Anthropic Reports Record Quarter and Declining Profitability Ahead of IPO
November 5, 2026 · 2 min read
Anthropic has filed an amendment to its initial public offering documents with the SEC, revealing financial results for its third quarter.
The company reported revenue of approximately 17 billion USD for the quarter ending September 30. This figure represents an annual increase of 1,127 percent compared to 1.4 billion USD one year prior, and a rise from 11.6 billion USD in the second quarter. However, the quarter over quarter growth of approximately 47 percent is a slowdown from the 144 percent growth seen in the previous quarter. Price competition, including discounts for certain clients and lower rates for new model versions, reduced revenue by approximately 600 million USD during the third quarter.
Anthropic returned to an operating loss of 567 million USD, following an operating profit of approximately 974 million USD in the second quarter. Operating expenses rose to 17.5 billion USD, exceeding total revenue. The company attributed this shift primarily to 5 billion USD spent on short term computing, which is more expensive than multiyear contracts. Additionally, a non monetary charge of approximately 2 billion USD was recorded for an employee matching gift program. Excluding stock based compensation and charitable charges, the company maintained an adjusted operating margin of 15 percent, down from 19 percent in the second quarter.
The company reported a net loss of 23.3 billion USD, which is approximately 65 percent lower than the second quarter loss. This result was largely driven by the revaluation of convertible obligations and other financial instruments linked to the company's increasing value.
Anthropic has committed to spending approximately 895 billion USD, mainly for infrastructure and computing power. About 448 billion USD of this is due by the end of 2030, with approximately 70 billion USD expected over the next twelve months. Approximately 214 billion USD of these commitments are subject to termination rights or specific conditions. As of September 30, the company held 146.6 billion USD in cash. Computing and infrastructure costs accounted for 58 percent of quarterly revenue, up from 48 percent in the previous quarter.
The company intends to list on the Nasdaq under the symbol ANT before the end of November, though the number of shares and price range have not been disclosed.