Anthropic's amended S-1 shows $17B third-quarter revenue and a $567M operating loss

What the amended filing adds

Anthropic filed an amended registration statement (Form S-1/A) with the US Securities and Exchange Commission on 2 November 2026. It is the first update to the prospectus the company made public on 26 October, and its main addition is a full set of results for the quarter that ended on 30 September 2026. The figures below are taken from the filing as reported by CNBC, Fortune and The Next Web, which agree on each of them.

Revenue for the third quarter was about $16.96 billion. That compares with $11.56 billion in the second quarter of 2026 and $1.38 billion in the third quarter of 2025. Growth from the previous quarter was roughly 47 percent, down from about 144 percent between the first and second quarters. Anthropic swung to an operating loss of $567 million, after reporting operating income of $974 million in the second quarter. The filing attributes the loss mainly to compute bought under short-term commitments, which it says currently costs significantly more than capacity secured under its multi-year agreements.

On its own adjusted measure, the company reports operating income of about $2.46 billion for the quarter, an adjusted operating margin of 15 percent against 19 percent in the second quarter. Total compute and infrastructure purchase commitments stand at about $895.4 billion, and liquidity at 30 September was $146.6 billion, a figure that includes cash, short-term investments and an available credit line. The cover page still leaves the price range and the number of shares blank, and the proposed Nasdaq symbol remains ANT.

A new risk factor about AI-driven research

The amendment also expands the risk factors. According to coverage of the filing by several outlets, Anthropic now says its internal estimates suggest future models may soon meet the AI research and development threshold in its Responsible Scaling Policy, the point at which AI systems could sharply accelerate the pace of AI progress. The company states that it has not designated any current model as exceeding that threshold and that the assessment is ongoing.

The filing reportedly adds that Anthropic has in the past recognised a significant acceleration in its own development only after it had happened, and that it is considering requiring human review and approval for certain research decisions as its models take on more of that work. These are statements of risk in an offering document rather than a technical report, and the filing does not publish the measurements behind them. A figure circulating online that AI already does a quarter of Anthropic's internal research could not be confirmed in the filing or in reputable coverage, so it is left out here.

How the numbers compare with the first filing

The original S-1 covered the six months to 30 June, with $16.3 billion of revenue and an operating loss of $693 million over that half year. A single quarter of almost $17 billion therefore exceeds the whole first half. Investors had heard a similar number earlier: on 14 October, the Financial Times and Bloomberg reported that Anthropic told prospective investors its third-quarter revenue was $16.8 billion. The audited figure in the amendment is slightly higher.

The cost side moved the other way. Fortune reports that compute gross margin fell to 42 percent from 52 percent in the second quarter, and that operating expenses rose to about $17.5 billion. The company's explanation is that demand outgrew the capacity covered by its long-term contracts, forcing it to buy extra compute at spot-like prices. That pattern matters for any company selling model access, because it shows how quickly margins shrink when usage outruns reserved capacity. Fortune also reports that price changes tied to new models and discounts reduced third-quarter revenue by about $600 million.

What to watch next

Under SEC rules, Anthropic must file a further amendment with a price range and share count before it can start marketing the shares. Several outlets report that the roadshow could begin in the week of 9 November with a listing the week after, but Anthropic has not announced dates, and the timing can change. The next amendment will also show how much stock existing holders plan to sell and how much new capital the company intends to raise.

Readers can follow the offering and other large rounds in the AI funding tracker and in the AI business section. Open questions include whether the short-term compute premium eases as new data centre capacity comes online, and whether Anthropic will publish more detail on how it measures AI-driven acceleration of its own research.

Questions people ask

How much revenue did Anthropic make in the third quarter of 2026?

About $16.96 billion in the three months to 30 September 2026, according to its amended S-1 filed on 2 November, up from $11.56 billion in the second quarter.

Was Anthropic profitable in the third quarter?

No. It reported an operating loss of $567 million after operating income of $974 million in the second quarter, mainly because of costly short-term compute purchases. On its own adjusted measure it reports operating income of about $2.46 billion.

When will Anthropic list on Nasdaq?

Not stated. The amendment still leaves the price range and share count blank; the company must file another amendment before marketing the shares under the proposed symbol ANT.

Sources

1. Anthropic, PBC Form S-1/A (US Securities and Exchange Commission, 2 Nov 2026)
2. Anthropic reports $17 billion in Q3 revenue, purchase commitments of $895.4 billion in revised S-1 (CNBC, 2 Nov 2026)
3. Anthropic's growth slowed and costs jumped in the third quarter, updated IPO filing shows (Fortune, 2 Nov 2026)
4. Anthropic's amended IPO filing shows $17bn revenue, $895bn commitments (The Next Web, 2 Nov 2026)
5. Anthropic discloses third quarter financial results ahead of multibillion-dollar IPO (Renaissance Capital, 2 Nov 2026)