Anthropic’s revenue has surged twelvefold to nearly $17bn (£13bn), but the AI giant has slipped back into the red as its computing commitments approach $900bn ahead of a potentially record-breaking stock market debut.
The Claude maker revealed the figures in an updated IPO filing on Monday, offering investors a fresh look at its finances just weeks before its expected Nasdaq listing.
Revenue jumped from $1.4bn a year earlier to almost $17bn in the three months to September, although quarterly growth slowed sharply to 47 per cent, compared with 144 per cent in the previous quarter.
The slowdown comes as Anthropic faces growing competition from cheaper AI models and mounting pressure to justify the extraordinary sums being spent on computing infrastructure.
The company reported a $567m operating loss for the quarter, reversing a $974m profit in the previous three months, its first profitable quarter.
Operating expenses climbed 292 per cent year on year to $17.5bn, including $5bn in short-term computing costs after demand exceeded the capacity secured under its existing agreements.
Anthropic’s $900bn computing bill
The updated prospectus revealed that Anthropic has committed approximately $895bn to future spending, almost entirely on computing infrastructure and data centres.
Around $448bn is due by the end of 2030, including roughly $70bn over the next 12 months.
The commitments are almost seven times the firm’s $132bn cash and short-term investment pile, raising concerns about how quickly revenue can catch up with its infrastructure costs.
Its largest agreements include $161bn in equipment leases with Broadcom, $121bn with Google and up to $120.5bn with SpaceX’s AI business.
Meanwhile, price cuts on newer models and discounts offered to customers knocked around $600m off third-quarter revenue.
Anthropic also disclosed that between five and seven per cent of revenue in the first nine months of the year came from customers violating its usage policies or commercial terms, warning that tougher enforcement could weigh on future growth.
Record IPO on the horizon
Anthropic reported a $23.3bn net loss for the quarter, bringing its losses for the first nine months of 2026 to $104bn.
However, the vast majority reflects non-cash accounting adjustments linked to convertible notes and other securities, whose value has risen alongside the company’s valuation.
Revenue for the nine-month period reached $33.2bn, up roughly 1,200 per cent from a year earlier.
Anthropic is preparing to list on the Nasdaq under the ticker ANT, potentially before the US Thanksgiving holiday later this month.
Investors have reportedly discussed a valuation of between $1.4 trillion and $1.5 trillion, although a figure closer to $1.75 trillion could be achievable, according to Bloomberg analysts.
The offering could rival SpaceX’s record $86.2bn flotation, and Goldman Sachs and Morgan Stanley are leading the listing.
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