Anthropic's revenue reached $17.0 billion in the third quarter of 2026, up 1,127% from a year earlier, and its net loss was $23.3 billion, according to an amended IPO prospectus the company filed with the Securities and Exchange Commission at 14:24 UTC on Monday, November 2. The quarter alone brought in more than the $16.3 billion Anthropic reported for the whole first half of the year.
The amendment is the first time Anthropic has filed numbers for the three months to September 30. The S-1 it made public on October 26 stopped at June 30. The new filing also shows the other side of the quarter: growth slowed to 47% from the second quarter, compute costs rose faster than revenue for the first time in more than a year, and Anthropic swung from a $974 million operating profit in the second quarter to a $567 million operating loss.
What the third quarter shows
Revenue was $16.96 billion, against $1.38 billion a year earlier and $11.56 billion in the second quarter, according to the quarterly statements in the filing. For the nine months to September 30, revenue was $33.2 billion, more than seven times the $4.6 billion Anthropic booked in all of 2025, by a SaasBuzz calculation from the same table. At the third quarter's pace, the business brought in about $184 million a day.
Compute and infrastructure, Anthropic's largest cost, was $9.86 billion, up 382% on the year and 77% on the second quarter. That is 58% of revenue, up from 48% in the second quarter, the first quarter since the start of 2025 in which the ratio rose. The filing gives the reason: the quarter included "$5.0 billion of compute under short-term commitments, which currently costs significantly more than comparable compute procured under our multi-year commitments."
The operating loss of $567 million also carries $2.0 billion of non-cash charges from Anthropic's donation matching program, under which employees pledge part of their equity to charity and the company matches with shares. Excluding those charges and stock-based compensation, Anthropic reports adjusted operating income of $2.5 billion, up from $2.2 billion in the second quarter. That is a non-GAAP measure, which the company defines as operating loss excluding stock-based compensation, non-cash charitable contributions and the Bartz copyright settlement. The adjusted operating margin fell to 15% from 19%.
The $23.3 billion net loss is mostly an accounting charge. A $21.9 billion loss on the change in fair value of Anthropic's convertible notes, derivative liabilities and SAFEs, which the filing ties to increases in the company's valuation, makes up 94% of it. Without that line the quarter's net loss would have been about $1.4 billion, by a SaasBuzz calculation. For the first nine months of the year the net loss was $104.0 billion, $94.3 billion of it from the same fair-value changes, the filing says.
Quarter | Revenue | vs prior | Compute |
|---|---|---|---|
Q3 2025 | $1.38B | +76% | 148% |
Q4 2025 | $2.04B | +48% | 144% |
Q1 2026 | $4.73B | +132% | 72% |
Q2 2026 | $11.56B | +144% | 48% |
Q3 2026 | $16.96B | +47% | 58% |
Source: Anthropic S-1/A, November 2, 2026, quarterly consolidated statements of operations. "vs prior" is revenue growth on the previous quarter and "Compute" is compute and infrastructure expense as a share of revenue, both SaasBuzz calculations.
What changed from the October 26 filing
Besides the quarter, the amendment fills in several blanks the first public S-1 left open:
Commitments. Purchase commitments and leases, including short-term commitments and leases not yet started, now total about $895.4 billion, "substantially all of which is related to compute and infrastructure." The October filing left that figure blank. About $213.8 billion of it is subject to termination rights or to conditions, such as a counterparty securing financing or approvals, that have to be met first.
Backlog. Remaining performance obligations, revenue under contract not yet recognized, were $13.8 billion at September 30, up from $10.8 billion at June 30.
Cash. Cash, cash equivalents and short-term investments were $131.8 billion, almost unchanged from $131.7 billion at June 30. Operating activities brought in $6.6 billion over the nine months.
Losses in the risk factors. The risk factor on net losses now cites $104.0 billion for the nine months, beside losses of $1.5 billion, $8.3 billion and $42.0 billion for 2023, 2024 and 2025.
Still blank: the price range, the number of shares offered and Run-Rate Revenue as of October 31, which the filing defines but does not yet give. The amendment does not put a figure on the Japanese offering reported this morning; like the October filing, it lists Japan among six jurisdictions where shares will be offered, with the stock to be listed only on Nasdaq, as ANT.
Anthropic points to breadth. "No single customer represented more than 10% of our revenue for the nine months ended September 30, 2026," the filing says, and about 79% of third-quarter revenue came from customers outside its top five, up from about 64% in the first quarter. Over half of customers with $100,000 or more of trailing revenue used both Claude Platform and at least one of its own applications in the quarter, against about 30% in the fourth quarter of 2025. Headcount was about 5,300, and the company says Claude wrote over 90% of the contributions to its codebase in September.
What the industry is saying
The gap between the October filing and today was itself a debate. Steve Eisman, the investor known for The Big Short, said on the Prof G Markets podcast on October 28 that the S-1's numbers ran only through the second quarter, and cited reports on the third: "Sequential revenue growth goes from 147% to 45%." The filed figure is 47%, against 144% in the second quarter. Jamin Ball, a partner at Altimeter Capital, argued later that day on X that leaving out a quarter that had closed weeks earlier is routine while the audit is finished.
Post on X by @jaminball
Another Anthropic S-1 myth - “They must be hiding something by not putting Q3 numbers in the S-1!” Q3 not in this draft of the S-1 is completely normal. The quarter closed less than 30 days ago. Takes time for fully audited financials to be ready for the S-1. And for everyone saying “but didn’t they have an investor day where financials were discussed?!” Sure - and I bet those were unaudited and preliminary. Go back and look at any tech company who went public within 30 days of the prior quarter ending. I seriously doubt they had that quarters financials in the first draft of the S-1. No one is hiding numbers, they’re just getting through audits. New listers generally take more time Nothing is being hidden. Cerebras went public in May (Q1 quarter ended in March) without Q1 financials (most recent quarter in final S-1 was the quarter ending December). Figma final S-1 was 7/31/25. The most recent quarter, Q2, ended June 30th. Q2 wasn’t in the S-1. Again, this is normal…
On margins, Gavin Baker, managing partner and chief investment officer of Atreides Management, wrote on the day of the first filing that Anthropic's revenue and margins could rise even as token prices fall, if per-GPU token throughput grows enough to outweigh both the price declines and any rise in GPU prices. The third quarter tests that view: Anthropic says its underlying compute efficiency improved, but the costlier short-term compute pushed the cost ratio back up.
Post on X by @GavinSBaker
Revenue per GPU can increase as token prices decline if per GPU token throughput increases enough. So both Anthropic revenue *and* margins can go up as token prices go down *if* GPU prices go up less than the product of (token price decline * per GPU throughput increase). But I have super enjoyed all the commentary to the contrary!
The skeptics' case rests on the commitments. Ed Zitron, who writes a newsletter and hosts the Better Offline podcast, argued after the first filing that life as a public company with a junk credit rating and hundreds of billions of dollars in commitments will be hard for Anthropic. His post put the non-cancellable commitments at $430 billion; the amendment puts total commitments at about $895.4 billion, of which about $213.8 billion can be terminated or depends on conditions.
Post on X by @edzitron
Joined The Tech Report to talk about Torsten Slok of Apollo saying there’s “no payoff” from AI outside the tech industry, the Anthropic S-1, and how difficult being a public company will be for it with a junk credit rating and $430bn in non-cancellable commitments. https://youtu.be/884dTvxSk4c?si=MELtccYRgIfX6VTw
What it means for buyers and investors
For investors, the quarter cuts both ways. Revenue in one quarter exceeded the whole first half, and adjusted operating income grew 10% on the second quarter. But sequential growth fell by about two thirds, to a rate close to the 48% of the fourth quarter of 2025, and revenue per dollar of compute fell to $1.72 from $2.08, by a SaasBuzz calculation. Whether that is the one-time cost of buying capacity in a hurry, as Anthropic's explanation suggests, or a lasting squeeze is what the next quarters will show.
The commitments put that question in scale. At the third quarter's revenue, $895.4 billion is about 13 years of sales, by a SaasBuzz calculation, though about a quarter of it can still be terminated or depends on conditions being met. For software buyers the signal is steadier: customers are spreading spending across Anthropic's platform and applications, and the company holds more than $131 billion in cash and short-term investments while it pays for capacity.
Anthropic has not set a price range or a date. The next amendment, which would carry them, will show how the market values a company whose revenue grew 1,127% in a year while it still lost $23.3 billion in a quarter.
