Anthropic's Amended S-1 Shows $17 Billion in Third Quarter Revenue and a $23.3 Billion Net Loss

Anthropic on November 2, 2026 filed an amended Form S-1 with the US Securities and Exchange Commission that adds its results for the quarter ended September 30, 2026. The amended prospectus reports $16.96 billion in quarterly revenue and a net loss of $23.29 billion, most of it an accounting charge.

The amendment fills the biggest gap in the S-1 Anthropic made public on October 26, whose financial statements stopped at June 30 and left third quarter revenue blank. It arrives as Anthropic prepares the investor roadshow for a listing that CNBC calls potentially historic, at a time when rising interest rates and heavy hyperscaler spending have unsettled investors in AI companies and funding deals, the outlet reports.

What do Anthropic's third quarter numbers show?

Anthropic's amended S-1 shows revenue of $16.96 billion for the three months ended September 30, 2026, up 1,127% from $1.38 billion a year earlier. For the first nine months of 2026, revenue reached $33.24 billion, against $2.55 billion in the same period of 2025.

Growth between quarters slowed. Revenue rose about 47% from the second quarter, after about 144% in the second quarter and 132% in the first, as CNBC calculates from the filing. Anthropic says price cuts that came with new model versions and contractual discounts took about $600 million off third quarter revenue.

Below the revenue line, the quarter swung back to a loss. Total operating expenses were $17.52 billion, leaving an operating loss of $567 million after an operating income of $974 million in the second quarter. The net loss of $23.29 billion includes a $21.94 billion charge for changes in the fair value of convertible notes, derivative liabilities and SAFEs (simple agreements for future equity), which grow as Anthropic's valuation rises. That works out to about 94% of the quarterly loss, by this site's arithmetic.

Why did Anthropic slip back into an operating loss?

Anthropic attributes the third quarter operating loss mainly to $5.0 billion of compute bought under short-term commitments, which it says costs significantly more than compute under its multi-year deals, and to $2.0 billion of non-cash charges for its employee donation matching program.

Compute and infrastructure costs rose to $9.86 billion in the quarter, from $5.56 billion in the second, or 58% of revenue against 48%. Anthropic writes that the extra short-term capacity "reduced revenue per dollar of compute compared to the preceding quarter."

On its own adjusted measure, which leaves out stock based compensation, the non-cash charitable contributions and the $1.5 billion Bartz litigation settlement of 2025, Anthropic earned $2.46 billion in the third quarter, a 15% adjusted operating margin, down from 19% in the second quarter.

How do the filed figures compare with what investors heard in October?

The filed third quarter revenue of $16.96 billion is slightly above the $16.8 billion Anthropic told prospective investors on October 14, 2026, according to people familiar with the matter who spoke to CNBC. The October description of the quarter as profitable on an adjusted basis also holds, but under standard accounting the quarter was an operating loss.

	Reported from the investor meeting	Amended S-1
Third quarter revenue	$16.8 billion (CNBC)	$16,956 million
Third quarter profitability	Profitable on an adjusted basis (CNBC)	$2,463 million adjusted operating income; $567 million operating loss
Adjusted operating margin, January to September	11% (The Information via The Decoder)	12%
Revenue per dollar of compute, third quarter	$1.70 (Financial Times via CNBC)	About $1.72, by this site's arithmetic from revenue and compute costs

The same arithmetic gives about $2.08 of revenue per compute dollar in the second quarter, which matches Anthropic's own statement that the ratio fell in the third.

How much has Anthropic committed to spend?

Anthropic says that as of and after September 30, 2026 it has signed purchase commitments and leases worth about $895.4 billion in total, substantially all for compute and infrastructure. The October 26 filing left that total blank.

About $447.5 billion is expected to be spent before the end of 2030 and most of the rest between 2031 and 2045, according to the filing, with about $69.8 billion due in the 12 months after September 30. That near term amount is about twice the $33.24 billion Anthropic booked in revenue in the first nine months of 2026, by this site's arithmetic. About $213.8 billion of the commitments can be terminated or depend on conditions such as a partner securing financing, facilities or regulatory approval. After September 30, Anthropic also signed new or amended compute deals with about $100 billion in future minimum payments, the filing's subsequent events note says.

A significant portion goes to what Anthropic calls Anthropic Direct, leasing chips and hosting them in dedicated facilities. It plans to pay from revenue and new capital, and lists $146.6 billion in liquidity as of September 30, including $95.6 billion in cash and cash equivalents.

What else changed in the amended filing?

The amendment adds a risk factor sentence that was not in the October 26 version: Anthropic writes that its internal estimates and expectations for future models indicate it "may imminently meet" the threshold in its Responsible Scaling Policy for "dramatically accelerated progress attributable to AI."

We have not designated any of our current models as exceeding this threshold, and we continue to assess the underlying data.

Anthropic adds that its precautions have included delaying models and limiting their initial availability, as with Mythos through Project Glasswing, and that future measures could slow it relative to competitors.

What we don't know yet

• The price range, share count, listing date and valuation, which the amended filing still leaves blank.
• Anthropic's Run-Rate Revenue as of October 31, 2026, also left blank in the filing.
• How long Anthropic will keep paying for costly short-term compute before its long-term capacity comes online.
• Whether Anthropic will declare that a model has reached its Responsible Scaling Policy's accelerated progress threshold, and what restrictions would follow.