Anthropic’s Amended S-1 Discloses $17 Billion Quarter and $104 Billion Loss

Anthropic’s amended Form S-1, filed with the U.S. Securities and Exchange Commission on Monday, showed $17.0 billion in revenue for the quarter ended September 30, 2026, up from $11.6 billion in the second quarter, and a $104.0 billion nine-month net loss through September. The nine-month loss was mostly a non-cash charge tied to the rising value of the company’s convertible notes, the filing says.

Anthropic reported a net loss of $23.3 billion for the third quarter, compared with $12.1 billion a year earlier. The company swung to an operating loss of $567 million from a $974 million operating profit in the previous quarter. The company said demand exceeded its long-term capacity, so it spent $5.0 billion on short-term computing during the quarter, and it recorded $2.0 billion in non-cash charges for matching employee share donations.

Within the nine-month net loss, Anthropic recorded a $94.3 billion loss from marking convertible notes, derivative liabilities and SAFEs to market, plus $10.4 billion of other expense mainly from forward share purchase agreements with partners such as Google and Amazon. The company’s operating loss for the nine months was $1.3 billion. Amazon holds $6.2 billion of convertible notes with conversion prices around $2.09 and $5.05 per share; those notes were valued at $130.5 billion on September 30.

The filing also disclosed about $895.4 billion in signed purchase and lease commitments, substantially all for computing and infrastructure. About $447.5 billion of the total falls due before the end of 2030, with roughly $69.8 billion due in the 12 months following September 30. The largest named contracts, each exceeding $100 billion, are with Broadcom, Google, SpaceXAI and Amazon. The company’s cash and short-term investments totaled $131.8 billion as of September 30.

The amended S-1 still leaves the IPO price range and share count blank, and it does not set an offering date. The company has sought a listing on Nasdaq’s Global Select Market under the ticker ANT. Anthropic anticipates that a portion of the shares will be offered to individual investors at the IPO price through retail brokers such as Fidelity, Charles Schwab, Robinhood, SoFi, E*TRADE from Morgan Stanley and Trade-PMR, subject to each broker’s rules. Following the IPO, a trust will elect most board members, and immediately before the offering closes, the seven co-founders’ company will receive one share that carries 50.1 percent voting power on shareholder matters.

Anthropic hopes to match or exceed the $86.2 billion SpaceX raised when it went public, Bloomberg News reported, citing people familiar with the matter. TradingView reported that investors have signaled to bankers a valuation of roughly $1.4 trillion to $1.5 trillion, with $1.75 trillion viewed as possible. The filing itself does not confirm a valuation, share count or price.

Fees from businesses for Claude use rose by $24.2 billion from the same nine months of 2025, and more than 11,900 customers each contributed at least $100,000 over the 12 months ended September 30. Revenue increased 1,127 percent from the year-earlier quarter, while computing and infrastructure costs rose 382 percent, the filing says.