Anthropic filed the first amendment to its IPO registration statement on November 2, 2026, filling in the blank third quarter from its original filing with $16.96 billion in revenue, up 1,127 percent from a year earlier. The same document discloses that the Claude maker has signed purchase commitments and lease agreements totaling $895.4 billion, nearly all of it tied to computing power and infrastructure, according to the amended S-1.

The amendment, Investor’s Business Daily reported, answers the two biggest questions investors had after Anthropic’s initial Form S-1 landed on October 26 with its third-quarter revenue line left blank: how fast the company is actually growing, and how much computing capacity it has promised to pay for. The price range remains empty, marked “between $ and $”, so the Nasdaq listing under the ticker ANT is still unpriced.

A $17 billion quarter, growing more slowly

Revenue for the three months ended September 30 reached $16.96 billion, up 47 percent from $11.56 billion in the second quarter and up from just $1.38 billion in the same period last year, Invezz reported. Nine-month revenue hit $33.24 billion, roughly 12 times the same period in 2025. The sequential growth rate, however, cooled sharply: the 47 percent quarter-over-quarter gain compares with 144 percent in the second quarter and 132 percent in the first, Fortune reported.

Losses widened as well. The third-quarter net loss reached $23.3 billion, nearly double the $12.1 billion loss a year earlier, bringing the nine-month loss to roughly $104 billion, Tech Startups reported. Much of that headline loss comes from noncash accounting adjustments on convertible notes and derivative liabilities whose values moved as Anthropic’s valuation rose. Operating expenses jumped 292 percent year over year to $17.5 billion, while compute and infrastructure expenses grew 382 percent in the quarter, PYMNTS reported.

The $895.4 billion compute bill

The largest new number is the size of Anthropic’s commitments. As of September 30, the company had signed purchase commitments and lease agreements worth about $895.4 billion, “substantially all” of it for compute and infrastructure. About $447.5 billion is due before the end of 2030, with $69.8 billion falling due in the 12 months to September 2027 and nearly all the rest spread between 2031 and 2045, MadRobot’s reading of the filing shows. Another $100.2 billion in deals was signed after September 30, mostly data center leases and cloud hosting.

Data center server room representing Anthropic's compute infrastructure commitments
A data center server room. Photo: Wikimedia Commons, CC BY-SA 3.0.

Compute took 58 percent of revenue in the quarter, up from 48 percent in the previous one, and revenue per dollar of compute fell for the first time in the seven quarters the filing shows, Frenzy Capital noted. Anthropic attributes the loss primarily to compute bought under short-term commitments, and the filing’s scale of long-term capacity locks, much of it for Anthropic Direct, its own dedicated infrastructure, reads as the company’s answer to that cost problem.

What the IPO still lacks

Despite the new detail, this is not the amendment that starts the roadshow. The filing still states no valuation and no deal size, and the price range, share count and total raise remain blank. Anthropic held about $131.8 billion in cash and short-term investments as of September 30, per the filing, with total liquidity including an available credit line reaching $146.6 billion, according to Fortune. Investors have privately discussed a valuation near $1.5 trillion, Reuters previously reported.

Anthropic’s own summary of the growth story has not changed: the amendment says Claude has experienced “the fastest enterprise adoption of any technology in history.” Whether public markets agree will depend on the terms the company eventually fills in, and on whether nearly a trillion dollars of promised infrastructure spending starts to look like an asset rather than a liability.

Anthropic amended S-1 key figures: Q3 revenue, net loss, compute commitments
Anthropic’s amended S-1 at a glance. Graphic: GPTOnline.

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