Anthropic Updates S-1 With Q3 Financials

Anthropic filed an amended Form S-1 with the U.S. Securities and Exchange Commission on Monday, adding third-quarter financial results to its prospectus. The company reported $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from the same period a year earlier, and a $104 billion net loss. Most of that loss came from changes in the fair value of convertible notes and derivative liabilities; Anthropic reported a $25.1 billion loss over the same nine-month period in 2025.

The revised filing updates a prospectus Anthropic unveiled last week, which had included financials only through the first half of the year. In Q3, revenue was roughly $17 billion, up about 1,127% year over year, while the company reported a $23.29 billion net loss. Revenue growth was 47% quarter over quarter, down from 144% in Q2 and 132% in Q1.

Anthropic disclosed about $895.4 billion in purchase commitments and lease agreements, “substantially all” related to computing and infrastructure. Its compute and infrastructure expenses rose $14.4 billion in the nine months ended Sept. 30, a 329% increase from the year-earlier period. The company said these expenses increased as its computing and infrastructure capacity grew.

As Anthropic prepares for its roadshow, CNBC reports investor concerns about the cost of the AI buildout. Wall Street has worried that higher interest rates could make debt unaffordable for data center developers and neoclouds (cloud providers that build on leased computing capacity). Microsoft, Alphabet and Amazon reported results last week that added to those concerns. Their AI spending is reducing cash flow, while investors have questioned whether computing capacity will come online fast enough to meet Anthropic’s needs. Anthropic obtains much of its capacity from Amazon, Google and SpaceX, and also uses neoclouds.

Anthropic, founded five years ago by CEO Dario Amodei and other researchers who left OpenAI, lists more than 90 pages of risk factors in its S-1. These include possible political headwinds, infrastructure needs, and challenges in balancing safety with commercial goals. Its co-founders said they see it as their responsibility to help the world understand and mitigate risks from their AI models and work with governments and the industry to address them. OpenAI confidentially filed its prospectus with the SEC in June, and executives have indicated it is targeting a 2027 debut.

Anthropic filed an amended Form S-1 with the U.S. Securities and Exchange Commission on Monday, adding third-quarter financial results to its prospectus. The company reported $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from the same period a year earlier, and a $104 billion net loss. Most of that loss came from changes in the fair value of convertible notes and derivative liabilities; Anthropic reported a $25.1 billion loss over the same nine-month period in 2025.

The revised filing updates a prospectus Anthropic unveiled last week, which had included financials only through the first half of the year. In Q3, revenue was roughly $17 billion, up about 1,127% year over year, while the company reported a $23.29 billion net loss. Revenue growth was 47% quarter over quarter, down from 144% in Q2 and 132% in Q1.

Anthropic disclosed about $895.4 billion in purchase commitments and lease agreements, “substantially all” related to computing and infrastructure. Its compute and infrastructure expenses rose $14.4 billion in the nine months ended Sept. 30, a 329% increase from the year-earlier period. The company said these expenses increased as its computing and infrastructure capacity grew.

As Anthropic prepares for its roadshow, CNBC reports investor concerns about the cost of the AI buildout. Wall Street has worried that higher interest rates could make debt unaffordable for data center developers and neoclouds (cloud providers that build on leased computing capacity). Microsoft, Alphabet and Amazon reported results last week that added to those concerns. Their AI spending is reducing cash flow, while investors have questioned whether computing capacity will come online fast enough to meet Anthropic’s needs. Anthropic obtains much of its capacity from Amazon, Google and SpaceX, and also uses neoclouds.

Anthropic, founded five years ago by CEO Dario Amodei and other researchers who left OpenAI, lists more than 90 pages of risk factors in its S-1. These include possible political headwinds, infrastructure needs, and challenges in balancing safety with commercial goals. Its co-founders said they see it as their responsibility to help the world understand and mitigate risks from their AI models and work with governments and the industry to address them. OpenAI confidentially filed its prospectus with the SEC in June, and executives have indicated it is targeting a 2027 debut.