Anthropic revenue hits $17 billion ahead of IPO, growth slows

Anthropic's original S-1, released the previous Monday, did not include third-quarter financial results. The updated filing now provides a fuller picture of the company's finances just as it prepares to list its shares. The revenue figure of $17 billion is more than 11 times what it made a year earlier, yet the quarter-over-quarter growth rate of 47% is a marked deceleration from 144% three months earlier.

The filing also details the costs behind that growth. Anthropic took a $5 billion charge because demand for computing hardware was higher than expected, forcing it to buy hardware at a premium on short notice, and a $2 billion charge tied to its non-cash employee donation matching program. Those charges left it with a $536 million operating loss, compared with $974 million in operating income the prior quarter. Adjusted operating income, which excludes stock-based compensation and charitable contributions, rose by $300 million to $2.5 billion. The company's outstanding infrastructure commitments stood at $895.4 billion as of Sept. 30, with leases signed with Google and Broadcom accounting for nearly a third of that sum. Purchase commitments jumped from $55 billion at the end of 2025 to about $314 billion in the third quarter, reflecting plans to both rent more computing capacity and build its own data centers.

The revised filing also notes that Anthropic is considering requiring human review and approval for certain research tasks currently performed automatically by its models, as it believes those models will soon be capable of dramatically accelerating AI development. Anthropic has not yet disclosed the size of its public offering; Bloomberg reported it hopes to at least match the $86.2 billion SpaceX pulled in when it listed shares earlier this year, while Reuters reported it is seeking a valuation of $1.5 trillion to $2 trillion.