Anthropic's amended S-1 shows third-quarter revenue of nearly $17 billion, but compute costs pushed the company back to an operating loss. The filing also lists about $895 billion in compute and infrastructure commitments ahead of a planned Nasdaq listing.
Anthropic reported nearly $17 billion in third-quarter revenue in an amended S-1 filed on Monday. That is a more than $5 billion increase from the prior quarter and roughly 12X year over year.
However, the cost of running Claude grew too. The company swung to a $567 million operating loss in the third quarter, after reporting $974 million in operating income in the second.
Short-term compute drives the loss
Anthropic wrote that the Q3 operating loss was "primarily driven by $5.0 billion of compute under short-term commitments," which it said costs significantly more than comparable multiyear arrangements.
Compute and infrastructure charges rose to $9.9 billion in the third quarter, a 4X increase in one year. Anthropic also booked $2 billion in non-cash charges tied to its donation-matching program.
Separately, Crypto Briefing, citing Reuters, put the net loss at $23.3 billion, down from $66.3 billion in the prior quarter. Sequential revenue growth slowed to 47% in the latest quarter.
Commitments and the planned listing
The company also disclosed about $895 billion in committed spending on compute and infrastructure, nearly half of it expected by the end of 2030.
Anthropic plans to list Class A shares on the Nasdaq under the ticker ANT, and the debut could potentially arrive in the week of November 16, 2026. Early discussion points to a possible valuation between $1.5 trillion and $2 trillion. Anthropic's last private valuation was $965 billion post-money, set in a Series H round in May 2026.
The company has not yet disclosed an IPO price range, number of shares, or the size of the offering.
Sources: Business Insider, Crypto Briefing
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