Anthropic reported updated financials on Monday as part of its amended Form S-1 filing with the Securities and Exchange Commission, giving investors a more comprehensive view of the company’s business.
The artificial intelligence company announced revenue of $33.24 billion for the nine months ended Sept. 30, an increase of about 1,200% from the same period last year. The company reported a net loss of $104 billion in the period, mostly due to changes in the fair value of convertible debt and derivative debt. Anthropic lost $25.1 billion during the same period in 2025.
Anthropic released its long-awaited prospectus last week, moving it one step closer to a historic IPO. The initial filing included only Claudemaker’s financials through the first half of this year.
In the third quarter, Anthropic generated approximately $17 billion in revenue, an increase of approximately 1,127% year-over-year. However, sales growth slowed each quarter. Sales in the third quarter increased approximately 47%, but were down significantly from 144% in the second quarter and 132% in the first quarter.
The company reported a net loss of $23.29 billion in the third quarter.
As the five-year-old company prepares to begin its roadshow, it will need to take into account the growing uncertainty in the market around building AI. Wall Street is concerned that rising interest rates will make debt unaffordable for many data center developers and neoclouds, with quarterly reports showing microsoft, google and Amazon Last week added fuel to those concerns.
Hyperscalers’ aggressive AI spending is eating away at cash flow, and some investors worry that computing power won’t come online fast enough to meet Anthropic’s demand. Anthropic gets much of its capacity from Amazon, Google, and SpaceX, but it also relies on neocloud for some computing as it races to expand as quickly as possible.
Anthropic said in its amended S-1 that it has purchase commitments and lease agreements totaling approximately $895.4 billion, “substantially all of which relate to computing and infrastructure.”
Anthropic announced that its computing and infrastructure spending increased by $14.4 billion in the nine months ended September 30, a 329% increase from the same period last year.
“As our computing and infrastructure capabilities have increased, our associated computing and infrastructure costs have increased,” Anthropic said in the filing.
The company’s CEO, Dario Amodei, co-founded Anthropic with several other researchers who defected from OpenAI, which is now its biggest rival. OpenAI secretly filed a prospectus with the SEC in June, and company executives have indicated they are aiming for a 2027 debut.
Anthropic strives to position itself as a safety-focused company more than its competitors, and its S-1 includes over 90 pages of risk factors. The company highlights risks such as potential political headwinds, complex infrastructure needs, and difficulties that may arise from balancing safety and commercial objectives.
“We believe it is our personal responsibility to help the world understand these risks, prevent or mitigate the risks arising from our AI models, and work with governments and other industries to address them at a societal level,” Anthropic’s co-founders said in a filing.
