Here's your cut-out-and-keep guide to Anthropic's updated S-1 filing. All in numbers:
$33.24 billion
Revenue for the first nine months of the year, up about 1,200% on the same period in 2025.
Anthropic made $4.6 billion in the whole of last year, so it has already brought in more than seven times that amount.
$17 billion
Third-quarter revenue, more than the $16.3 billion it made in the whole of the first half.
47%
Revenue growth between the second and third quarters, down from 144% in the previous quarter and 132% in the first.
Growth is still rapid, but it is slowing, and that is the trend investors will watch most closely.
$600 million
The amount of revenue lost to price cuts on new model versions and contractual discounts.
It shows Anthropic is under pressure to cut prices as competition between AI developers intensifies.
$567 million
The third-quarter operating loss, after a $974 million operating profit in the second quarter.
The profit lasted just one quarter.
$5 billion
The cost of short-term computing power bought when demand outstripped the capacity Anthropic had booked in advance.
This was the main reason for the loss, and suggests demand is running ahead of supply rather than falling.
$2 billion
Non-cash charges linked to Anthropic's programme matching employee charitable donations.
$2.5 billion
Adjusted operating profit, which strips out items such as share-based pay and charitable contributions.
On this measure, Anthropic is still profitable, although its adjusted margin fell to 15% from 19%.
$23.3 billion
The third-quarter net loss, down from $66.3 billion in the second quarter.
Most of this comes from accounting changes in the value of convertible notes and other financial instruments, not from day-to-day operations.
$895.4 billion
Total spending commitments under purchase agreements and leases, almost all of it for computing and data centres.
This is the first time Anthropic has put a figure on the full bill, which is more than 25 times its revenue so far this year.
$69.8 billion
The amount of those commitments due within 12 months of the end of September.
$132 billion
Cash and short-term investments at the end of September.
That comfortably covers the next year's bills, but the full commitment is almost seven times larger.
$447.5 billion
Commitments due by the end of 2030, with the remainder stretching out to 2045.
$314 billion
Purchase commitments, up from about $55 billion at the end of 2025.
The near-sixfold increase in nine months shows how quickly Anthropic is locking in future capacity.
$161 billion
Equipment leases with Broadcom, the chipmaker, making it Anthropic's largest supplier.
Google ranks second at about $121 billion, followed by SpaceX's AI unit at up to $120.5 billion and Amazon at $110 billion.
$125 billion to $150 billion
Further spending Anthropic expects on Google chips, on top of the $895 billion total.
It also expects to spend more than $20 billion with AMD, another chipmaker.
79%
The share of third-quarter revenue from customers outside its five largest, up from about 64% in the first quarter.
Anthropic is becoming less dependent on a handful of big clients.
5% to 7%
The share of revenue in the first nine months that came from customers breaking its usage policy.
Anthropic stepped up enforcement in August and September and has warned this could reduce future revenue.
$965 billion
Anthropic's valuation in its last private funding round in May.
$2 trillion
The upper end of the valuation discussed for the listing, which is expected on Nasdaq before Thanksgiving on 26 November.
At that level, Anthropic would be valued at about 60 times its revenue for the first nine months of the year.
Sources:
- CNBC: Anthropic reports $17 billion in Q3 revenue
- Fortune: Anthropic's growth slowed and costs jumped
- Reuters via Investing.com: Anthropic's quarterly loss shrinks
- FourWeekMBA: Anthropic's $895B of commitments rival Meta's
- AOL/Yahoo: Anthropic's computing bill near $900 billion
- Northeast Times: $567 million operating loss
- WebProNews: Anthropic slipped back to an operating loss
- Traders Union: Anthropic spending commitments approach $900 billion
- StockHub (Bloomberg summary): Anthropic pursues November listing
