By Hamza Faisal
Anthropic has filed an amended prospectus for its planned initial public offering, and for the first time the document includes the company's third-quarter results. The numbers show a business growing at extraordinary speed — and spending at a scale to match. Revenue reached $16.96 billion in the three months ended September 30, up 1,127 percent from $1.38 billion a year earlier and up 47 percent from $11.56 billion in the second quarter. Over the first nine months of 2026, revenue totalled $33.24 billion, against $2.55 billion in the same period last year.
The amendment, filed with the US Securities and Exchange Commission on Monday, fills in the quarter that was left blank in the public filing a week ago. It still contains no price range for the shares, which Anthropic plans to list on the Nasdaq Global Select Market under the ticker ANT.
A quarter of explosive growth — and a return to losses
Despite the revenue surge, Anthropic swung back to a loss. The net loss for the quarter was $23.29 billion, almost double the $12.1 billion loss recorded a year earlier, though narrower than the $66.3 billion loss of the second quarter. Much of the figure is accounting rather than cash: about $21.9 billion came from changes in the fair value of convertible notes, derivative liabilities and SAFEs, charges that grow as investors value the company higher ahead of the listing.
On an operating basis, Anthropic posted a $567 million loss, compared with an operating profit of nearly $1 billion in the June quarter. The company blamed $5 billion of short-term compute commitments for much of the swing. Compute and infrastructure costs rose 77 percent in three months to $9.86 billion, swallowing 58 cents of every revenue dollar, up from 48 cents in the second quarter. Operating expenses increased 292 percent year over year to $17.5 billion, and adjusted operating margin slipped to about 15 percent from roughly 19 percent.
The $895 billion commitment
The biggest new number in the filing is the size of Anthropic's future spending. As of and since September 30, the company has signed purchase commitments and leases worth about $895.4 billion, substantially all of it for compute and infrastructure, extending through 2045. The original filing left that figure blank, and a confidential draft reported in September had put commitments at $518 billion.
The filing also shows a broadening customer base. About 79 percent of third-quarter revenue came from customers outside its top five, up from about 64 percent in the first quarter, and no single customer accounted for more than 10 percent of revenue over the nine months.
What happens next
Anthropic has not officially announced the date of its public debut, but markets expect it before Thanksgiving, with formal marketing of the offering set to begin as soon as November 9. Goldman Sachs and Morgan Stanley are leading the offering, with 20 other banks participating, and the filing confirms the offering will include public sales in Australia, Canada, parts of the European Economic Area, Japan, Switzerland and the United Kingdom.
The listing is being positioned as one of the largest in history, with Bloomberg reporting Anthropic seeks to match or exceed SpaceX's $86.2 billion debut raise. The amended filing does not include October revenue, leaving no fresh read on whether growth accelerated after the third quarter.
