Anthropic submitted a revised registration statement to the Securities and Exchange Commission on Monday, adding third-quarter results to its IPO filing. CNBC reported that the company generated roughly $17 billion in revenue for the three months ended Sept. 30, an increase of about 1,127% compared with the year-earlier quarter. Shattered put the exact third-quarter revenue at $16.96 billion. The filing shows nine-month revenue of $33.24 billion, up roughly 1,200% from the prior-year period.
The company reported a $104 billion net loss for the nine months ended Sept. 30, compared with a $25.1 billion loss in the comparable 2025 period. CNBC said most of that loss was caused by shifts in the fair value of convertible notes and derivative liabilities rather than day-to-day business. For the third quarter, Anthropic's net loss was $23.29 billion, down from a $66.3 billion net loss in the second quarter, according to Shattered.
Shattered reported that the operating line swung from a $974 million profit in the second quarter to a $567 million loss in the third quarter. That $1.54 billion swing occurred even as revenue rose by $5.4 billion from the second quarter to the third quarter, meaning costs grew faster than the added revenue could cover. Shattered calculated that the net loss for each dollar of revenue declined from $5.74 in the second quarter to $1.37 in the third quarter.
Revenue growth slowed from earlier quarters. CNBC reported third-quarter revenue increased about 47% from the second quarter, compared with 144% sequential growth in Q2 and 132% in Q1. Shattered calculated the second-to-third-quarter increase at 46.7% and noted that third-quarter revenue alone accounted for about 51% of the nine-month total.
According to CNBC, the amended filing shows total purchase commitments and lease agreements of roughly $895.4 billion, with the filing stating that "substantially all of which is related to compute and infrastructure." The company also said compute and infrastructure expenses rose $14.4 billion in the first nine months of the year, up 329% from the same period last year.
"As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased," Anthropic said in the filing, as quoted by CNBC.
Anthropic's IPO timeline remains incomplete. The company made its registration statement public on Oct. 26 and is targeting a Nasdaq listing as early as the week of Nov. 16 under the ticker ANT, according to Demokratis.co.id and earlier reports. The amended filing still does not set a price range, share count, valuation or offering date, Shattered noted.
AI spending concerns hover over the offering. CNBC reported that heavy AI investment by hyperscalers is straining their cash flow, and some investors worry that computing capacity may arrive too slowly to meet Anthropic's requirements. Anthropic obtains much of its capacity from Amazon, Google and SpaceX, and it also uses neoclouds for some compute. CNBC also noted that rising interest rates are making debt more expensive for many data center developers and neoclouds, and last week's earnings from Microsoft, Alphabet and Amazon heightened investor caution.
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Sam Okafor covers capital markets, public listings and corporate finance for Venturist. He writes from filings, earnings releases and published reporting.