. The $23.3 billion net loss is mostly an accounting charge on the rising value of its convertible notes.
For the first time the document puts a single figure on what Anthropic has signed for: purchase commitments and leases with an aggregate committed spend of about $895.4 billion, substantially all compute and infrastructure. About $447.5 billion falls before the end of 2030 and most of the rest between 2031 and 2045; $69.8 billion is due in the next twelve months. Customers paying $100,000 or more a year grew from about 950 to more than 11,900. The price range, the share count and the October run-rate revenue are still blank, so the roadshow has not started; the Japanese tranche disclosed this morning is sized but unpriced too. SourcesAB
Sources
- AAnthropic, PBC, Form S-1/A (SEC EDGAR)sec.gov
- BAnthropic's growth slowed and costs jumped in the third quarter, updated IPO filing shows (Fortune)fortune.com
This story ran in the Afternoon Brief of November 2nd 2026.