Anthropic Reports $17 Billion Revenue Amid IPO Filing

Anthropic PBC reported third-quarter revenue of approximately $17 billion in an updated S-1 filing for its upcoming initial public offering on the Nasdaq Global Select Market. While this represents a 1,127% increase year-on-year, the company disclosed a slowdown in growth, with revenue rising 47% from the previous quarter compared to 144% growth in the second quarter.

The company posted an operating loss of $567 million for the quarter, reversing a $974 million profit from the prior period. This loss was driven by $5 billion spent on high-cost, short-term computing capacity to meet customer demand and $2 billion in non-cash charges for a donation-matching program. Anthropic also reported a net loss of $23.29 billion.

To address compute constraints, Anthropic plans to build its own data centers. It currently holds $895.4 billion in aggregate computing and infrastructure commitments with partners including Google LLC, Amazon.com Inc., Oracle Corp., Broadcom Inc., and SpaceX Technologies Corp. The company warned that some of this capacity depends on third-party financing, which could lead to delays or repricing. Following these disclosures, some investors have lowered their valuation estimates for the company from $2 trillion to $1.5 trillion.