Key Points

• Anthropic reported updated financials as part of an amended Form S-1 filing with the Securities and Exchange Commission.
• The company said it generated $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from the same period last year.
• Anthropic unveiled its highly anticipated prospectus last week, but the initial filing only included the company's financials through the first half of the year.

Anthropic reported updated financials as part of an amended Form S-1 filing with the Securities and Exchange Commission on Monday, giving investors a more comprehensive look into the state of its business.

The artificial intelligence company said it generated $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from the same period last year. It reported a $104 billion net loss during the period, though most of that was due to the change in fair value of convertible notes and derivative liabilities. Anthropic had a loss of $25.1 billion over the same stretch in 2025.

Anthropic unveiled its highly anticipated prospectus last week, bringing the company one step closer to a potentially historic initial public offering. The initial filing only included the Claude maker's financials through the first half of the year.

During its third quarter, Anthropic generated roughly $17 billion in revenue, up about 1,127% from the same period last year. Revenue growth slowed on a quarter-to-quarter basis, however. Third-quarter revenue increased around 47%, a steep drop from 144% growth in Q2 and 132% in Q1.

The company reported a net loss of $23.29 billion during its third quarter.

As the 5-year-old company prepares to kick off its roadshow, it will have to reckon with growing market jitters around the AI buildout. Wall Street has been worried that rising interest rates will make debt unaffordable for many data center developers and neoclouds, and quarterly reports from Microsoft, Alphabet and Amazon last week added fuel to those concerns.

The hyperscalers' aggressive AI spending is eating into their cash flows, causing some investors to worry that computing capacity may not come online quickly enough to meet Anthropic's demands. Anthropic gets much of its capacity from Amazon, Google and SpaceX, but it also relies on neoclouds for some compute as it races to expand as quickly as possible.

In the amended S-1, Anthropic said it has entered into purchase commitments and lease agreements with an aggregate committed spend of about $895.4 billion, "substantially all of which is related to compute and infrastructure."

Anthropic said its compute and infrastructure expenses increased by $14.4 billion for the nine months ended Sept. 30, up 329% compared with the same period last year.

"As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased," Anthropic said in the filing.

The company's CEO, Dario Amodei, co-founded Anthropic alongside a handful of other researchers who defected from OpenAI, now its chief rival. OpenAI confidentially filed its prospectus with the SEC in June, but its executives have signaled that it's aiming for a 2027 debut.

Anthropic has worked to position itself as more safety-conscious than its competitors, and its S-1 includes more than 90 pages of risk factors. The company highlights risks, including potential political headwinds, its complex infrastructure needs as well as the difficulties that can come from balancing safety and 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," Anthropic's co-founders said in the filing.