Anthropic's amended IPO paperwork reveals soaring Q3 revenue and a stunning compute bill

• Anthropic filed an amended S-1 filing on Monday, giving investors a more recent picture of its financials.
• The update reveals Q3 revenue of nearly $17 billion and an overall operating loss for the period ending September 30.
• The company also disclosed $895 billion in compute and infrastructure commitments.

Anthropic’s revenue is soaring. So is the cost to keep Claude running.

On Monday, the AI company filed an amended version of its S-1, the public filing that discloses its financials ahead of its much-anticipated initial public offering. The company filed the original paperwork last week.

Monday’s amendments include the third-quarter numbers that didn’t make it into the initial filing: Anthropic generated nearly $17 billion in revenue during the period, a more than $5 billion increase from the prior quarter and roughly 12X year over year.

But the compute required to power that growth weighed on the business. Anthropic swung back to a $567 million operating loss in the third quarter, after reporting $974 million in operating income in the second.

Anthropic wrote in the filing that its Q3 operating loss was “primarily driven by $5.0 billion of compute under short-term commitments,” which it said costs significantly more than comparable multiyear arrangements.

The company also disclosed about $895 billion in committed spending on compute and infrastructure — nearly half of it expected by the end of 2030.

Anthropic’s fresh disclosure illustrates the often shifting economics of the AI race. While their increasingly capable AI products are spurring adoption, the frontier labs are also committing to enormous amounts of computing capacity — which can take years to build and come online — in an effort to meet anticipated demand.

Anthropic’s compute and infrastructure charges rose to $9.9 billion in the third quarter. That’s a 4X increase in one year.

Anthropic also reported $2 billion in non-cash charges related to its donation-matching program, where employees can pledge equity awards to charitable causes, and the company matches the pledge with nonvoting Class N shares.

The company has not yet disclosed an IPO price range, number of shares, or the size of the offering.

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