Anthropic reported $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from the same period last year, according to an amended Form S-1 filing released Monday. Third-quarter revenue alone reached approximately $17 billion, up about 1,127% year-over-year, though quarterly growth decelerated to 47% compared to 144% in Q2 and 132% in Q1.
The AI company posted a $104 billion net loss for the nine-month period, with most losses stemming from changes in fair value of convertible notes and derivative liabilities. Q3 net loss reached $23.29 billion. Compute and infrastructure expenses rose $14.4 billion for the nine-month stretch, up 329% from the prior year.
Anthropic disclosed $895.4 billion in purchase commitments and lease agreements, with substantially all of that amount tied to compute and infrastructure. The company sources much of its capacity from Amazon, Google, and SpaceX, alongside neocloud providers.
The filing comes as Anthropic prepares its IPO roadshow. CEO Dario Amodei co-founded the company alongside researchers who left OpenAI. Anthropic included more than 90 pages of risk factors in the S-1, highlighting political headwinds, infrastructure complexity, and tensions between safety and commercial goals. "We consider it our personal responsibility to help the world understand these risks, to prevent or mitigate them when they arise from our AI models," co-founders stated in the filing.
Wall Street has grown concerned about rising interest rates straining data center developers and neoclouds, with hyperscaler spending on AI eroding cash flows.