Anthropic's Amended S-1 Shows $17 Billion Q3 Revenue, a Swing Back to Operating Loss and $895 Billion in Commitments

Anthropic gave investors their first look at its third quarter on Monday. An amended S-1 filed with the SEC on November 2 shows revenue of $16.96 billion for the quarter ended September 30, up from $1.38 billion a year earlier, a gain of about 1,127%. For the first nine months of 2026, revenue reached $33.24 billion, up roughly 1,200%. The company has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol "ANT", but the filing still leaves the price range, share count and offering size blank.

Growth is slowing from an extraordinary pace, and costs rose faster than revenue. Third-quarter revenue grew about 47% from the second quarter's $11.6 billion, after about 144% sequential growth in the second quarter, according to Fortune and CNBC. Total operating expenses climbed to $17.5 billion from $4.47 billion a year earlier, and the company swung to a GAAP operating loss of $567 million after a $974 million operating profit in the second quarter. On its own adjusted measure, which adds back stock compensation and a roughly $2 billion non-cash charge tied to an employee donation-matching program, Anthropic earned $2,463 million of adjusted operating income, a 15% margin, down from 19% in the second quarter. The filing also says price cuts on new model versions and contractual discounts took about $600 million out of revenue growth from the second quarter to the third.

The headline net loss is mostly accounting. Anthropic reported a $23.3 billion net loss for the quarter, of which $21.9 billion came from marking up convertible notes and related instruments as its valuation rose. For the nine months, the net loss was $104 billion, with $94.3 billion from those fair-value changes, compared with a $25.1 billion loss in the same period of 2025. Trefis explains the mechanism: notes held by AMZN convert into Anthropic shares at the IPO, so the liability grows as Anthropic's value climbs, a cost paid in shares rather than cash.

The number investors are likely to focus on is the commitments. As of and after September 30, Anthropic had signed purchase and lease agreements with aggregate committed spend of about $895.4 billion, substantially all for compute and infrastructure, including about $447.5 billion expected before the end of 2030 and about $69.8 billion due within the next twelve months. Against that it held $95.6 billion of cash and $36.3 billion of short-term investments, or $146.6 billion of liquidity including its credit facility. Trefis notes that about $417 billion of compute was signed in just the first five months of 2026.

What to watch: the roadshow, the price range and the valuation, none of which the filing states. Press reports have cited valuation talk of $1.5 trillion to $2 trillion, which is not in the filing, and Reuters reported a separate Japanese filing to sell up to $3.5 billion of shares in Japan as part of the listing. Slowing sequential growth, the return to a GAAP operating loss and the scale of fixed commitments are the questions the roadshow will have to answer.