Key takeaways
- Anthropic's amended S-1, filed November 2, reports roughly $17 billion of Q3 revenue and a $23.29 billion net loss.
- Nine-month revenue was $33.24 billion, and the net loss was about $104 billion, mostly from fair-value changes on convertible notes and derivatives.
- The company has about $895.4 billion in purchase commitments and leases, substantially all for compute and infrastructure.
Anthropic reported revenue of roughly $17 billion for the third quarter and a net loss of $23.29 billion in an amended S-1 filed with the SEC on November 2, according to CNBC's reading of the filing. The amended prospectus is the first to include Anthropic's Q3 numbers. The original, filed the week before, covered only the first half of the year. Our earlier piece on what the first S-1 said has the background.
Revenue and losses
Revenue for the nine months through September 30 was $33.24 billion, up roughly 1,200% from the same period of 2025, CNBC reports. Bloomberg reports that Q3 revenue is up 12 times from a year earlier.
The net loss for the nine months was about $104 billion, against $25.1 billion a year earlier. CNBC says most of it comes from changes in the fair value of convertible notes and derivative liabilities, not from running the business. Those are accounting charges that move with the company's own valuation. The Q3 net loss was $23.29 billion. Bloomberg puts the Q3 loss a year earlier at $12.1 billion and Q3 operating expenses at $17.5 billion, up 292%.
Compute and infrastructure expenses rose $14.4 billion over the nine months, a 329% increase, CNBC says.
$895.4 billion in commitments
Anthropic says it has about $895.4 billion in purchase commitments and leases, "substantially all of which is related to compute and infrastructure," per CNBC's quote of the filing. That is the number to watch. It is many times the company's annual revenue, and it shows how much of the business is a bet on future demand for AI.
Reuters reported separately that Anthropic plans to sell $3.5 billion of shares to investors in Japan in the offering, citing the filing. We have not read that filing section ourselves.
What we don't know yet
CNBC's article does not give the share count or price range, and says only that Anthropic is preparing to start its road show. Those terms should come in a later amendment.
What to watch: the price range and the road show dates, then the listing itself.
