Disclosure: BreezyScroll uses Anthropic’s Claude to help draft articles.
Anthropic’s IPO filing now runs through September. An amended S-1 filed Monday, Nov. 2, shows $16.96 billion in third-quarter revenue and a $104.0 billion net loss for the first nine months of 2026.
The new numbers matter because the first filing on Oct. 26 stopped at June 30. Investors now see the quarter right before the company’s planned Nasdaq listing as “ANT.” Depending on which line you read, Anthropic posted a record quarter, a nine-figure operating loss or a multibillion-dollar adjusted profit. All three are in the filing.
Revenue rose 47% in a single quarter
Revenue for the three months to Sept. 30 was $16,956 million, up from $11,555 million in the second quarter. That is a 47% jump in three months, by our calculation ($16,956 million divided by $11,555 million). Against the same quarter of 2025, revenue grew 1,127%, the filing says.
Nine-month revenue reached $33.2 billion, compared with $2.5 billion a year earlier. The table shows each quarter since the start of 2025, in millions of dollars, as reported in the S-1/A.
| Quarter | Revenue | Operating income (loss) | Net loss |
|---|---|---|---|
| Q1 2025 | $376 | ($935) | ($6,592) |
| Q2 2025 | $787 | ($1,200) | ($6,377) |
| Q3 2025 | $1,382 | ($3,089) | ($12,138) |
| Q4 2025 | $2,040 | ($2,836) | ($16,858) |
| Q1 2026 | $4,731 | ($1,667) | ($14,439) |
| Q2 2026 | $11,555 | $974 | ($66,309) |
| Q3 2026 | $16,956 | ($567) | ($23,291) |
The customer base grew with it. Anthropic counted more than 11,900 customers paying at least $100,000 a year as of Sept. 30, up from more than 950 a year earlier. About 250 customers paid $10 million or more.
Concentration remains a risk the filing flags. The top five customers supplied about 25% of nine-month revenue, though no single customer reached 10%. Sales through cloud providers’ marketplaces, where companies such as Amazon Web Services bill customers for Anthropic, made up 44%.
Where a $104 billion loss comes from
Most of the loss has nothing to do with running the business. A $94.3 billion line called “change in fair value of convertible notes, derivative liabilities, and SAFEs” accounts for about 91% of it ($94,324 million out of $104,039 million).
The filing says the charge was “primarily driven by” convertible notes that grew more valuable as the company’s valuation rose. Anthropic owes more on paper when it is worth more, so its success shows up as a loss. Another $10.4 billion of other expense came mainly from fair-value accounting on partner financing arrangements.
Strip those out and the operating picture is much smaller. The nine-month operating loss was $1.26 billion, down from $5.2 billion a year earlier.
The third quarter went backward on that measure, though. Anthropic swung from $974 million of operating income in the second quarter to a $567 million operating loss. The filing blames $5.0 billion of short-term compute, which “currently costs significantly more” than capacity bought under multi-year deals. It also cites $2.0 billion of non-cash charges tied to its employee donation-matching program.
What the “adjusted” profit leaves out
Anthropic also reports what it calls Adjusted Operating Income: $4.1 billion for the nine months, a 12% margin. In the third quarter it rose to $2.5 billion from $2.2 billion, while the margin fell to 15% from 19%.
The definition matters. The adjusted figure removes stock-based compensation, which was $3.3 billion for the nine months. It also removes non-cash charitable contributions of $2.1 billion and, in 2025, a $1.5 billion copyright settlement in a class action known as Bartz. Adjusted Net Income, at $5.6 billion, also excludes the $94.3 billion note revaluation and $10.3 billion of mark-to-market changes on certain financial instruments.
Stock pay costs no cash, but it hands employees shares that dilute other owners. The filing lists another $24.1 billion of stock compensation, tied to restricted stock units still vesting, that it expects to expense over about two years.
The cleanest check is cash. Operating activities brought in $6.6 billion in the first nine months of 2026, after using $2.0 billion a year earlier. Unlike the adjusted figures, that number involves no exclusions.
The $895 billion compute bill
Compute and infrastructure cost $9.86 billion in the third quarter, or 58% of revenue, up from 48% in the second quarter. For the nine months it rose 329% to $18.8 billion.
The bigger figure looks ahead. Anthropic has signed purchase commitments and leases with total committed spend of about $895.4 billion, “substantially all” of it for compute and infrastructure. The October filing left that number blank. About $447.5 billion is due before the end of 2030, and most of the rest runs from 2031 to 2045.
Two comparisons put that in scale. The total commitment is about 27 times nine-month revenue ($895.4 billion divided by $33.2 billion).
And $69.8 billion falls due in the 12 months after Sept. 30, slightly more than the third quarter’s revenue multiplied by four ($67.8 billion). That is not a forecast, because the filing warns revenue may not keep growing at this pace.
The balance sheet gives it room. Cash stood at $95.6 billion, with $36.3 billion more in short-term investments, for a total of $131.9 billion. That is almost unchanged from $131.7 billion on June 30, as the money shifted from cash into investments. Debt totaled $6.2 billion, all convertible notes held by Amazon.
Those commitments land in a nervous market. CNBC reported that Wall Street worries rising interest rates will make debt unaffordable for data center developers, and that quarterly reports from Microsoft, Google and Amazon last week added to those concerns. Our explainer on the AI bubble covers what a reversal could look like.
A 5,300-person company with the price still blank
Anthropic had about 5,300 employees on Sept. 30, up from about 940 at the end of 2024. Trailing 12-month revenue per employee topped $6.6 million, against $1.4 million a year earlier.
The share structure hasn’t changed. Public buyers would get one vote per Class A share, while a single founders’ share holds 50.1% of the vote, as our Oct. 26 breakdown of what an ANT share gets you explains.
The cover page still leaves the price range, share count and closing date blank. CNBC reported that Anthropic is preparing to start its roadshow, the investor meetings before a listing, and the next amendment would need to fill in those blanks first.