Anthropic's Amended S-1 Details $17 Billion Q3 Revenue and $895.4 Billion in Committed Spend

Anthropic filed an amended Form S-1 with the Securities and Exchange Commission on Monday, giving investors a fuller picture of its finances as it moves toward a potential IPO.

The AI company reported $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from the same period a year earlier. It posted a $104 billion net loss for the period, mostly tied to changes in the fair value of convertible notes and derivative liabilities, compared with a $25.1 billion loss over the same stretch in 2025.

Third-quarter revenue came in at about $17 billion, up roughly 1,127% year over year, though quarter-over-quarter growth slowed to about 47% from 144% in Q2 and 132% in Q1. The company reported a $23.29 billion net loss in the quarter.

In the filing, Anthropic said it has entered 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 $14.4 billion for the nine months ended Sept. 30, up 329% year over year.

The company faces a jittery market for AI spending as it prepares its road show, with investors concerned that rising interest rates could make debt unaffordable for data center developers and that compute capacity may not come online fast enough. Anthropic draws much of its capacity from Amazon, Google and SpaceX, and also relies on neoclouds.

Anthropic, led by co-founder and CEO Dario Amodei, has positioned itself as more safety-conscious than rivals, and its S-1 includes more than 90 pages of risk factors covering political headwinds, infrastructure needs and the tension between safety and commercial goals. "We consider it our personal responsibility to help the world understand these risks," its co-founders said in the filing.

Source: CNBC