Anthropic's amended S-1 shows $17B Q3 revenue, slower growth and $895B in commitments

Anthropic filed an amended Form S-1 with the Securities and Exchange Commission on Monday, adding third-quarter results to the prospectus it unveiled last week. The original filing included financials only through the first half of the year.

The company reported $33.24 billion in revenue for the nine months ended Sept. 30, up roughly 1,200% from the same period a year earlier. Net loss for the period was $104 billion, though CNBC reports most of that came from changes in the fair value of convertible notes and derivative liabilities. Anthropic lost $25.1 billion over the same stretch in 2025.

Third-quarter revenue was roughly $17 billion, up about 1,127% from a year earlier. Growth slowed sequentially: revenue rose around 47% over the second quarter, compared with 144% growth in Q2 and 132% in Q1. The third-quarter net loss was $23.29 billion.

The filing also says Anthropic has purchase commitments and lease agreements with aggregate committed spend of about $895.4 billion, 'substantially all of which is related to compute and infrastructure.' Compute and infrastructure expenses rose by $14.4 billion in the nine months, up 329%.

The numbers show a company growing very fast while its obligations grow faster. Anthropic gets much of its capacity from Amazon, Google and SpaceX, and also leans on neoclouds. CNBC notes Wall Street is already nervous about rising interest rates and the strain of AI spending on hyperscaler cash flows, which some investors fear could slow the arrival of computing capacity Anthropic needs.

Critics are using the filing to question the offering itself. In Tech Policy Press, Matt Scherer, co-author of a report on the AI bubble bursting, argues the SEC should block the IPO. He points to at least $582 billion in non-cancelable commitments to Amazon, AMD, Broadcom, Google and Microsoft, against $96 billion in cash, and notes that 2026 results have not been formally audited. He also says the commitments could reach a trillion dollars by year-end. These are his opinions, and the piece does not show the SEC is considering such action.

Anthropic frames the risks differently. The S-1 includes more than 90 pages of risk factors, covering political headwinds, complex infrastructure needs and the difficulty of balancing safety and commercial goals. OpenAI, its chief rival, filed confidentially in June but is signaling a 2027 debut.

The next step is the roadshow, where Anthropic will have to address the slowing quarterly growth and the size of its compute commitments with prospective investors.

Also worth watching is whether further compute contracts push commitments higher before the offering, as Scherer expects, and how markets respond to the AI financing concerns raised in the hyperscalers' recent earnings.