An amended S-1 shows $33.24 billion in revenue, a mostly non-cash loss, and about $895.4 billion in compute and lease commitments
Anthropic made $33.24 billion in revenue over the first nine months of 2026. It also lost $104 billion over the same stretch.
Both numbers come from an amended Form S-1 the Claude maker filed with the SEC as of November 2, 2026. The filing is part of its preparations for a potential Nasdaq listing under the ticker ANT. The size of the loss is attention-grabbing, but the cause matters more than the number itself.
A loss that mostly lives on paper
The bulk of the $104 billion net loss is not money that left the building. According to the filing, it mainly reflects non-cash accounting charges tied to the rising fair value of convertible notes and derivative liabilities.
That is exactly what happened here. The fair-value charges on convertible notes came to $72.4 billion in the first half of 2026 and another $23.3 billion in the third quarter. Together, those two figures account for most of the reported loss.
The revenue line is doing something unusual
Strip out the accounting noise and the top line is the real headline. Revenue of $33.24 billion for the nine-month period represents growth of approximately 1,200% year over year.
Third-quarter revenue reached nearly $17 billion, with estimates putting it between $16.96 billion and $17 billion. That works out to roughly 1,127% growth from the same quarter a year earlier and a 47% jump from the second quarter.
The customer data points in the same direction. The company counts more than 11,900 customers that each generate at least $100,000 in trailing twelve-month revenue.
There is a catch on the operating side. Anthropic swung to an operating loss of $567 million in the third quarter after posting an operating profit in the second quarter. So the core business, before the convertible-note charges, slipped back into the red even as sales surged.
The $895.4 billion line item
If the net loss is mostly accounting, the commitments figure is very much about real money. The filing discloses about $895.4 billion in purchase commitments and lease agreements, primarily for compute and infrastructure.
For context, the company has raised around $141 billion in capital to date and holds a considerable cash reserve. Its forward commitments are several times that amount. Anthropic itself has flagged infrastructure costs as a critical variable and warned that it may need additional funding.
How we got here
This amended filing follows Anthropic’s initial S-1 and earlier reports of significant losses in 2025 and the first half of 2026. The listing itself could be one of the largest IPOs ever. Initial discussions among investors have reportedly pointed to a valuation near $1.5 trillion. Nothing about the final pricing or timing has been confirmed, and the IPO remains a potential event rather than a done deal.
What this means
For prospective investors, the filing presents two very different stories in one document. One is a business adding revenue at a pace few companies of any size have matched, with a broad base of high-value customers. The other is a business that has signed up for nearly $900 billion in infrastructure obligations and says outright that it may need more capital.
The non-cash charges deserve careful reading. They will likely keep swinging with the company’s valuation, which means reported net income could look wildly different quarter to quarter without any change in the underlying business. Those who dismiss it entirely may miss that the convertible notes represent future dilution to shareholders.
The more telling metric may be the operating line. A move from operating profit in Q2 to a $567 million operating loss in Q3 shows how quickly compute costs can eat into gains, even with revenue up 47% in a quarter.
What to watch next: any further amendments to the S-1, the final IPO pricing and timing, and how Anthropic describes its funding plans for those compute commitments.
