Anthropic Reports $17bn Revenue and Loss Ahead of IPO
AI developer Anthropic revealed in an updated IPO filing that its quarterly revenue jumped to nearly $17bn (£13bn), even as computing commitments approached $900bn and quarterly growth slowed sharply ahead of a planned Nasdaq listing.
Revenue Surges as Growth Rate Cools
Revenue climbed from $1.4bn a year earlier to almost $17bn in the three months to September. Yet quarterly growth slowed to 47 per cent, down from 144 per cent in the previous quarter.
Operating expenses climbed 292 per cent year on year to $17.5bn. That figure included $5bn in short-term computing costs after customer demand exceeded capacity secured under existing agreements. Price cuts on newer models and discounts offered to users also knocked around $600m off third-quarter revenue.
Computing Commitments Nudge $895bn
Future spending commitments totaling approximately $895bn—earmarked almost entirely for data centres and computing infrastructure—were laid out in the revised prospectus.
| Vendor Partner | Commitment Value |
|---|---|
| Broadcom (Equipment Leases) | $161bn |
| $121bn | |
| SpaceX (AI Business) | Up to $120.5bn |
Around $448bn is due by the end of 2030, including roughly $70bn over the next 12 months. These commitments stand at nearly seven times the firm’s $132bn cash and short-term investment pile.
Anthropic reported a $567m operating loss for the quarter, reversing a $974m profit in the previous three months. The net loss for the quarter reached $23.3bn, bringing losses for the first nine months of 2026 to $104bn. The company noted that the vast majority of these losses reflect non-cash accounting adjustments linked to convertible notes and other securities whose value rose alongside the company’s valuation.
Policy Violations May Weigh on Anthropic Growth Before Listing
Between five and seven per cent of the company’s revenue during the opening nine months of the year originated from clients who breached commercial terms or usage policies, according to disclosures made by Anthropic.
The company warned that tougher enforcement could weigh on future growth.
The listing could occur before the US Thanksgiving holiday later this month. Investors have discussed a valuation between $1.4 trillion and $1.5 trillion, though Bloomberg analysts suggest a figure closer to $1.75 trillion is achievable. Goldman Sachs and Morgan Stanley are leading the offering.