Anthropic said tighter enforcement could affect growth after customers it identified as using its products in violation of usage policies or commercial terms generated 5% to 7% of revenue in 2026’s first nine months.
The estimate appears in an amended IPO registration statement Anthropic filed Nov. 2 with the U.S. Securities and Exchange Commission. The company said stricter enforcement may affect future revenue and growth, but the timing and size of any effect are uncertain.
Anthropic reported $33.242 billion in revenue for the nine months ended Sept. 30, 2026. Third-quarter revenue was $16.956 billion, up from $11.555 billion in Q2 and $1.382 billion a year earlier. The filing put year-over-year growth at 1,127%, while revenue increased 47% from the prior quarter.
Higher usage partly offset about $600 million in revenue reductions from new model pricing and contractual discounts between the second and third quarters, Anthropic said. The filing did not quantify how much of the revenue associated with customers it identified might be affected by future enforcement.
The filing also reported a $567 million Q3 operating loss after $974 million in operating income in Q2, along with $895.4 billion in purchase and lease commitments, largely tied to compute and infrastructure.
Anthropic said its compute planning can add costs before new capacity supports revenue. It arranges long-term compute capacity 12 to 18 months before it becomes available, and uses more expensive short-term capacity when demand or research needs exceed that supply. The filing said expenses may be recorded before the revenue associated with new capacity is realized.
The 5% to 7% estimate describes revenue associated with customers Anthropic identified; it is not a projection that all of that business will be lost. The company did not specify when stronger enforcement might affect revenue or how large any effect could be.
Anthropic’s prospectus seeks a Nasdaq listing under the symbol ANT but gives no offering price, share count or listing date. The shares cannot be sold until the registration statement becomes effective.
