Anthropic: $17B in a quarter, $23B net loss

Anthropic's amended S-1: about $17B in Q3 revenue, a $23B net loss, $895.4B in commitments.

Anthropic filed an amended Form S-1 with the SEC on Monday with updated financials. The initial filing only included financials through the first half of the year, per CNBC.

According to the filing, as reported by CNBC and The New York Times, Q3 revenue was about $17 billion, 12 times the same quarter last year. CNBC puts year-over-year growth at about 1,127%. Revenue rose around 47% from Q2, down from 144% in Q2 and 132% in Q1. Q3 net loss was $23.29 billion (the NYT summary gives $23 billion).

For the nine months ended Sept. 30, revenue was $33.24 billion and net loss was $104 billion. CNBC says most of that loss was due to the change in fair value of convertible notes and derivative liabilities. The loss over the same stretch in 2025 was $25.1 billion.

Anthropic reports purchase commitments and lease agreements with about $895.4 billion in aggregate committed spend, "substantially all of which is related to compute and infrastructure." Compute and infrastructure expenses rose $14.4 billion over nine months, up 329%.

The facts we checked

According to Anthropic's amended S-1 filing, as reported by CNBC and The New York Times

1. Anthropic filed an amended Form S-1 with the SEC on Monday with updated financials; the initial filing only included financials through the first half of the year.Reported · CNBC
2. Anthropic's third-quarter revenue was about $17 billion, 12 times the same quarter last year.Fact · The New York Times, CNBC
3. CNBC puts Q3 revenue growth year over year at about 1,127%.Figure · CNBC
4. Third-quarter revenue rose around 47% from the prior quarter, down from 144% growth in Q2 and 132% in Q1, so growth slowed quarter to quarter.Reported · CNBC
5. Anthropic reported a Q3 net loss of $23.29 billion (the NYT summary gives $23 billion).Fact · CNBC, The New York Times
6. Revenue for the nine months ended Sept. 30 was $33.24 billion, up roughly 1,200% from the same period last year.Reported · CNBC
7. Net loss for the nine months was $104 billion, though CNBC says most of that was due to the change in fair value of convertible notes and derivative liabilities; the loss over the same stretch in 2025 was $25.1 billion.Reported · CNBC
8. Anthropic said it has purchase commitments and lease agreements with an aggregate committed spend of about $895.4 billion.Figure · CNBC
9. "substantially all of which is related to compute and infrastructure." (Anthropic, amended S-1, describing the $895.4 billion)Quote · CNBC
10. Compute and infrastructure expenses increased by $14.4 billion for the nine months ended Sept. 30, up 329% from the same period last year.Reported · CNBC
11. "As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased." (Anthropic, in the filing)Quote · CNBC

Sources

• The New York TimesAnthropic Reveals $17 Billion in Revenue as I.P.O. Approaches
• CNBCAnthropic reports $17 billion in Q3 revenue, purchase commitments of $895.4 billion in revised S-1
• The New York TimesInside Anthropic’s Hunt for A.I. Computing Power
• The RegisterAnthropic's IPO prospectus is big on promises, short on answers to tough questions