Anthropic's Revenue Hit $17B in Three Months

Anthropic, the maker of Claude, made almost $17 billion in a single quarter. Its amended IPO prospectus, filed with the US Securities and Exchange Commission on Monday, 2 November, shows revenue of $16.96 billion for the three months to 30 September 2026. That is up 47% from $11.56 billion in the second quarter and up 1,127% from $1.38 billion in the same quarter of 2025.

The update adds the third quarter to the first public filing of 26 October, which ran only to June. It came out on the same day as a separate Japanese filing showing Anthropic plans to sell up to $3.5 billion of its IPO shares to investors in Japan. Reuters, which first reported the new figures, says the listing could be the biggest IPO on record.

A smaller loss, mostly on paper

Anthropic's net loss for the quarter was $23.29 billion, down from $66.31 billion in the second quarter but almost double the $12.14 billion of a year earlier. As in the first half of the year, most of it is not cash leaving the company. The filing books a $21.94 billion charge for the change in fair value of convertible notes, derivative liabilities and SAFEs, instruments whose accounting value rises as the company's valuation rises.

Stripping out those charges, stock-based pay and a $1.96 billion non-cash charitable contribution, Anthropic reports adjusted net income of $3.17 billion for the quarter, up from $2.74 billion in the second. That is the company's own non-GAAP measure. For the nine months to September, it reports adjusted operating income of $4.08 billion, against a $3.13 billion adjusted loss in the same period of 2025.

Related · StartupsAnthropic Will Sell Up to $3.5B of IPO Shares in JapanA Japanese filing shows the Claude maker plans to sell up to ¥552.9bn of shares to investors in Japan as part of its US listing.

Compute is eating the growth

On the standard accounting measure, Anthropic slipped back into an operating loss. It lost $567 million from operations in the third quarter after an operating profit of $974 million in the second. The main reason is computing: compute and infrastructure costs rose 77% in one quarter, from $5.56 billion to $9.86 billion, about 58% of revenue. Sales, marketing and partnership spending reached $2.36 billion.

The bill ahead is much larger. The filing says Anthropic has signed purchase commitments and leases worth about $895.4 billion, almost all for compute and infrastructure, including about $447.5 billion due before the end of 2030. It runs Claude on Google TPUs, Nvidia GPUs and AMD GPUs.

• Revenue, three months to 30 September: $16.96bn (Q2: $11.56bn)
• Net loss: $23.29bn (Q2: $66.31bn)
• Operating result: $567m loss (Q2: $974m profit)
• Compute and infrastructure costs: $9.86bn (Q2: $5.56bn)
• Adjusted net income, company measure: $3.17bn (Q2: $2.74bn)
• Compute and infrastructure commitments: about $895.4bn

Still no price

Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. The price range in the amended prospectus is still blank, so the size of the offering and the valuation are not yet set. Some investors have discussed a valuation of about $1.5 trillion, Reuters has reported.