Anthropic, the publisher of Claude, posted revenue of approximately $17 billion in the third quarter of 2026, according to an updated financial document ahead of its IPO. For the same period, however, the company recorded an operating loss of $567 million, due to high infrastructure costs.
- Anthropic reports revenue of about $17 billion for the third quarter of 2026.
- The company posts an operating loss of $567 million because infrastructure costs are rising sharply.
- Anthropic has about $895 billion in infrastructure commitments and $146.6 billion in available resources.
- The company plans a Nasdaq IPO under the symbol ANT, but the terms are not yet final.
Anthropic updated its filing with the Securities and Exchange Commission (SEC), the U.S. stock market regulator, on November 2, according to Bloomberg. According to this document, revenue reached nearly $17 billion, compared to $1.4 billion in the same quarter of 2025, a twelvefold increase in one year. Compared to the second quarter, when it was $11.6 billion, the increase is 47%. However, this pace marks a slowdown compared to the 144% recorded between the first and second quarters.
Computing costs weigh on results
The revenue growth is accompanied by a sharp rise in expenses. Operating expenses reached $17.5 billion, an amount exceeding revenue, whereas the previous quarter had ended with an operating profit of $974 million. The prospectus attributes this change in particular to the use of short-term purchased computing capacity, i.e., the computing power needed to train and operate the models. These resources accounted for $5 billion in expenses for the quarter and cost more than those covered by multi-year contracts.
A non-cash charge of approximately $2 billion is also related to a matching gift program. Excluding stock-based compensation and charges related to this program, Anthropic reports an adjusted operating margin of 15%, compared to 19% in the second quarter. The net loss reached $23.3 billion, mainly due to the revaluation of convertible bonds, debt securities that can be converted into shares, and other financial instruments whose value changes with that of the company. This amount therefore does not solely reflect losses related to operational activity.
$895 billion in infrastructure commitments
The document reports approximately $895 billion in purchase commitments and lease contracts, almost all of which relate to computing capacity and infrastructure needed for artificial intelligence services. Approximately $448 billion is due to be paid by the end of 2030, and $70 billion is planned over the next twelve months. According to Bloomberg, about $214 billion of these commitments remain subject to conditions or termination options.
As of September 30, 2026, Anthropic had $146.6 billion in available resources, including $131.8 billion in cash and short-term investments and $14.8 billion in available credit lines. Computing and infrastructure expenses accounted for 58% of quarterly revenue, compared to 48% in the previous quarter.
An IPO on the Nasdaq
Anthropic filed its initial IPO registration on October 26, 2026. The company plans to list on the Nasdaq Global Select Market, under the symbol ANT. According to Bloomberg, citing sources close to the matter, Anthropic is considering a fundraising at least equivalent to the $86.2 billion raised by SpaceX during its IPO. Discussions are also said to involve a valuation between $1,400 and $1,500 billion. However, these amounts do not constitute definitive terms of the offering.
