Behind Anthropic's 1,127% revenue surge - and the computing bill that erased its profit

By William Gavin

Anthropic just filed updated financial paperwork ahead of an IPO that could come by the end of this month

Anthropic could go public this month.

Anthropic on Monday filed an amended version of its IPO paperwork, disclosing third-quarter results that show its growth - and its expanded spending commitments.

The artificial-intelligence lab said it generated $16.95 billion in revenue in the September quarter, up 1,127% from a year before. The majority of Anthropic's revenue came from consumption of tokens, or the data processed by AI models to carry out tasks, while a smaller fraction came from subscription deals with customers.

Anthropic (ANT) reported an operating loss of $567 million for the third quarter, versus operating income of $974 million in the second quarter, according to the new version of its prospectus. The second quarter of 2026, though, was Anthropic's only profitable one out of its past seven.

Anthropic attributed the third-quarter operating loss to short-term agreements for AI computing power totaling $5 billion as well as $2 billion in noncash charges related to a donation-matching program. Spending on computing and other AI infrastructure rose 382% in the third quarter relative to a year before, according to the company.

"The company has demonstrated efficient use of capital, but that will be tested in coming quarters as they move towards direct control of their underlying computing resources," Seaport Research analyst Jay Goldberg wrote in a note to clients last week.

Monday's filing comes as Anthropic gets close to its pre-IPO roadshow, when it will make its pitch to investors considering participation in the initial public offering. The company is expected to kick off that process as soon as next week.

Anthropic is seeking a reported valuation of between $1.5 trillion and $2 trillion in its IPO, which would make it one of the biggest offerings of all time. Just a few months ago, SpaceX (SPCX) toppled the previous IPO record by a sizable margin with a $1.77 trillion valuation.

Experts say that Anthropic's history of losses could turn away certain investors who are skeptical of its valuation.

So far this year, the company has recorded a net loss of $104 billion, largely for accounting reasons, as that loss reflects an increase in the value of its convertible debt as Anthropic's valuation has increased. Anthropic also recorded an operating loss of $1.26 billion across the first nine months of 2026 against revenue of $33.2 billion. More than half of its $34.5 billion of expenses stem from computing and infrastructure costs.

As of Sept. 30, Anthropic had entered into computing and infrastructure agreements with a committed spend of about $895.4 billion, according to its prospectus. Of that, $447.5 billion will be owed before Dec. 31, 2030, including $69.8 billion of payments set to be paid by the end of next September. The rest is to be paid by 2045, Anthropic said.

While a steep commitment, it's not as extreme as some analysts had feared. Harrison Rolfes, an analyst at PitchBook, said in a recent note that his estimated valuation of Anthropic could fall from $1.42 trillion to $1.27 trillion if its spending on AI resources exceeds $600 billion before 2031 and revenue doesn't scale.

"We do not expect our revenue will continue to grow at comparable rates, and we cannot assure you that it will continue to grow at all," Anthropic said in its prospectus after noting sales grew 1,206% on a year-over-year basis for the first nine months of 2026.

-William Gavin

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11-02-26 1122ET