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Anthropic reported a sharp increase in revenue in the third quarter, while its latest regulatory filing revealed substantial losses and nearly $895.4 billion in purchase and lease commitments, largely linked to artificial intelligence computing infrastructure.
The company behind the Claude AI platform generated nearly $17 billion in revenue in the three months ended September 30, representing a twelve-fold increase from the same period last year, according to an amended Form S-1 filing with the US Securities and Exchange Commission on Monday.
However, Anthropic’s net loss widened to $23.3 billion in the quarter, compared with $12.1 billion a year earlier.
Operating expenses increased 292% year over year to $17.5 billion.
The updated financial disclosures provide investors with a more comprehensive view of the company’s business ahead of its planned initial public offering, which could become one of the largest stock market debuts on record.
Anthropic reveals $895 billion in spending commitments
The filing showed that Anthropic has approximately $895.4 billion in purchase commitments and lease agreements, substantially all of which relate to computing and infrastructure.
Around $448 billion of these commitments are expected to be incurred before the end of 2030.
Approximately $70 billion is due in the 12 months through September 2027.
The spending commitments highlight the scale of investment required to develop advanced AI models and secure the computing capacity needed to operate them.
Anthropic’s financial results also showed the gap between its rapidly expanding revenue and the costs associated with its growth.
For the nine months ended September 30, the company reported revenue of $33.24 billion, up approximately 1,200% from the same period in 2025.
However, its net loss for the nine-month period reached $104 billion, compared with $25.1 billion in the corresponding period a year earlier.
The figures come amid growing investor scrutiny of the capital required to develop AI technology and the potential returns from those investments.
Anthropic IPO could target record-breaking fundraising
Anthropic filed for an IPO on October 26, with the listing expected to take place before the US Thanksgiving holiday.
The company is seeking to match or exceed the $86.2 billion raised by SpaceX in its market debut, Bloomberg News reported, citing people familiar with the matter.
Investors have reportedly indicated to bankers that they see Anthropic’s fair valuation at around $1.4 trillion to $1.5 trillion, although a valuation closer to $1.75 trillion could be achievable.
Goldman Sachs and Morgan Stanley are leading the offering, with 20 other banks participating, according to the filing. Anthropic plans to list on the Nasdaq Global Select Market under the ticker symbol ANT.
The IPO will involve the sale of shares by Anthropic and some of its existing investors.
It would mark the first public listing by a company primarily focused on developing advanced AI models.
AI fundraising accelerates as rivals seek capital
Anthropic’s planned listing comes as major technology companies and AI developers seek substantial amounts of capital to finance infrastructure and model development.
Meta Platforms began a plan to raise as much as $98 billion in equity on October 26, following Alphabet’s $85 billion equity fundraising plan earlier this year.
Oracle also announced a $20 billion fundraising plan on Monday, including a $10 billion share sale.
The company has already raised capital through debt and equity offerings to support its cloud infrastructure investments.
Meanwhile, rival OpenAI is working to raise tens of billions of dollars in another private funding round after postponing its plans to go public until next year.
Both companies face growing scrutiny over AI safety, following high-profile hacking incidents involving rogue AI agents.
Anthropic’s IPO filing also identified what it described as potential “existential risks to humanity” associated with the technology.
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