Anthropic's Amended S-1 Shows $17bn Q3 Revenue

Anthropic’s revenue reached $16.96bn in the third quarter of 2026, up 1,127% on a year earlier, according to an amended S-1 registration statement the AI company filed with the US Securities and Exchange Commission on 2 November. The same filing shows an operating loss of $567m for the quarter and a net loss of $23.29bn.

The two loss figures tell different stories. The operating loss is about the cost of running the business: the filing blames short-term compute bought at a premium and a non-cash charity-matching charge. Most of the much larger net loss comes from below the operating line, where Anthropic marks its convertible notes to market. As its valuation rises, so does the accounting charge.

In brief

Anthropic’s amended S-1 shows Q3 revenue of $16,956m, against $11,555m in Q2 and $1,382m a year earlier.
It swung from a $974m operating profit in Q2 to a $567m operating loss, which the filing puts down to $5.0bn of short-term compute and a $2.0bn donation-matching charge.
The $23.3bn net loss is mainly a $21.9bn fair-value charge on convertible notes and similar instruments, which the filing links to a higher enterprise valuation.

What the amended S-1 adds

The EDGAR filing index records the document as Amendment No. 1 to the registration Anthropic first filed on 26 October, when TSN reported its plan to list on Nasdaq as ANT with first-half revenue of $16.3bn. The amended S-1 brings the figures up to 30 September. The price range is still blank, so the size of the offering is not yet known.

Nine-month revenue was $33.24bn and the nine-month net loss $104.04bn, the filing shows. Third-quarter revenue rose about 47% from the second quarter. Before the filing, reports said Anthropic had told investors its quarterly revenue was $16.8bn; the filed number is slightly higher.

The company describes the growth as evidence of “compute efficiency”, saying revenue “grew 1,127% year over year” while compute and infrastructure expenses “grew 382% during the same period”. It also reports more than 11,900 customers paying $100,000 or more over the trailing 12 months, more than 1,900 paying $1m or more, and about 250 paying $10m or more.

From a $567m operating loss to a $23.3bn net loss

The amended S-1 sets out the path from one figure to the other. Starting from the $567m operating loss, Anthropic added $1.25bn of interest income. It then deducted a $21.94bn change in the fair value of convertible notes, derivative liabilities and simple agreements for future equity (SAFEs), and $1.64bn of other expense. That gives a pre-tax loss of $22.90bn. A tax charge of $396m, which the filing attributes to “higher U.S. state income taxes and higher foreign income taxes”, takes it to $23.29bn.

Q3 2026 line ($m)	Amount
Operating loss	(567)
Interest income	1,248
Fair-value change: convertible notes, derivatives, SAFEs	(21,936)
Other income (expense), net	(1,640)
Income tax	(396)
Net loss	(23,291)

Source: Anthropic, PBC, Form S-1/A, 2 November 2026.

The filing says the fair-value changes were “primarily driven by an increase in the fair value of our outstanding convertible promissory notes resulting from an increase in our enterprise valuation”. It adds: “Because these instruments are marked to market, increases in our enterprise valuation drive increases in this expense. We will continue to recognize changes in the fair value of our convertible notes until they are converted into equity, repaid, or otherwise settled.” Over nine months the charge totals $94.3bn.

The $1.64bn of other expense, the filing says, was “primarily driven by the initial fair value recognition and subsequent change in fair value of the assets and liabilities recognized under the partner financing arrangements”.

On the operating side, the filing says the swing from a $974m second-quarter profit was “primarily driven by $5.0 billion of compute under short-term commitments, which currently costs significantly more than comparable compute procured under our multi-year commitments, and $2.0 billion of non-cash charges related to our donation matching program”. Its own adjusted measure rose to $2.5bn from $2.2bn, while adjusted operating margin fell to 15% from 19%.

Why the net loss is mostly a valuation effect

The headline loss is real in accounting terms, but most of it does not describe cash leaving the business. A convertible note is debt that can turn into shares. When the company behind it becomes more valuable, the note is worth more to its holder, and under fair-value accounting the issuer books that increase as an expense. Anthropic’s filing ties the $21.9bn charge directly to “an increase in our enterprise valuation”. In other words, the faster the company’s value rises before the notes convert, the bigger this loss line gets.

That is why the second quarter, with a $974m operating profit, still ended with a $66.3bn net loss, and why the third quarter’s net loss was smaller even though the operating line turned negative. The charge stops only when the notes are “converted into equity, repaid, or otherwise settled”, which the filing links in part to the offering itself.

The operating loss is the more useful figure for judging the business, and the filing presents it as a timing problem: short-term compute bought at higher prices while longer contracts ramp up. Readers can weigh that claim against the company’s own adjusted margin, which fell four points. The other number to keep in view is the commitment book: the filing lists about $895.4bn of committed spend, “substantially all” on compute and infrastructure, with about $69.8bn due in the 12 months after 30 September and $447.5bn before the end of 2030. That scale helps explain financing arrangements such as the $63bn package for Broadcom chips leased to Anthropic and talks over a data centre campus in Alberta.

What comes next for the listing

Anthropic is a Delaware public benefit corporation based in San Francisco, and the filing names the Nasdaq Global Select Market and the symbol ANT. CNBC reported the quarterly figures on the day of filing. Earlier, the Wall Street Journal had reported details of a draft filing showing $16.3bn of half-year revenue, which the public S-1 later matched.

The next amendment to watch is the one that fills in the price range and share count. That will show, for the first time, what valuation Anthropic is asking public investors to accept. It may also show how much of the $21.9bn quarterly charge was simply the cost of getting there.