Anthropic reports $17 billion third-quarter revenue in amended IPO filing as growth slows

Anthropic filed an amended Form S-1 with the US Securities and Exchange Commission on Monday, November 2, giving prospective investors their first look at the Claude maker's third-quarter results ahead of its planned initial public offering. The original prospectus, published last week, only covered the first half of the year.

Revenue surges, but growth slows

According to CNBC, Anthropic generated $33.24 billion in revenue in the nine months to September 30, up roughly 1,200% from a year earlier. Third-quarter revenue came to about $16.96 billion, up around 1,127% year on year, but sequential growth slowed to 47%, compared with 144% in the second quarter and 132% in the first.

The company reported a third-quarter net loss of $23.29 billion, narrower than the $66.3 billion loss in the previous quarter. Its nine-month net loss of $104 billion was mostly due to changes in the fair value of convertible notes and derivative liabilities, CNBC reported. Reuters noted that Anthropic posted a $567 million operating loss in the third quarter, after operating income of $974 million in the second.

Anthropic said it had more than 11,900 customers generating at least $100,000 in trailing 12-month revenue as of September 30, up from more than 1,500 at the end of 2025.

Nearly $900 billion in compute commitments

The filing shows 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." According to Reuters, the company expects to incur nearly half of that before the end of 2030, with about $69.8 billion due in the 12 months following September 30. Anthropic also flagged that some of its compute providers depend on third-party financing, and that if such financing becomes unavailable or more costly, contracted capacity "may be delayed, repriced, reduced, or not delivered."

A warning on AI-accelerated progress

TechCrunch highlighted new language in the risk factors: Anthropic said its internal estimates for future models indicate it "may imminently meet" its Responsible Scaling Policy's definition of "dramatically accelerated progress attributable to AI." The company stressed that none of its current models has been designated as exceeding that threshold, and said it is considering updates to the policy to keep humans in control of frontier model development.

What comes next

Reuters reported that Anthropic is preparing to begin formally marketing its shares to investors next week. Separately, Nikkei Asia reported that the company plans to raise up to $3.5 billion from Japanese investors as part of the offering, which would be the largest such raise in Japan by a foreign company.

Sources: CNBC, Reuters, TechCrunch, Nikkei Asia