Anthropic's Q3 revenue hits $16.96bn, but it swings to an operating loss, filing shows

Anthropic, PBC booked revenue of $16.96bn in the three months to 30 September 2026, according to an amended registration statement (S-1/A) the SEC accepted at 09:24 US Eastern time on 2 November 2026. That compares with $11,555m in the June quarter and $1,382m a year earlier. Nine-month revenue came to $33,242m, against $2,545m in the same period of 2025. Anthropic credits each quarter's growth to new models and products that lifted usage and adoption. It says lower prices on new model versions and contract discounts offset about $600m of the increase from the June quarter.

Total operating expenses reached $17,523m, up from $10,581m in the June quarter. Compute and infrastructure took 58% of revenue, from 48%, which the filing links to the arrival of more compute, including $5.0bn of compute under short-term commitments that it says currently costs much more than capacity under its multi-year contracts. Other operating and administrative costs more than tripled, mainly on non-cash charges tied to its donation matching programme. Anthropic attributes the $567m operating loss, which followed $974m of operating income in the June quarter, chiefly to that short-term compute and $2.0bn of those charges. On its non-GAAP Adjusted Operating Income measure, which excludes stock-based compensation and the charitable charges, it earned $2,463m, against $2,235m in the June quarter.

Most of the $23,291m third-quarter net loss is a fair-value charge outside operating results. The filing books $21,936m of fair-value changes on its convertible notes, derivative liabilities and SAFEs (simple agreements for future equity), which it says mainly reflect a higher enterprise valuation lifting the value of its convertible notes. Another $1,640m of other expense came largely from fair-value accounting on partner financing deals, the filing says. For the nine months to 30 September 2026, the net loss of $104,039m includes a $94.3bn fair-value change, while the operating loss was $1,260m.

The amendment also fills in a total the October S-1 left blank. Including leases not yet started, Anthropic's purchase commitments and leases made as of and after 30 September 2026 add up to about $895.4bn, "substantially all of which is related to compute and infrastructure", according to the S-1/A. It expects about $447.5bn of that before the end of 2030 and nearly all the rest from 2031 to 2045, with about $69.8bn due within 12 months of 30 September 2026. On that date it held $95.6bn of cash and cash equivalents plus $36.3bn of short-term investments. Operating activities brought in $6.6bn of cash over the nine months.

Several key numbers are still missing. The cover page leaves the estimated offer price range empty, and the share counts for Anthropic and its selling stockholders are blank, so the filing gives no offering size, date or valuation. The prospectus defines a Run-Rate Revenue metric but leaves its value as of 31 October 2026 blank. Anthropic has applied for a listing of its Class A shares on the Nasdaq Global Select Market, as ANT.