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Anthropic reports $17 billion in Q3 revenue and $895.4 billion in purchase commitments in amended S-1
Anthropic posted $17 billion in Q3 revenue but a $23.29 billion net loss, with $895.4 billion in purchase commitments tied mostly to compute. Q3 revenue growth slowed to 47% from 144% in Q2.
Anthropic generated about $17 billion in revenue in the third quarter and reported a net loss of $23.29 billion, according to an amended Form S-1 filed with the Securities and Exchange Commission on Monday. The filing also disclosed roughly $895.4 billion in purchase commitments and lease agreements, substantially all tied to compute and infrastructure - a figure that shows how much capacity the Claude maker has locked up ahead of its planned IPO roadshow.
For the nine months ended Sept. 30, Anthropic reported $33.24 billion in revenue, up roughly 1,200% from the same period last year. Its net loss for that stretch reached $104 billion, most of it driven by the change in fair value of convertible notes and derivative liabilities. The company lost $25.1 billion over the same nine months in 2025.
Growth is slowing quarter to quarter
Third-quarter revenue rose about 47% from the prior quarter, down sharply from 144% growth in Q2 and 132% in Q1. Year over year, Q3 revenue was up about 1,127%. The deceleration lands as Anthropic prepares to start its roadshow, and as investors weigh whether AI revenue can keep pace with the spending behind it.
Wall Street's concerns have been building. Rising interest rates could make debt unaffordable for data center developers and neoclouds, and last week's quarterly reports from Microsoft, Alphabet and Amazon added to those worries. The hyperscalers' AI spending is eating into their cash flows, raising doubts about whether computing capacity will come online fast enough to meet Anthropic's demands.
Where the compute comes from
Anthropic gets much of its capacity from Amazon, Google and SpaceX, and also relies on neoclouds as it races to expand. Compute and infrastructure expenses rose $14.4 billion for the nine months ended Sept. 30, up 329% from the same period last year.
"As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased," the company said in the filing.
The amended S-1 follows Anthropic's initial prospectus last week, which only covered financials through the first half of the year. CEO Dario Amodei co-founded the five-year-old company with researchers who left OpenAI, now its chief rival. OpenAI confidentially filed its own prospectus in June, but executives have signaled a 2027 debut.
Risk factors run past 90 pages
Anthropic has positioned itself as more safety-conscious than competitors, and its filing reflects that stance. The S-1 includes more than 90 pages of risk factors, covering political headwinds, complex infrastructure needs, and the difficulty of balancing safety with commercial objectives.
"We consider it our personal responsibility to help the world understand these risks, to prevent or mitigate them when they arise from our AI models, and to work with governments and the rest of the industry to address them at a societal level," the co-founders said in the filing.
Why this matters for finance and strategy teams
The $895.4 billion commitment is the number to watch. It's a long-term obligation booked against revenue that, while growing fast, is slowing each quarter. Finance leaders evaluating AI vendors or partners should read Anthropic's filing as a case study in how compute costs scale ahead of revenue - and factor similar commitments into their own infrastructure planning and contract reviews. Teams building AI budgets can find structured guidance in AI Finance Leadership Courses and broader executive programs in AI for Executives Courses.