Anthropic reported third-quarter revenue of $16.96 billion and a net loss of $23.29 billion in an amended S-1 filed with the SEC on Monday, Nov. 2, according to the filing. The filing labels its quarterly and nine-month figures as unaudited. In the second quarter, revenue was $11.56 billion and the net loss was $66.3 billion, Reuters reported. A year earlier, in the third quarter of 2025, the same table shows revenue of $1.38 billion and a net loss of $12.14 billion.
The filing says third-quarter revenue grew 1,127% from the same quarter a year earlier. CNBC reported that revenue growth slowed to about 47% from the second quarter, after 144% growth in that quarter. For the nine months ended Sept. 30, revenue was $33.24 billion, against about $2.5 billion a year earlier, the filing shows, and the net loss was $104.04 billion, against $25.11 billion. CNBC reported that most of the nine-month net loss came from the change in fair value of convertible notes and derivative liabilities.
The filing shows an operating loss of $567 million for the third quarter, against operating income of $974 million in the second. In its discussion of results, Anthropic said the swing was primarily driven by $5.0 billion of compute under short-term commitments, which it said currently costs significantly more than comparable compute under multi-year commitments, and $2.0 billion of non-cash charges related to its donation matching program. The filing also reports Adjusted Operating Income, a non-GAAP measure the company defines, of $2.5 billion for the third quarter against $2.2 billion for the second, with Adjusted Operating Margin of 15% against 19%. The Reuters and CNBC articles reviewed did not report the $5.0 billion figure.
The quarterly table shows most of the net loss is a change in the fair value of convertible notes, derivative liabilities and SAFEs, at $21.94 billion in the third quarter and $59.60 billion in the second. The filing says these instruments are marked to market, so increases in Anthropic’s enterprise valuation drive increases in the expense.
The filing says Anthropic has entered into purchase commitments and lease agreements with an aggregate committed spend of approximately $895.4 billion, as of and after Sept. 30, including short-term commitments and leases not yet commenced, substantially all of it related to compute and infrastructure. About $447.5 billion is expected before Dec. 31, 2030, and about $69.8 billion falls due within 12 months. Reuters tied the commitments to computing deals with partners including Amazon and Google; the filing says a significant portion relates to what it calls Anthropic Direct.
The amendment leaves the offering’s share count and price range blank. Reuters has reported that some current and prospective investors value Anthropic at about $1.5 trillion, down from roughly $2 trillion, after it disclosed financial details at an investor event. The valuation does not appear in the filing.
Anthropic filed its public S-1 on Oct. 26. Related coverage: Anthropic files to sell up to $3.5 billion of shares to Japanese investors as part of its U.S. IPO and What Anthropic’s S-1 is, and why most of its $80.7 billion loss isn’t cash.
Sources
- SEC EDGAR: Anthropic, PBC Amendment No. 1 to Form S-1 (S-1/A), filed November 2, 2026, accession 0001628280-26-068676 (primary; quarterly table, MD&A, prospectus summary and contractual obligations read in full text)
- Reuters via StreetInsider: Anthropic’s quarterly loss shrinks, revenue jumps ahead of blockbuster IPO (November 2, 2026; full Reuters text as published on StreetInsider and Investing.com, read through search-result excerpts because those pages block our fetch)
- CNBC (Ashley Capoot): Anthropic reports $17 billion in Q3 revenue, purchase commitments of $895.4 billion in revised S-1 (November 2, 2026; read in full)
- AI Tech Daily: Anthropic files public S-1 for Nasdaq IPO under ANT, confirms $80.7 billion first-half loss
- AI Tech Daily: Anthropic files to sell up to $3.5 billion of shares to Japanese investors as part of its U.S. IPO
- AI Tech Daily: What Anthropic’s S-1 is, and why most of its $80.7 billion loss isn’t cash