The amended prospectus filed on November 2 puts Anthropic losses at $23.3 billion for the third quarter, against nearly $17 billion in revenue. Most of that figure comes from an accounting charge on convertible debt, yet operations also slipped back into the red just weeks before the listing.
Key Takeaways
- The amended S-1 filed on November 2 shows nearly $17 billion in third-quarter revenue, about twelve times the year-earlier level.
- Anthropic losses reached $23.3 billion for the quarter, driven mostly by the revaluation of convertible notes.
- Compute and infrastructure commitments climb to $895.4 billion, up from $780 to $810 billion in the first filing.
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ChatGPTWhere the third-quarter Anthropic losses come from
Anthropic filed an amendment to its S-1 registration with the SEC on November 2, a week after the first public prospectus, which showed $16.3 billion in first-half revenue. This time the document adds the third-quarter accounts.
Quarterly revenue came in at nearly $17 billion, roughly twelve times the figure a year earlier, as The Next Web lays out in its breakdown of the amended filing. Revenue for the first nine months of the year adds up to $33.2 billion, which means the third quarter alone accounts for more than half of it, after $11.6 billion in the second quarter.
The bottom line tells a different story. Anthropic losses came to $23.3 billion for the quarter, compared with $12.1 billion a year earlier, and to $104 billion over the first nine months.
Most of the Anthropic losses come from a non-cash accounting charge. The lab’s convertible notes, held mostly by Amazon, get revalued every quarter as the valuation rises, and their conversion into shares at the IPO should largely wipe out the effect. That makes net loss a poor gauge of day-to-day business, as the October prospectus already showed with an $80.7 billion first-half loss driven by the same convertible debt adjustments.
The growth extends the run we tracked over the summer, when Anthropic revenue hit a $65 billion annualized pace in July.
Operations swing back to a loss
The most closely watched line is operating income, which adds a second layer to the Anthropic losses. In the second quarter, Anthropic posted its first operating profit, about $974 million. In the third, the company reports an operating loss of about $567 million, with operating expenses close to $17.5 billion.
The Decoder points to two items behind the reversal: $5 billion of compute bought on short-term commitments, and $2 billion spent matching employee donations.
Operating costs have now caught up with revenue, a thin balance for a lab whose sales mostly track how heavily customers use its models. Cash flow stayed positive in the first half, with $3.9 billion generated, The Next Web notes.
Investors had been waiting for this quarter, since the Anthropic IPO slipped to November so that third-quarter results would be in the filing. They now have the numbers, operating loss included, and they will price the IPO with that loss on the latest quarter in plain sight.
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$895 billion in commitments ahead of the listing
The filing, which began with a confidential submission to the SEC in June, also pushes commitments higher. Purchase and lease contracts total $895.4 billion, almost all tied to compute and infrastructure, up from $780 to $810 billion in the October prospectus. Those contracts tie Anthropic to Broadcom, Google, Amazon and Microsoft, the suppliers already named in the first filing.
Bloomberg, as cited by The Next Web, places about $448 billion of that before the end of 2030, including close to $70 billion over the next twelve months. Those commitments come to nearly thirteen times annualized revenue, by the outlet’s own math.
For Claude customers, the Anthropic losses matter. Costs that match revenue leave little room for price cuts or higher usage limits, just as OpenAI folds ChatGPT and Codex usage into a single allowance. About 80% of Anthropic revenue comes from usage-based billing on tokens, the October prospectus showed, so every pricing call on Claude flows straight into the top line.
The valuation talk is also coming down as investors weigh the Anthropic losses against the growth. Investors now discuss $1.4 trillion to $1.5 trillion, Bloomberg reports, while the Anthropic IPO was pitched at $2 trillion in late August.
The share sale is also being prepared outside the United States. Anthropic is reportedly seeking up to $3.5 billion from Japanese investors, according to the Nikkei daily, a lead The Decoder also picked up.
The listing is still set for the Nasdaq under the ticker ANT before the end of November, and the deal could raise around $100 billion, according to The New York Times as relayed by The Decoder. For other labs preparing their own IPOs, every quarter Anthropic publishes becomes a benchmark for the cost of compute, and for how much of that cost revenue can actually cover.
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