Anthropic filled in the blanks in its IPO paperwork on Monday, and the new numbers show a company growing at a pace few businesses ever reach — and spending almost as fast to keep up. In an amended Form S-1 filed with the Securities and Exchange Commission on November 2, the Claude maker reported revenue of 17 billion dollars for the three months ended September 30, up 1,127 percent from a year earlier. For the first nine months of 2026, revenue reached 33.24 billion dollars.
The amendment arrives a week after Anthropic first published its S-1 on October 26, becoming the first frontier AI lab to seek a public listing. The company used the filing to make a bold claim about that growth, saying Claude has experienced "the fastest enterprise adoption of any technology in history" since its launch in the first quarter of 2023. Sequential growth did slow, however: revenue rose about 47 percent from the second quarter, after much larger quarter-to-quarter jumps earlier in the year.
Growth came with a swing back into the red on an operating basis. Anthropic posted an operating loss of 567 million dollars in the third quarter, after reporting an operating profit of 974 million dollars in the second quarter. The filing points to two main causes. One is 5 billion dollars of computing capacity bought under short-term commitments, which Anthropic says costs significantly more than capacity secured under its multiyear deals. The other is about 2 billion dollars in non-cash charges tied to an employee donation matching program. Computing and infrastructure costs climbed to about 58 percent of revenue in the quarter, up from 48 percent in the second quarter.
The headline net loss looks far worse, at 23.3 billion dollars for the quarter and 104 billion dollars for the first nine months. Most of that, however, is not cash leaving the company. It mainly reflects non-cash accounting charges tied to changes in the fair value of convertible notes and derivative liabilities from Anthropic's fundraising — charges that grow on paper as the company's own value rises.
The most eye-catching figure may be what Anthropic has promised to spend next. As of September 30, the company had entered into purchase commitments and lease agreements totaling about 895.4 billion dollars, almost all of it related to compute and infrastructure. About 447.5 billion dollars of that is due before the end of 2030, with the rest running through 2045, and about 69.8 billion dollars due in the 12 months after September 30. Anthropic secures its computing power through contracts with Amazon, Google parent Alphabet, Microsoft and SpaceX, among others.
For all the detail, the amendment still leaves the biggest questions unanswered. Anthropic again did not state the size, price range or valuation of the offering. The shares are expected to trade on the Nasdaq under the ticker ANT, with the debut expected later this month. Bloomberg has reported that backers' hopes for a valuation near 2 trillion dollars have likely shifted to about 1.5 trillion dollars, and multiple reports on Monday said Anthropic is looking to raise 3.5 billion dollars from investors in Japan as part of the offering.
That makes the listing a major test of how much AI risk public investors still want. Hyperscaler stocks fell in October as concerns grew over industry spending, and rival OpenAI reportedly cut its funding target last week. Anthropic's answer, in its own filing, is that enterprise demand is real and accelerating — but so is the bill for the machines behind it.