Anthropic made $33 billion in 9 months. So why is it reporting a $104 billion loss? What updated IPO filing reveals
Anthropic has reported a sharp jump in revenue alongside mounting losses in an updated filing for its proposed initial public offering (IPO), offering investors a closer look at the financial demands of building one of the world's leading artificial intelligence companies.
The Claude developer generated $33.24 billion in revenue in the nine months to September 30, 2026, but recorded a net loss of $104 billion over the same period.
The revised figures were disclosed in an amended Form S-1 submitted to the US Securities and Exchange Commission (SEC) on Monday. During its third quarter, Anthropic generated roughly $17 billion in revenue. The company reported a net loss of $23.29 billion for the period.
The latest filing extends the financial disclosures in Anthropic's initial prospectus, which covered only the first six months of the year.
Anthropic's revenue for the first nine months of 2026 rose by approximately 1,200% compared with the corresponding period last year. The company had reported revenue of $16.29 billion for the first half of 2026, up 1,304% from $1.16 billion in the same period a year earlier.
The growth also marks a dramatic rise from its earlier financial performance. Anthropic's revenue for the whole of 2025 stood at $4.59 billion, representing an increase of 1,089% over the previous year.
However, its losses have grown alongside its business. The company reported a net loss of $104 billion for the nine months ended September 30, compared with $25.1 billion during the same period in 2025.
For the first six months of 2026 alone, Anthropic recorded losses of $80.7 billion, against $12.9 billion a year earlier. A substantial portion of the reported loss was attributed to changes in the fair value of convertible notes and derivative liabilities.
For the full year, Anthropic's losses reached $41.9 billion in 2025, compared with $8.3 billion in 2024.
Beyond its revenue and losses, the updated IPO filing highlights the enormous financial commitments involved in keeping Anthropic's AI business running.
The company disclosed purchase commitments and lease agreements amounting to approximately $895.4 billion. Almost all of this spending is linked to computing capacity and infrastructure, according to the filing.
Anthropic said its compute and infrastructure expenses increased by $14.4 billion for the nine months ended Sept. 30, up 329% compared to the same period last year.
Building and operating advanced AI models requires substantial investment in computing power, specialised hardware and data centre capacity. These resources are essential not only for training models but also for running them as businesses and individual users increasingly turn to AI-powered services.
Anthropic's infrastructure commitments offer investors an indication of the scale of spending required to support its expansion and meet rising demand for its products.
Founded five years ago, Anthropic is best known for developing Claude, a family of artificial intelligence models used by businesses and other customers. Unlike companies that primarily target individual consumers, Anthropic has built much of its business around enterprise clients.
The company unveiled its initial IPO prospectus last week, setting the stage for what could become one of the most closely watched public listings in the AI industry.
(This is breaking news. Please refresh for updates.)
Sayantani Biswas is an assistant editor at Livemint with seven years of experience covering geopolitics, foreign policy, international relations and global power dynamics. She reports on Indian and international politics, including elections worldwide, and specialises in historically grounded analysis of contemporary conflicts and state decisions. She joined Mint in 2021, after covering politics at publications including The Telegraph. <br> She holds an MPhil in Comparative Literature from Jadavpur University (2019), with a specialisation in postcolonial Latin American literature. Her research examined economic nationalism through Eduardo Galeano’s Open Veins of Latin America. She also writes on political language, cultural memory and the long shadows of conflict. <br> Biswas grew up in Durgapur, an industrial town in West Bengal shaped by migration, which drew families from across India to the Durgapur Steel Plant. As the only child in a joint family, she spent years listening—almost obsessively—to her grandparents’ testimonies of struggle, fear and loss as they fled Bangladesh during the Partition of 1947. This formative exposure to lived historical memory later converged with her training in Comparative Literature, equipping her to analyse socio-economic structures and their reverberations. <br> Outside the newsroom, she gravitates towards cultural history and critical theory, returning often to texts such as Paulo Freire’s Pedagogy of the Oppressed. As a journalist, she is committed to accuracy, intellectual rigour and fairness, and believes political reporting demands not only clarity and speed, but historical depth, contextual precision, and a disciplined resistance to spectacle.
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