Anthropic filed an amended prospectus for its planned stock market listing on November 2, and the new numbers tell two stories at once. Revenue in the third quarter reached $16.96 billion, up from $1.38 billion a year earlier, while the net loss narrowed to $23.29 billion from $66.3 billion in the second quarter. Yet the same filing discloses about $895.4 billion in purchase commitments and lease agreements, nearly all for computing power, stretching far into the 2040s.
The quarter in numbers
Third-quarter revenue of $16.956 billion was up 47 percent from $11.56 billion in the second quarter. That is a smaller step than the 144 percent jump in the second quarter and the 132 percent rise in the first. For the nine months ended September 30, revenue reached $33.242 billion, roughly twelve times the same period of 2025.
The bottom line improved on the surface while staying deeply negative underneath. Anthropic posted a $567 million operating loss, after a $974 million operating profit in the second quarter. It blamed mainly $5.0 billion of higher-cost short-term computing capacity and $2.0 billion of non-cash charges for matching employee donations.
Adjusted operating income, which strips out stock pay, charitable charges and a legal settlement, was $2.463 billion at a 15 percent margin, down from 19 percent a quarter earlier. The net loss needs similar care: the $23.291 billion figure included $21.936 billion of expense from changes in the fair value of convertible notes and related instruments.
Liquidity, at least for the near term, looks ample. At September 30, Anthropic reported $146.6 billion of liquidity: $95.6 billion in cash, $36.3 billion in short-term investments and $14.8 billion available under a revolving credit facility. The company said its resources would cover its needs for at least the next twelve months.
What changed since the first filing
The original prospectus, filed the previous week, covered only the first half of the year. The amendment fills that gap with third-quarter results and a fuller account of the spending behind them. Compute and infrastructure expense rose to $9.863 billion in the quarter, up 382 percent from a year earlier, while total operating expenses reached $17.523 billion.
The filing remains a preliminary prospectus rather than a final offer document. It frames the listing as an offering of Class A common stock without settling the market’s biggest questions. Investors are still waiting for the price range, the share count and the size of the offering, and the amendment adds no October revenue.
The road to the listing has already drawn heavy attention. Anthropic has tapped JPMorgan to help sell the offering to ordinary investors, widening the audience for what could become one of the largest technology listings on record. That retail push, covered in Anthropic’s JPMorgan retail plan, now sits alongside much more detailed numbers for new investors to weigh.
The $895 billion commitment pile
The commitment total is the filing’s most consequential disclosure. About $69.8 billion falls due in the twelve months after September 30, about $447.5 billion is expected before the end of 2030, and substantially all of the remainder falls between 2031 and 2045. Around $213.8 billion is tied to arrangements with termination rights or conditions still to be met.
The commitments show where the money goes. Anthropic commits at least about $121.3 billion to Google between April 2026 and July 2033, at least $110.0 billion to Amazon between May 2026 and April 2036, and at least $44.9 billion to Microsoft between November 2026 and June 2033. Broadcom equipment leases add about $161.2 billion of rent, excluding interest.
Beyond the headline total sit arrangements without fixed commitments, estimated at $150 billion to $175 billion. That includes $125 billion to $150 billion for additional Google computing expected for delivery between 2028 and 2031. Anthropic is also shifting part of its sourcing to a model it calls Anthropic Direct, leasing chips directly for dedicated facilities run on its behalf.
The filing is candid about the mismatch at the heart of the model. Many agreements carry minimum-purchase or take-or-pay obligations regardless of how much capacity Anthropic actually uses. Its revenue, by contrast, is primarily consumption-based and much of it is not under long-term contract, creating the risk of paying for idle capacity.
Our read
Put the two halves together and the investment case sharpens into one question: can revenue keep compounding fast enough to grow into commitments totalling roughly twenty-seven times nine-month revenue? Near-term arithmetic works, with $69.8 billion due next year set against $146.6 billion of liquidity. Long-term arithmetic depends on demand for Claude holding up for two decades.
The valuation debate frames the same tension. Reuters reported that some investors were valuing Anthropic at about $1.5 trillion, down from roughly $2 trillion, after the company disclosed details at an investor event. That markdown, in the $1.475 trillion valuation debate, arrived before these third-quarter numbers, which give both sides fresh ammunition.
The market reaction leaned toward the suppliers rather than the buyer. Amazon shares rose 4 percent and Alphabet rose 2.1 percent on filing day. For the cloud providers, a take-or-pay promise from a fast-growing lab is close to an annuity; for Anthropic, it is a fixed cost in a business whose revenue can still move quarter to quarter.
Why It Matters
This filing matters beyond its listing because it prices the AI infrastructure boom in one auditable document. Anthropic’s commitments rank among the largest disclosed by a private company, and they land as investors ask harder questions about how the industry’s spending will be repaid. If the listing succeeds on these numbers, the spending model gets a powerful endorsement.
Credit scrutiny is part of the story. Expectations of a junk-level rating for Anthropic after the listing, reported last week, show lenders weighing fixed obligations against uncertain revenue. That credit angle, covered in the junk-rating expectation, will matter as much as the equity debate, because future funding depends on debt markets as well as the share price.
Background
Anthropic filed to go public last week, setting up what could be the biggest initial public offering on record, and its first prospectus disclosed a business growing at an extraordinary rate alongside enormous infrastructure spending. The amended filing extends that picture through the third quarter, giving investors their first full look at summer performance before any price range is set.
Source: Reuters report and Unite.AI filing summary
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