Anthropic filed an amended S-1 with the US Securities and Exchange Commission on Monday, giving investors a fuller picture of its finances ahead of a potentially historic IPO. The Claude maker said it generated about $17 billion in revenue in its third quarter, up roughly 1,127% from the same period a year earlier, according to CNBC and Bloomberg. For the nine months ended September 30, revenue reached $33.24 billion, up around 1,200% year over year.
The filing also laid out the scale of Anthropic's infrastructure bet: purchase commitments and lease agreements worth an aggregate $895.4 billion, "substantially all of which is related to compute and infrastructure." The company reported a $23.29 billion net loss for the quarter, up from $12.1 billion a year earlier, with operating expenses of $17.5 billion outpacing revenue.
Anthropic Q3 2025 financials
The amended prospectus updates the initial filing, which only covered the first half of the year. The new numbers show rapid growth alongside rising costs, a combination Wall Street is watching closely as the AI buildout faces growing skepticism.
Anthropic attributed part of the cost spike to $5 billion for short-term compute capacity it locked in and $2 billion in employee donation matching. Growth is also slowing on a quarter-to-quarter basis: revenue rose about 47% in Q3, down from 144% in Q2 and 132% in Q1.
- Q3 revenue: nearly $17B, up about 1,127% year over year
- Nine-month revenue: $33.24B, up roughly 1,200% year over year
- Q3 net loss: $23.29B, up from $12.1B a year earlier
