Anthropic revised S-1: Q3 revenue hits $16.96 bn, spending reach $895.4 bn

However, Anthropic reported an operating loss of $567 million in the third quarter, compared with operating income of $974 million in the second quarter. The latest filing gives investors a more detailed picture of the Claude maker's finances as it prepares to go public. Anthropic filed its initial prospectus last week, setting the stage for what could become one of the largest initial public offerings (IPOs) on record.

24 billion in nine-month revenue For the nine months ended September 30, Anthropic reported revenue of $33.24 billion, an increase of about 1,200% from the same period last year, according to CNBC's report on the amended filing. The company recorded a net loss of about $104 billion during the nine-month period, compared with a loss of $25.1 billion in the same period of 2025. CNBC reported that most of the latest nine-month net loss was linked to changes in the fair value of convertible notes and derivative liabilities.

These accounting adjustments can affect reported net income or loss and should be distinguished from the company's operating performance. Enterprise customer base expands Anthropic also reported strong growth in its enterprise customer base as of September 30. The company had more than 11,900 customers generating at least $100,000 in revenue over the previous 12 months. This was up from more than 950 customers in the same category a year earlier.

More than 1,900 customers generated at least $1 million in trailing 12-month revenue, while around 250 generated at least $10 million. Anthropic reported net revenue retention of approximately 900% as of September 30. The metric measures how spending by existing customers changes over time as they expand or reduce their use of the company's products and services. More than 50% of customers generating at least $100,000 in trailing 12-month revenue used both Claude Platform and at least one of Anthropic's own applications during the three months ended September 30.

The figure was around 30% in the three months ended December 31, 2025. Infrastructure costs and commitments rise Anthropic's rapid growth comes with significant spending on computing infrastructure. The company said its compute and infrastructure expenses increased by $14.4 billion for the nine months ended September 30, a rise of 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.

Anthropic also disclosed aggregate spending commitments of approximately $895.4 billion through purchase commitments and lease agreements. "Substantially all" of these commitments are related to compute and infrastructure, the company said. The commitments include arrangements with partners such as Amazon and Alphabet's Google, Reuters reported. Revenue per employee rises Anthropic had approximately 5,300 employees as of September 30.

Its trailing 12-month revenue per employee rose to more than $6.6 million, from $1.4 million a year earlier. The company said its trailing 12-month revenue increased by approximately 1,200% between September 30, 2025 and September 30, 2026, its headcount grew by about 170%. Anthropic also said that more than 90% of contributions to its codebase in September were written by Claude. 475 trillion estimate explained Investors assess Anthropic's IPO prospects The amended prospectus comes as investors assess the scale of Anthropic's business and the cost of building and running advanced AI models.

Some current and prospective investors are valuing the company at around $1.5 trillion, down from approximately $2 trillion, after it disclosed financial details at a recent investor event, Reuters reported. The AI sector faces particular scrutiny because of the large sums required for computing infrastructure, research and talent, as well as questions about whether companies can turn rapid growth into sustainable returns.