Anthropic revenue up 12x in Q3, commits $895 billion spending

Anthropic disclosed a twelve-fold increase in quarterly revenue while revealing that it intends to spend more than $895 billion in the years ahead, as the artificial intelligence lab courts investors for a potentially-record-breaking IPO.

The Claude chatbot maker reported third-quarter revenue of nearly $17 billion as of Sept. 30, versus $1.4 billion in the same period a year ago, according to a filing on Monday with the US Securities and Exchange Commission.

The company filed on Oct. 26 for an initial public offering that's set to take place before the US Thanksgiving holiday. Anthropic is seeking to meet or exceed the amount SpaceX raised in its $86.2 billion debut, people familiar with the matter have said.


The updated filing highlights Anthropic's soaring ambition, as it seeks to justify surging investment and look past slowing revenue growth at a time when Wall Street is increasingly concerned about the amounts tech companies are tapping from investors to cover AI's costs.

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Substantially all of Anthropic's $895 billion of commitments are related to computing-power costs and infrastructure, the filing shows. Roughly $448 billion of that is expected to be incurred before the end of 2030, though about $70 billion of the commitments are due in the year through September 2027. About $100 billion of commitments have been added since Sept. 30, the filing shows.

Anthropic had a $23.3 billion net loss in the three months through end-September versus a $12.1 billion net loss in the same period last year. The latest third quarter figure includes a $21.9 billion loss related to an adjustment in the fair value of convertible notes and other securities, resulting from the company's enterprise valuation climbing, the filing shows.

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The company's operating expenses jumped to $17.5 billion in the third quarter, a 292% increase from a year prior. It flipped from an operating profit of $974 million in the second quarter - its first after at least five quarters of operating losses - back to a negative $567 million in the three months ended Sept. 30, according to the filing.

The operating loss in the third quarter was primarily driven by $5 billion of computing costs under short-term commitments and $2 billion of non-cash charges related to the company's charitable donation-matching program.

AI pricing pressures have begun to hit Anthropic's revenue. Lower prices on some of its new models, plus contractual discounts for some customers, reduced its revenue growth in the third quarter by about $600 million, the filing shows.

Anthropic has cut prices in newer model rollouts, including Opus 5.5 in September, and its rival OpenAI has also introduced lower-priced models in recent months.

Bloomberg