Anthropic reported $16.956 billion in unaudited third-quarter revenue and $895.4 billion in aggregate purchase and lease commitments, as an amendment to its IPO filing detailed the long-term costs of expanding capacity for AI services.
The filing allocates about $447.5 billion of the commitments to periods through 2030, with substantially all of the balance scheduled for 2031 through 2045. Separately, $69.8 billion is due in the 12 months following Sept. 30, 2026. About $213.8 billion is associated with arrangements that have exercisable termination rights or conditions that must be met before they begin.
The total covers purchase agreements and leases, including arrangements entered into after Sept. 30 and leases that have not started. Substantially all of it relates to compute and infrastructure. Anthropic estimates that compute arrangements without fixed dollar commitments could involve another $150 billion to $175 billion in payments over time as capacity is delivered; that estimate is outside the $895.4 billion total.
Anthropic says the investments support research, model development, customer demand and internal use of Claude. Some long-term compute contracts have minimum-purchase or take-or-pay terms, which can require payment even when capacity goes unused. The filing cautions that the spending may not lead to additional revenue or growth.
Revenue was up 1,127% from the same quarter in 2025. Anthropic attributed the increase to model and product releases that expanded usage and adoption. Price reductions on new model versions and contractual discounts cut the quarter-over-quarter revenue increase by about $600 million, the company said. For the first nine months of 2026, consumption-based services brought in $26.3 billion, or 79% of revenue, while subscriptions generated $6.9 billion.
The company recorded a $23.291 billion net loss, compared with $12.138 billion a year earlier. The quarter included a $21.936 billion expense from changes in the fair value of convertible notes, derivative liabilities and SAFEs. The filing said the change primarily reflected higher fair values for convertible promissory notes as Anthropic’s enterprise valuation rose. Its operating loss was $567 million, while adjusted operating income, a non-GAAP measure, was $2.463 billion. EconoTimes previously covered Anthropic’s operating loss and commitment figures.
The filing sets no IPO date or share price. It says the proposed sale would begin as soon as practicable after the registration statement becomes effective.
