Anthropic has locked in roughly $895.4 billion in purchase commitments and lease agreements, nearly all of it for compute and infrastructure, according to an amended IPO filing the artificial intelligence company submitted Monday to the Securities and Exchange Commission.
The revised Form S-1 also extends the company's financials through Sept. 30. Revenue for the first nine months of the year reached $33.24 billion, up roughly 1,200% from the same stretch a year earlier, with about $17 billion of that coming in the third quarter alone.
The pace is cooling, though. Third-quarter revenue rose around 47% from the prior quarter, well below the 144% sequential gain in the second quarter and 132% in the first.
Losses ballooned on paper. Anthropic posted a $104 billion net loss for the nine months, mostly driven by changes in the fair value of convertible notes and derivative liabilities, compared with a $25.1 billion loss in the same period of 2025. The third-quarter net loss was $23.29 billion.
Where the money goes
Compute and infrastructure expenses climbed by $14.4 billion over the nine months, a 329% increase from a year earlier, the filing shows.
As our compute and infrastructure capacity grows, the associated compute and infrastructure expenses have increased,
Anthropic, in its amended S-1 filing
Much of that capacity comes from Amazon, Google and SpaceX, while smaller cloud providers known as neoclouds supply additional computing power as the company tries to expand as fast as possible.
That dependence is drawing scrutiny. Wall Street has fretted that rising interest rates could make debt unaffordable for data center developers and neoclouds, and last week's quarterly results from Microsoft, Alphabet and Amazon showed aggressive AI spending cutting into cash flows, leaving some investors worried that capacity may not arrive quickly enough to meet Anthropic's needs.
Road to the IPO
The company released its first prospectus last week, covering results only through the first half of the year. The amended version arrives as the 5-year-old Claude maker prepares to launch its roadshow ahead of a potentially historic initial public offering.
Chief Executive Dario Amodei co-founded Anthropic with other researchers who left OpenAI, now its main rival. OpenAI confidentially filed its own prospectus with the SEC in June, though its executives have signaled a 2027 debut.
Anthropic's filing contains more than 90 pages of risk factors, flagging potential political headwinds, its complex infrastructure needs and the difficulty of balancing safety with commercial goals.
