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Anthropic reports $17 billion in quarterly revenue and $895.4 billion in commitments ahead of IPO

Prepared by Sintelligent with the help of SI. Published in SI: . Updated: .

Anthropic is growing revenue rapidly, but its future is now tied to hundreds of billions of dollars in compute commitments that it will have to service after going public.

In its amended Form S-1, Anthropic disclosed third-quarter revenue of roughly $17 billion, up about 1,127% year over year and 47% quarter over quarter, following 144% growth in the second quarter and 132% in the first. Its quarterly net loss reached $23.29 billion. Revenue for the first nine months was $33.24 billion, with a net loss of $104 billion, most of it tied to changes in the fair value of convertible notes and derivative liabilities. Purchase and lease commitments reached $895.4 billion, almost entirely for compute and infrastructure. Related expenses rose by $14.4 billion over nine months, up 329% year over year. Released ahead of the IPO roadshow, the filing adds not only rapid growth to the company's profile but also the scale of its long-term obligations to compute providers.

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History

Anthropic IPO

23 events
  1. Anthropic reports $17 billion in quarterly revenue and $895.4 billion in commitments ahead of IPOOpen now
  2. Anthropic's gross margin in its IPO documents is 85%, excluding the cost of training new models
  3. Bloomberg: Anthropic may offer up to 20% of its IPO shares to retail investors
  4. Senator Warren demands answers from Anthropic by November 3 to a long list of questions on risks named in its IPO filing
  5. Anthropic's seven cofounders split shares almost equally and pledged 80% to charity
  6. Banks and Blackstone arrange $63 billion for Broadcom chips for Anthropic
  7. Anthropic prospectus: $417 billion in compute obligations, founder control and political risk
  8. Anthropic files publicly for IPO: Nasdaq, ticker ANT, $16.3 billion in revenue for the half-year
  9. Anthropic draft prospectus: $16.3 billion revenue and $80.7 billion net loss in six months, compute spending of up to $750 billion possible
  10. Investors discuss cutting Anthropic's IPO valuation to $1.5 trillion on slowing revenue growth
  11. Anthropic tells investors third-quarter revenue was $16.8 billion ahead of a possible IPO
  12. Anthropic to disclose third-quarter financial results to investors for the first time on Wednesday
  13. Anthropic IPO filing reveals founders' pay: Dario Amodei received $18 million for 2025
  14. In its IPO prospectus Anthropic warns investors: the US government's stance could hit its commercial customers too
  15. Broadcom and Blackstone are raising $60 billion for chips for Anthropic and other SI companies
  16. Broadcom to lend Anthropic up to $42 billion to rent Google TPU SI chips, according to the IPO prospectus
  17. Anthropic IPO prospectus: 2025 revenue of $4.6 billion, compute spending of $7.3 billion and $518 billion in future commitments
  18. Anthropic's founders want 50.1% of votes before the IPO, following the Palantir model
  19. WSJ: Anthropic moves its IPO from October to November to be able to show its third-quarter report
  20. Reuters: Anthropic is considering releasing a new model before its IPO to answer GPT-6 Astra, despite its own call to slow down
  21. Anthropic posts operating profit for a second straight quarter: revenue $11.5 billion, IPO on Nasdaq
  22. Nvidia may invest up to $10 billion in Anthropic's IPO, the largest offering in history at a valuation of about $2 trillion
  23. Anthropic IPO slips to mid-October, credit line grows to $15 billion