Anthropic reports $17 billion third-quarter revenue and $895 billion in commitments

Anthropic's amended S-1 on Monday reported third-quarter revenue of about $17 billion, a rise of 1,127 percent from the prior year, according to DatacenterDynamics and SiliconANGLE. Tech Insider reported the filing's precise figure as $16.96 billion. Quarter-over-quarter revenue growth slowed to 47 percent, down from 144 percent in the second quarter and 132 percent in the first quarter.

DatacenterDynamics reported a net loss of $23.29 billion for the third quarter from the filing. SiliconANGLE reported an operating loss of $536 million after including a $5 billion charge for compute hardware bought at a premium because demand exceeded expectations and a $2 billion non-cash employee donation matching charge. Tech Insider put the operating loss at $567 million and said the company attributed it primarily to $5.0 billion of compute under short-term commitments. SiliconANGLE reported adjusted operating income climbed $300 million from the prior quarter to $2.5 billion, excluding stock-based compensation and charitable contributions.

The revised prospectus shows $895.4 billion of infrastructure commitments outstanding on Sept. 30, SiliconANGLE said; DatacenterDynamics and Tech Insider described almost the entire sum as related to computing and data centers. Roughly $70 billion of those commitments come due within a year. SiliconANGLE said purchase commitments rose from $55 billion at the close of 2025 to approximately $314 billion in the third quarter. DatacenterDynamics cited a New York Times report that Anthropic is expected to have more than 3.5 gigawatts of compute this year and a similar amount in 2027. Compute and infrastructure costs hit $14.4 billion for the nine months through Sept. 30, a 329 percent increase from the prior year. Tech Insider reported third-quarter compute and infrastructure charges of $9.9 billion, roughly 58 percent of revenue. Separate reporting describes roughly $417 billion in obligations for data centers, computing equipment and cloud services starting between 2026 and 2027, with terms ranging from less than a year to 20 years.

Compute commitments

The largest counterparties named in the filing include Google at $121.3 billion, SpaceX at $120.5 billion, Amazon at $110 billion, and Microsoft at $44.9 billion, according to DatacenterDynamics. Contracts with Google, Amazon, and Microsoft are largely non-cancelable except for uncured material breaches and require payment whether or not the capacity is used; the SpaceX agreement can be ended with 90 days' notice starting next March. SiliconANGLE reported that leases with Google and Broadcom account for nearly a third of the total and that Amazon, Oracle, and SpaceX each have computing deals worth more than $100 billion. More Google TPU capacity anticipated for 2028 to 2031 could bring $125 billion to $150 billion in further obligations, and it is excluded from the $895 billion figure.

Outside the hyperscalers, Anthropic has a $44.6 billion deal with Nscale until 2033, a $41.3 billion deal with Lambda until 2034, and a $50 billion deal with Fluidstack, plus contracts with TeraWulf and Hut 8. Nscale must attempt to arrange financing for its Nvidia GPUs, and Lambda needs to finalize its facility lease promptly, the filing says. Anthropic also has an AMD hardware supply agreement under which AMD is on track to buy $5 billion in Anthropic shares in stages based on GPU delivery and deployment milestones.

Financing risk and IPO plans

Anthropic wrote in the filing that "Certain of our compute providers and infrastructure partners depend on third-party financing or credit support to acquire chips and develop capacity, and if such financing or support becomes unavailable or more costly, contracted capacity may be delayed, repriced, reduced, or not delivered". The company also said frontier models require "Enormous and increasing quantities of specialized compute". Michael Burry, quoted in a Yahoo Finance report cited by Tech Insider, described the growth as "Slowing".

Anthropic has not disclosed how much it plans to raise in the public offering. Bloomberg reported Anthropic aims to raise at least the $86.2 billion SpaceX pulled in when it listed earlier this year, while Reuters said the company is targeting a valuation of $1.5 trillion to $2 trillion, SiliconANGLE reported. SiliconANGLE also said Alphabet's Gemini 4 Carbon beats Claude Opus 5.5 on several benchmarks. The filing says Anthropic is considering "to require human review and approval of certain" research tasks currently performed automatically by its models and believes its models will soon be capable of "dramatically" accelerating AI development.