Anthropic’s revised IPO filing puts third-quarter revenue at about $17 billion, and the quarter-over-quarter growth rate behind it fell to roughly 47%. CNBC reported on 2 November that the company submitted an amended Form S-1 to the SEC that Monday, adding the months the original prospectus left out.
The first filing, unveiled the week before, stopped at the end of June. The new one extends the record to 30 September. For the nine months ended that day, Anthropic reports $33.24 billion in revenue, a rise of roughly 1,200% on last year’s comparable stretch. Third-quarter revenue alone was up about 1,127% year over year.
The sequential numbers tell a different story from the annual ones. Per CNBC’s reading of the filing, revenue grew 132% in the first quarter and 144% in the second, then 47% in the third. Still a large number, but the third-quarter rate is less than a third of the second quarter’s.
Losses are the other headline. Anthropic booked a net loss of $104 billion for the nine months, where 2025 had a $25.1 billion loss. Most of the new figure traces to revaluing convertible notes and derivative liabilities, which makes it an accounting swing rather than cash burned. The third quarter by itself shows a $23.29 billion net loss. The filing’s summary, as CNBC relays it, does not break that quarterly number into its cash and non-cash parts.
The largest number is the one about the future. Anthropic discloses purchase commitments and leases that add up to about $895.4 billion of committed spend. In the filing’s words, “substantially all of which is related to compute and infrastructure.” Compute and infrastructure expenses already rose by $14.4 billion over the nine months, a 329% jump from the prior-year period.
Set side by side, the two figures frame the bet. Anthropic has committed close to 53 times its third-quarter revenue to compute and infrastructure spend (a rough comparison of the filing’s two headline numbers, not a ratio the company states). The filing as CNBC describes it gives no payment schedule, so the pace at which that spend lands is the figure to look for.
The timing is awkward. CNBC notes that Wall Street is already anxious about the AI buildout, with rising interest rates threatening the debt that data center developers and neoclouds rely on. Earnings last week from Microsoft, Alphabet and Amazon, whose heavy AI spending is pressing on their cash flows, sharpened those worries. Anthropic buys most of its computing from Amazon, Google, and SpaceX, and leans on neoclouds for the rest, so any delay in new capacity landing hits its ability to serve demand.
OpenAI, Anthropic’s chief rival, filed its own prospectus confidentially in June, but CNBC reports its executives have pointed to a 2027 debut. That leaves Anthropic as the first of the two to show public-market investors a full set of quarterly numbers.
For anyone sizing Anthropic’s roadshow, the question is no longer whether revenue is huge. It is whether growth that has slowed to 47% a quarter can keep pace with about $895.4 billion of committed compute and infrastructure spend.
Reported by CNBC (Ashley Capoot) on 2 November 2026.
