# Anthropic's IPO filing shows $17.0 billion Q3 revenue, $104 billion loss

Anthropic's Nov. 2 amendment adds Q3 results: revenue up 12-fold from a year earlier, a $567 million operating loss and $895.4 billion in compute commitments.

By The Signal Edition Newsroom | Startups and venture / IPOs
Published: 2026-11-03T10:50:00Z
Updated: 2026-11-03T10:50:00Z
Canonical: https://thesignaledition.com/article/anthropic-s1-amendment-q3-revenue-17-billion-ant3x7
Image: https://thesignaledition.com/media/28bac214dc5a3d51c12ddc89af16c982.jpg (Anthropic co-founder and CEO Dario Amodei speaking on stage at TechCrunch Disrupt in 2023; credit: TechCrunch / Wikimedia Commons (CC BY 2.0))

## Key points
- Anthropic reported revenue of $17.0 billion ($16,956 million) for the quarter ended Sept. 30, 2026, up from $1.4 billion a year earlier, in an S-1/A filed with the SEC on Nov. 2, 2026.
- The company posted a $567 million operating loss in the quarter, but an adjusted operating income of $2.5 billion, a 15% margin on its own non-GAAP measure.
- Net loss for the first nine months of 2026 was $104.0 billion, of which $94.3 billion came from changes in the fair value of convertible notes, derivatives and SAFEs.
- The filing lists about $895.4 billion of committed spend, substantially all for compute and infrastructure, and leaves the IPO price range and share count blank.

## What Anthropic reported for the third quarter

Anthropic, PBC reported revenue of $17.0 billion for the three months ended Sept. 30, 2026, in Amendment No. 1 to its Form S-1 filed with the Securities and Exchange Commission on Nov. 2, 2026. The quarterly table in the filing shows $16,956 million, against $1,382 million in the third quarter of 2025 and $11,555 million in the second quarter of 2026. [1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm)

Those figures put third-quarter revenue about 12.3 times the year-earlier level (the filing describes the increase as 1,127%) and about 47% above the second quarter (16,956 divided by 11,555). For the first nine months of 2026, revenue was $33,242 million, compared with $2,545 million in the same period of 2025. [1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm)

The company had told investors the number in advance. The Financial Times reported on Oct. 14 and 15 that Anthropic said third-quarter revenue reached $16.8 billion, a figure Reuters and Bloomberg also reported, according to The Next Web. The filed number is about $156 million higher than that earlier figure. [3](https://thenextweb.com/news/anthropic-q3-revenue-16-8bn-ipo)

## Operating loss, adjusted profit and the $104 billion net loss

The filing reports an operating loss of $567 million for the third quarter, a margin of negative 3%, compared with a $3.1 billion operating loss and a negative 224% margin a year earlier. Anthropic also reports Adjusted Operating Income of $2.5 billion, a 15% Adjusted Operating Margin, against an adjusted loss of $1.3 billion a year earlier. Adjusted Operating Income is a non-GAAP measure the company defines in the filing; it excludes items such as stock-based compensation and non-cash charitable contributions. [1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm)

For the nine months to Sept. 30, 2026, the operating loss was $1,260 million, down from $5,224 million a year earlier. Net loss was $104,039 million, up from $25,107 million. A $94,324 million charge for the change in fair value of convertible notes, derivative liabilities and SAFEs accounts for about 91% of it (94,324 divided by 104,039). The filing says that charge was primarily driven by increases in the company's enterprise valuation. [1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm)

Net cash provided by operating activities was $6.6 billion for the nine months, compared with $2.0 billion used in the same period of 2025, the filing says. Compute and infrastructure expenses were $18,808 million for the nine months. Anthropic warns that it expects operating margin and Adjusted Operating Margin to compress as more compute comes online and as it buys short-term compute that costs significantly more than long-term contracts. [1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm)

## Compute commitments and customer growth

The amendment states an aggregate committed spend of about $895.4 billion on purchase commitments and leases, substantially all for compute and infrastructure. About $447.5 billion of that is expected before Dec. 31, 2030, and about $69.8 billion falls due in the 12 months after Sept. 30, 2026, according to the filing. Stock Titan reported that the October filing left the total blank and that the new filing raises the figure for Google, which is one of the named suppliers. [1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm) [2](https://www.stocktitan.net/articles/anthropic-ipo-amended-s1-2026-guide)

The filing counts more than 11,900 customers with at least $100,000 of trailing-twelve-month revenue, up from more than 950 a year earlier. It also lists more than 1,900 customers above $1 million and about 250 above $10 million, and puts net revenue retention at about 900% as of Sept. 30. Revenue grew 1,127% year on year in the quarter while compute and infrastructure expenses grew 382%, the filing says. [1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm)

## What the filing still leaves open

The prospectus still has blank fields for the share count, the price range and the date. It lists the Nasdaq Global Select Market and the ticker ANT. The amendment adds a retail allocation through Charles Schwab, Fidelity, Robinhood, SoFi, Trade-PMR and E*TRADE from Morgan Stanley, which will act as selling group members. [1](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm) [2](https://www.stocktitan.net/articles/anthropic-ipo-amended-s1-2026-guide)

Anthropic first filed publicly on Oct. 26, 2026, a filing The Signal Edition covered at the time. Bloomberg reported on Oct. 15 that formal marketing could begin the week of Nov. 9, with trading before Thanksgiving, and said plans could change, according to The Next Web. Anthropic has not announced a date. The next filing to watch is a further amendment that sets the price range and share count. [3](https://thenextweb.com/news/anthropic-q3-revenue-16-8bn-ipo)

## Sources
1. [U.S. Securities and Exchange Commission (EDGAR): Anthropic, PBC Amendment No. 1 to Form S-1 (accession 0001628280-26-068676)](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm) (2026-11-02)
2. [Stock Titan: Anthropic IPO Filing Updated With New Results as Claude's Maker Heads to Nasdaq](https://www.stocktitan.net/articles/anthropic-ipo-amended-s1-2026-guide) (2026-11-02)
3. [The Next Web: Anthropic tells investors Q3 revenue reached $16.8bn, FT reports](https://thenextweb.com/news/anthropic-q3-revenue-16-8bn-ipo) (2026-10-15)