Anthropic, the company behind the Claude models, reported about $17 billion in revenue for the third quarter of 2026 in an amended registration statement posted to the Securities and Exchange Commission website on November 2, 2026. The figure covers the three months ended September 30 and compares with $11.6 billion in the second quarter, according to Fortune and Analytics India Magazine. (Fortune (opens in a new tab); Analytics India Magazine (opens in a new tab))
The year over year jump is larger still. Revenue in the same quarter of 2025 was about $1.4 billion, according to both outlets, and Investing.com described the third quarter total as more than twelve times the year earlier figure. For the first nine months of 2026, Analytics India Magazine reported revenue of $33.2 billion, compared with $2.5 billion in the same period a year before. (Fortune (opens in a new tab); Analytics India Magazine (opens in a new tab); Investing.com (opens in a new tab))
Costs grew faster than sales
Total operating expenses reached $17.5 billion in the quarter, up from $10.6 billion in the second quarter, Fortune reported. That left Anthropic with an operating loss of $567 million, after an operating profit of $974 million three months earlier. Investing.com said operating expenses were up 292 percent from the year earlier quarter, driven by spending on computing infrastructure. (Fortune (opens in a new tab); Investing.com (opens in a new tab))
The filing points to short-term computing capacity as a main reason for the loss. Anthropic spent $5 billion on compute bought under short-term commitments during the quarter, according to Analytics India Magazine, and the company said that capacity currently costs significantly more than compute secured through multi-year agreements. Fortune reported that Anthropic expects its dedicated infrastructure to replace that short-term capacity with cheaper long-term supply as it comes online. (Fortune (opens in a new tab); Analytics India Magazine (opens in a new tab))
Two other items weighed on the results. The company recorded a $2 billion non-cash charge tied to a program that matches employee share donations, and price reductions and contractual discounts lowered revenue by about $600 million between the second and third quarters. Fortune reported that adjusted operating margin, which excludes stock-based pay and the charitable charges, fell to 15 percent from 19 percent. (Fortune (opens in a new tab); Analytics India Magazine (opens in a new tab))
Below the operating line, Anthropic reported a net loss of $23.3 billion for the quarter, which Fortune attributed mostly to an accounting charge linked to the rising value of convertible notes. The company held $146.6 billion in liquidity as of September 30, including cash, short-term investments and an available credit line. (Fortune (opens in a new tab); Investing.com (opens in a new tab))
Nearly $900 billion in commitments
The amended filing lists about $895.4 billion in committed spending, mostly for computing capacity and infrastructure. About $447.5 billion of that falls due by the end of 2030, and $69.8 billion is due in the 12 months after September 30, according to Analytics India Magazine and Investing.com. (Analytics India Magazine (opens in a new tab); Investing.com (opens in a new tab))
Customer figures in the filing show broad growth. More than 11,900 customers each generated at least $100,000 in revenue over the 12 months to September 30, up from more than 950 a year earlier, Analytics India Magazine reported. Investing.com said 250 enterprise customers each contribute more than $10 million in annualized spending. (Analytics India Magazine (opens in a new tab); Investing.com (opens in a new tab))
Anthropic filed its initial registration statement on October 26, 2026. It plans to list on the Nasdaq Global Select Market under the ticker ANT, with Goldman Sachs and Morgan Stanley as lead underwriters, and is aiming to go public before the US Thanksgiving holiday, according to Investing.com. A price range and share count have not been disclosed. (Analytics India Magazine (opens in a new tab); Investing.com (opens in a new tab))
In NeuraFeed's reading, the quarter shows a company whose demand has outrun its own supply of computing power. Revenue grew by more than $5 billion in three months, but meeting that demand required renting expensive short-term capacity, and the filing ties the return to profitability at the operating level to cheaper long-term capacity arriving on schedule.
