Anthropic reported $16.956 billion of revenue for the three months ended September 30, 2026, and $33.242 billion for the nine months ended that date. The figures come from an amended IPO filing submitted on November 2, 2026, which also shows a $23.291 billion net loss for the quarter. The listing itself is still only proposed.
Key takeaways
- Anthropic's amended IPO filing reports about $17 billion of revenue for the third quarter of 2026.
- Most of the $23.29 billion quarterly net loss came from accounting items outside the core business.
- The offering is still proposed, with no share count and no price range set.
What the amended filing says
On November 2, 2026, Anthropic, PBC filed an amended Form S-1 with the US securities regulator, adding third-quarter numbers to the original filing made on October 26. An S-1 is the document a company must publish before selling shares to the public. It contains the accounts, the main contracts and the risks.
The filing is complete, but the share sale is not. Anthropic says it intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT, which is a proposed listing rather than a confirmed one.
Here are the main numbers, each tied to its period. All of them are unaudited.
| Period | Revenue | Operating loss | Net loss |
|---|---|---|---|
| First half 2025 | $1.163bn | $2.135bn | $12.970bn |
| First half 2026 | $16.286bn | $0.693bn | $80.748bn |
| Third quarter 2026 | $16.956bn | $0.567bn | $23.291bn |
| Nine months to 30 Sept 2026 | $33.242bn | $1.260bn | $104.039bn |
Anthropic revenue in 2026, period by period
The growth rate is the part that drew attention. Third-quarter revenue of $16,956 million compares with $1,382 million in the same quarter of 2025, which the filing presents as about 1,127% year-over-year growth. Over the first six months of the year, revenue was $16,286 million against $1,163 million in the first half of 2025.
Two habits help when reading coverage of these numbers. First, a quarterly figure, a half-year figure and a nine-month figure are three different things, so they cannot be swapped around. Second, revenue is what a company actually recorded in a stated period. A run rate is different: it takes a recent month or quarter and multiplies it out across a year. That is a projection, not a result.
Anthropic is paid partly by people who subscribe to Claude. On the official Claude pricing page in November 2026, US individual prices are Pro at $20 a month, or $17 a month with annual billing at $200 upfront, Max at $100 a month and Ultra at $200 a month, before any applicable tax. For how the paid plans compare with the alternative, see our guide to Claude versus ChatGPT.
Why the net loss reached $23.29 billion
The core business almost broke even. In the third quarter of 2026, revenue was $16,956 million and total operating expenses were $17,523 million, leaving an operating loss of $567 million. The largest expense line was compute and infrastructure at $9,863 million, followed by other operating and administrative expense at $3,588 million, sales, marketing and partnerships at $2,361 million and personnel at $1,711 million.
So where did $23 billion go? Mostly into items that sit below the operating line. The company reported $1,248 million of interest income. It reported a $21,936 million fair-value loss on some financing instruments. It also reported $1,640 million of other expense. The company reported a $396 million income-tax provision and a $23,291 million net loss.
Anthropic attributed the quarter's operating loss mainly to $5.0 billion of short-term compute and $2.0 billion of non-cash donation-matching charges, while the fair-value loss was a separate non-operating item that largely explains the gap between the operating loss and the net loss. A net loss of that size is an accounting result. It is not the same as money leaving the bank. Over the nine months to September 30, 2026, net cash provided by operating activities was $6,569 million, net cash used in investing activities was $36,546 million and net cash provided by financing activities was $110,735 million.
The $895.4 billion of computing commitments
The filing also discloses approximately $895.4 billion of aggregate purchase commitments and lease agreements, substantially all related to compute and infrastructure.
That number is not an expense and not a payment. A purchase commitment is a contract to buy something in future years, so it is a bill that may arrive later rather than one already settled. Companies that train and run large AI models sign them because computing capacity has to be reserved in advance. The trade is simple enough to describe: reserved capacity supports growth if demand keeps rising, and it becomes a fixed obligation if demand or pricing changes.
What the filing still leaves open
As of November 2, 2026, the registration statement had not become effective, and Anthropic said the share count and the price range had not been determined. The prospectus gives no calendar date and says the sale would start "as soon as practicable" after the registration statement becomes effective. On November 2, 2026, reports said Anthropic could start trading in the week of November 16, though the company had not confirmed that timing.
The document describes a proposed offering of Class A common stock sold both by Anthropic and by existing shareholders, with the share numbers for each seller still blank. Akka invested in Anthropic, and its investors later sold their shares for 4 times their money, after fees, in 15 months, though past results do not predict future results.
One more number travels with these headlines and should be read carefully. Anthropic's latest company-announced financing valuation is $965 billion post-money, from the $65 billion Series H announced on May 28, 2026. That is a private funding valuation, not a stock-market value. For the wider picture, see our explainer on what the Anthropic S-1 means and when shares could trade.
Frequently asked questions
Is Anthropic profitable?
No. For the third quarter of 2026 it reported an operating loss of $567 million and a net loss of $23,291 million. The quarter also carried a $396 million income-tax provision despite the loss. Across the nine months to September 30, 2026, the operating loss was $1,260 million and the net loss was $104,039 million.
Has Anthropic already paid the $895.4 billion?
No. The figure is the total of purchase commitments and lease agreements disclosed in the filing, substantially all tied to compute and infrastructure. Commitments are promises to spend over future years. They do not appear as a single cost in one period, and they are separate from the operating expenses reported for the quarter.
What is a revenue run rate?
It is an estimate, not a result. A run rate takes revenue from a recent month or quarter and stretches it across twelve months. Anthropic's filing reports recorded revenue for stated periods instead: $16,956 million for the third quarter of 2026 and $33,242 million for the first nine months.
Where can I read the filing itself?
The amended Form S-1 is available on the SEC's EDGAR database. It was filed on November 2, 2026.
Sources
- Anthropic: Anthropic files S-1 registration statement for proposed IPO
- U.S. Securities and Exchange Commission: Anthropic, PBC amended Form S-1
- CNBC: Anthropic S-1 quarter financials
- U.S. Securities and Exchange Commission: Anthropic amended S-1 filing index (November 2, 2026)
- Anthropic: Series H financing announcement (May 28, 2026)
- Anthropic: Claude pricing
Cover photo by Kevin Ache on Unsplash.
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