Anthropic Updates S-1: Third-Quarter Revenue of $17 Billion, Operating Loss of $536 Million
Anthropic updated its IPO prospectus S-1, disclosing third-quarter revenue of $17 billion for the period ended September 30, up more than 11-fold year over year, though quarter-over-quarter growth slowed from 144% to 47%. In the quarter, it recorded a $5 billion charge for premium-priced compute hardware purchases and a $2 billion charge for an employee donation matching program, posting an operating loss of $536 million, compared with operating profit of $974 million in the prior quarter; adjusted operating profit rose by $300 million quarter over quarter to $2.5 billion. As of September 30, its infrastructure commitments reached $895.4 billion, and purchase commitments rose from $55 billion at the end of 2025 to about $314 billion.
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The S-1 update discloses Anthropic's quarterly revenue, losses, and compute commitments, giving readers insight into its financial and investment structure ahead of its IPO.
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Anthropic PBC today published an updated version of the S-1 filing for its upcoming public offering.
The original document, which the company released last Monday, didn’t contain its third-quarter financial results. The new version reveals that Anthropic generated $17 billion in revenue during the three months ended Sept. 30. That’s more than 11 times more than what it made a year earlier, but represents a deacceleration in quarter-over-quarter growth. Anthropic’s top line grew 47% on a quarterly basis, down from 144% three months earlier.
The artificial intelligence provider faces multipronged competition from open-source models, OpenAI Group PBC and tech giants such as Google LLC. The Alphabet Inc.’s newest model, Gemini 4 Carbon, outperforms Claude Opus 5.5 across multiple benchmarks.
Anthropic is investing heavily in training infrastructure to stay ahead of the competition. The company took a $5 billion charge in the third quarter because demand for computing hardware was higher than expected, which required it to purchase hardware at a premium. Hardware bought on short notice is more expensive than Anthropic’s usual capacity commitments, which it books 12 to 18 months before they’re needed.
The AI provider also took a $2 billion charge in connection with its non-cash employee donation matching program. That left Anthropic with a $536 million operating loss at the end of the third quarter. Three months earlier, it posted $974 million in operating income. Anthropic’s adjusted operating income, which excludes stock-based compensation and charitable contributions, jumped by $300 million on a quarterly basis to $2.5 billion.
The company had $895.4 billion in outstanding infrastructure commitments as of Sept 30. Leases signed with Google LLC and Broadcom Inc. accounted for nearly a third of that sum. In April, the two companies agreed to supply Anthropic with several gigawatts of computing power powered by the search giant’s TPU chips, which Broadcom helped design. The AI provider also has computing deals with Amazon.com Inc., Oracle Corp. and SpaceX Technologies Corp. that are each worth more than $100 billion.
Anthropic plans to not only rent more computing capacity but also build its own data centers. The company’s purchase commitments jumped from $55 billion at the end of 2025 to about $314 billion in the third quarter.
Alongside the new financial figures, Anthropic’s revised S-1 filing provides an update about its efforts to mitigate AI risks. According to the document, the company is considering “to require human review and approval of certain” research tasks that are currently performed automatically by its models. It believes that its models will soon be capable of “dramatically” accelerating AI development.
Anthropic hasn’t yet disclosed how much it plans to raise through its public offering. According to Bloomberg, the company hopes to at least match the $86.2 billion that SpaceX pulled in when it listed its shares earlier this year. Reuters reported that Anthropic is seeking a valuation of $1.5 trillion to $2 trillion.
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