Anthropic Updates S-1: Q3 Revenue Hits $17 Billion as Operating Losses Widen Ahead of IPO

U.S.-based AI company Anthropic published an updated version of its S-1 registration statement for its upcoming initial public offering on November 2, 2026. The document reveals that the company generated $17 billion in revenue during the three months ended September 30. This figure represents 11.27 times the revenue from the same period a year earlier, but indicates a significant deceleration in growth: the quarter-over-quarter increase was 47%, down from 144% in the previous quarter.

Despite the substantial revenue, Anthropic reported a $536 million operating loss in the third quarter, compared to $974 million in operating income three months earlier. The primary driver of this swing was a $5 billion charge incurred because demand for computing hardware exceeded expectations, forcing the company to purchase equipment at a premium. Additionally, the company took a $2 billion charge related to a non-cash employee donation matching program. Excluding stock-based compensation and charitable contributions, adjusted operating income rose by $300 million quarter-over-quarter to $2.5 billion.

The S-1 also details Anthropic's massive infrastructure commitments. As of September 30, the company had $895.4 billion in outstanding infrastructure commitments. Leases signed with Google LLC and Broadcom Inc. accounted for nearly a third of this sum. Anthropic plans to not only rent more computing capacity but also build its own data centers, with purchase commitments jumping from $55 billion at the end of 2025 to approximately $314 billion in the third quarter.

Anthropic has not yet disclosed how much it plans to raise through its public offering. According to Bloomberg, the company hopes to at least match the $86.2 billion that SpaceX raised when it listed its shares earlier this year. Reuters previously reported that Anthropic is seeking a valuation of $1.5 trillion to $2 trillion.