Anthropic's amended S-1 shows $17 billion Q3 revenue and $895 billion commitments

All figures are from Anthropic's amended registration statement (Form S-1/A) filed with the SEC on Nov 2, 2026, and cover the quarter ended Sep 30, 2026, unless stated otherwise. Figures marked as our math are our own calculations.

Anthropic's amended IPO filing puts numbers on how fast Claude has grown. The S-1/A, filed Nov 2 after the public S-1 on Oct 26, reports revenue of $17.0B for the three months ended Sep 30, 2026, up 1,127% from $1.4B a year earlier. Revenue was $11.6B in the June quarter, so sales rose about 47% in three months (our math). For the first nine months of 2026, revenue was $33.2B, against $2.5B a year earlier.

The filing also shows how much compute that growth has locked in. Anthropic says it has purchase commitments and lease agreements, including leases that haven't started yet, with aggregate committed spend of approximately $895.4B, "substantially all of which is related to compute and infrastructure." About $447.5B is expected before the end of 2030 and most of the rest between 2031 and 2045. About $69.8B is due in the 12 months after Sep 30. A significant portion relates to Anthropic Direct, the company's program to lease and host its own data center capacity instead of renting all of it from cloud providers.

Spending kept pace with sales. Compute and infrastructure expenses were $9.9B in the quarter, and total operating expenses were $17.5B, leaving an operating loss of $567M after operating income of $974M in the June quarter. The net loss was much larger, at $23.3B, mostly because of a $21.9B charge for the change in fair value of convertible notes, derivatives and SAFEs. The filing says those changes were driven primarily by a higher fair value for its outstanding convertible notes as its enterprise valuation rose. It's a non-cash charge, not money spent running the business.

Anthropic had $95.6B of cash and $36.3B of short-term investments at Sep 30, and says it has raised $141.1B of capital in total. It counts more than 1,900 customers paying $1M or more a year and about 250 paying $10M or more, both on a trailing 12-month basis.

The company plans to list Class A shares on the Nasdaq Global Select Market under the symbol "ANT", with Goldman Sachs and Morgan Stanley leading the underwriting group. The amended filing still leaves the price range blank, so the size and valuation of the offering aren't set yet.

Our explainer on Anthropic's IPO filing covers how the process got here and what an S-1 is. For a sense of what that compute costs, see what it costs to rent an H100, H200, B200 or B300, and how to read a 10-Q walks through the statements a filing like this one contains.