Anthropic reports $17 billion in Q3 revenue, purchase commitments of $895.4 billion in revised S-1
Anthropic unveiled its S-1 prospectus last week, but the initial filing only included the company's financials through the first half of the year.
Key points
- Anthropic reported about $17 billion in revenue for the third quarter in an amended S-1 filing.
- The company recorded $33.24 billion in revenue for the nine months ended Sept. 30.
- Anthropic listed purchase commitments and lease agreements totaling about $895.4 billion, mostly for compute and infrastructure.
Anthropic disclosed updated financials in an amended Form S-1 filed with the Securities and Exchange Commission on Monday. The AI company reported roughly $17 billion in revenue for the third quarter and a net loss of $23.29 billion for the period.
For the nine months ended Sept. 30, Anthropic said it generated $33.24 billion in revenue, up about 1,200% from the same period last year. It reported a $104 billion net loss over that stretch, most of which it attributed to the change in fair value of convertible notes and derivative liabilities. The company lost $25.1 billion in the same period in 2025.
Compute commitments and costs
In the amended filing, Anthropic said it 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." Compute and infrastructure expenses rose by $14.4 billion for the nine months ended Sept. 30, up 329% from a year earlier.
Anthropic said the increase in expenses came as its compute and infrastructure capacity grew. The company gets much of its capacity from Amazon, Google and SpaceX, and also relies on neoclouds.
substantially all of which is related to compute and infrastructure
— Anthropic
Market concerns before road show
Anthropic's initial prospectus, released last week, covered financials only through the first half of the year. The company is preparing to begin its road show as Wall Street worries about the AI buildout, including whether rising interest rates will make debt unaffordable for data center developers and neoclouds.
The filing includes more than 90 pages of risk factors, covering potential political headwinds, complex infrastructure needs and the difficulty of balancing safety and commercial objectives. CEO Dario Amodei co-founded Anthropic with other researchers who left OpenAI, now its chief rival.
