Anthropic discloses $17 billion quarter and $895.4 billion in purchase and lease commitments

Anthropic generated roughly $17 billion in third-quarter revenue and disclosed $895.4 billion in purchase commitments and lease agreements in an updated IPO filing on November 2. Substantially all those commitments concern computing and infrastructure, putting the cost of securing capacity alongside the company’s fast-growing sales as investors assess its business.

The amended Form S-1—the registration document for its proposed stock offering—adds financial information through September 30, CNBC reported. Anthropic’s initial prospectus, released the previous week, covered only the first half of 2026. The update brings another quarter of revenue and losses into the public account of the business.

Anthropic reported $33.24 billion in revenue for the first nine months of the year, roughly 1,200% above the same period in 2025. Its approximately $17 billion third quarter accounted for slightly more than half that nine-month total.

The company develops the Claude family of AI models and sells its products and services primarily to enterprise customers. Training and running those models requires complex infrastructure and hardware, making computing capacity a central expense as the business grows.

$23.29 billionThird quarter

Anthropic reported a $23.29 billion net loss for the third quarter.

$104 billionNine months ended September 30

Most of the nine-month net loss reflected changes in the fair value of convertible notes and derivative liabilities.

The nine-month loss needs an important qualification: most came from changes in the fair value of convertible notes and derivative liabilities. Those are valuation changes involving financial instruments, rather than a measure of computing expenses alone. The headline loss therefore cannot be read simply as the cost of training and serving Claude.

Anthropic lost $25.1 billion during the first nine months of 2025. The latest filing thus shows a much larger reported net loss alongside the sharp revenue increase, but the fair-value qualification is essential to understanding that comparison.

A separate disclosure gives a more direct view of the infrastructure cost increase. Computing and infrastructure expenses rose by $14.4 billion over the nine months ended September 30, an increase of 329% from a year earlier. Anthropic linked those rising expenses to the growth of its computing and infrastructure capacity.

The $895.4 billion figure describes another category: aggregate committed spending under purchase commitments and lease agreements, substantially all for computing and infrastructure. It is not presented as spending incurred in the third quarter. The distinction separates the expense of capacity used during a reporting period from the scale of obligations Anthropic has entered into.