Anthropic, the developer of the Claude AI platform, reported a dramatic surge in third-quarter revenue, reaching nearly $17 billion, a twelve-fold increase from the same period last year. The company also disclosed substantial purchase and lease commitments totaling $895.4 billion, primarily tied to AI computing infrastructure, according to an amended Form S-1 filed with the SEC on Monday.
The filing provides a more detailed look at Anthropic's financial trajectory as it prepares for a highly anticipated initial public offering. The company's net loss widened to $23.3 billion in the quarter, up from $12.1 billion a year earlier, while operating expenses climbed 292% year over year to $17.5 billion.
Massive Infrastructure Commitments
Anthropic's filing revealed approximately $895.4 billion in purchase commitments and lease agreements, with nearly all of it related to computing and infrastructure. Of that total, around $448 billion is expected to be incurred before the end of 2030, and about $70 billion is due within the 12 months through September 2027. These commitments underscore the enormous capital required to develop and operate advanced AI models.
For the nine months ended September 30, Anthropic reported revenue of $33.24 billion, up approximately 1,200% from the same period in 2025. However, its net loss for that period reached $104 billion, compared with $25.1 billion a year earlier. The figures highlight the widening gap between revenue growth and the costs of scaling AI infrastructure.
IPO Ambitions and Valuation
Anthropic filed for an IPO on October 26, with the listing expected before the US Thanksgiving holiday. The company aims to match or exceed the $86.2 billion raised by SpaceX in its market debut, according to Bloomberg News. Investors have indicated a fair valuation of around $1.4 trillion to $1.5 trillion, with a potential of $1.75 trillion, the report said.
Goldman Sachs and Morgan Stanley are leading the offering, with 20 other banks participating. Anthropic plans to list on the Nasdaq Global Select Market under the ticker symbol ANT. The IPO will involve the sale of shares by Anthropic and some existing investors, marking the first public listing by a company primarily focused on advanced AI models.
AI Capital Race Intensifies
Anthropic's listing comes as major tech firms and AI developers seek substantial capital for infrastructure and model development. Meta Platforms began a plan to raise up to $98 billion in equity on October 26, following Alphabet's $85 billion equity fundraising plan earlier this year. Oracle also announced a $20 billion fundraising plan on Monday, including a $10 billion share sale.
Meanwhile, rival OpenAI is working to raise tens of billions of dollars in another private funding round after postponing its IPO plans until next year. Both companies face growing scrutiny over AI safety, following high-profile hacking incidents involving rogue AI agents. Anthropic's IPO filing also identified potential "existential risks to humanity" associated with the technology.
This article is for informational purposes only and does not constitute financial advice.
