Anthropic Revised IPO Prospectus: Q3 Revenue Up 1127%, Infrastructure Commitments Hit $895.4 Billion

U.S. AI firm Anthropic published its revised IPO prospectus (S-1/A) on November 2, updating financial data for the third quarter of 2026 and disclosing new infrastructure spending commitments. The company reported Q3 revenue of $16.956 billion, a 1127% year-over-year increase, roughly 12.27 times the same period last year. Although GAAP net loss expanded to $23.291 billion, over 90% of this was attributed to non-cash fair value changes in convertible notes and other financial instruments. Excluding these impacts, adjusted operating profit for the first nine months stood at $4.081 billion, with operating cash flow turning positive.

Regarding capital expenditures, Anthropic has signed massive compute procurement and lease agreements. As of September 30, 2026, cumulative committed spending reached approximately $895.4 billion, significantly higher than the previously disclosed plan of at least $518 billion over ten years. About $447.5 billion is expected to be incurred before the end of 2030, with another $69.8 billion due within the next 12 months. This highlights the immense long-term compute cost pressure facing leading AI model companies even as commercialization accelerates.

Additionally, The Wall Street Journal reported on October 26 that Anthropic aims to go public during the week of November 16, potentially raising over $100 billion with an estimated valuation between $1.5 trillion and $2 trillion. The final share count and price range have not yet been disclosed in the prospectus.