Anthropic IPO filing shows revenue growth and compute costs

On Oct 30, Anthropic's S-1 filing reported $16.29 billion in first-half 2026 revenue and an 85 percent gross margin. Quarterly revenue growth slowed from about 144 percent to about 47 percent. The filing said substantially all cost of revenue was compute and infrastructure, raising questions about forward commitments, capacity, and possible diseconomies of scale.

On Nov 2, Anthropic filed an amended IPO prospectus with third-quarter financials. It reported revenue of $33.24 billion for the nine months ended September 30, up about 1,200 percent year on year, and a net loss of $104 billion. The company said most of its $80.7 billion first-half loss came from the change in fair value of convertible notes and derivative liabilities. It also disclosed about $895.4 billion of committed spend, substantially all for compute and infrastructure.

On Nov 3, an updated filing showed compute costs reached 58 percent of revenue in the quarter through September 30, up from 48 percent the previous quarter. Revenue rose to $17 billion from $11.5 billion, while the compute bill reached $10 billion and operating loss grew. The filing said $5 billion of compute came from short term commitments that cost significantly more than multi year deals.