Anthropic Reports $17 Billion Q3 Revenue Amid $23 Billion Loss Before IPO

Anthropic generated about $17 billion in revenue between July and September, twelve times more than in the same quarter last year. Revenue for the first nine months reached $33.24 billion, up roughly 1,200 percent from the prior year.

The company also reported a net loss of $23.29 billion for the third quarter, compared with $12.1 billion a year earlier. For the first nine months, the net loss totaled $104.04 billion, up from $25.11 billion in the same period of 2025.

“As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased.”

Operating expenses rose 292 percent to $17.5 billion, roughly matching quarterly revenue. Spending on compute and infrastructure climbed by $14.4 billion, or 329 percent, over the nine months.

Anthropic disclosed about $895.4 billion in purchase and lease obligations as of September 30. Nearly all of that sum is tied to compute capacity and infrastructure investments needed to train and run AI models.

The AI maker filed its initial registration statement with the U.S. Securities and Exchange Commission on October 26. It plans to list Class A common stock on Nasdaq under the ticker symbol ANT.

Historical net losses include $1.53 billion in 2023, $8.31 billion in 2024, and $41.97 billion in 2025. Revenue for the first half of 2026 was $16.3 billion with an $80.7 billion net loss.