Anthropic filed an amended S-1 with the Securities and Exchange Commission on Monday, and for the first time the full price tag of its AI buildout is public: purchase commitments and lease agreements totaling about $895.4 billion, which the filing describes as "substantially all" related to compute and infrastructure. That figure is roughly seven times the $131.9 billion in cash and short-term investments the company held at the end of September.
The quarterly numbers confirm the trajectory investors had been briefed on. Anthropic generated about $17 billion of revenue, roughly $16.96 billion, in the third quarter, up about 1,127 percent from $1.38 billion a year earlier. Nine-month revenue reached $33.24 billion, up roughly 1,200 percent. Growth is decelerating from extraordinary levels, though: third-quarter revenue rose about 47 percent from the second quarter, a steep drop from 144 percent sequential growth in Q2 and 132 percent in Q1.
The profitability story reversed. After posting its first operating profit of $974 million in the second quarter, Anthropic swung back to a $567 million operating loss in Q3 as operating expenses surged to about $17.5 billion, up 292 percent year over year. The net loss of $23.29 billion was driven mostly by non-cash accounting items, including fair-value changes on convertible notes and a roughly $2 billion charge tied to a donation-matching program. For the nine months, the net loss stands at $104 billion, against $25.1 billion in the same stretch of 2025, while operating cash flow was positive at $6.6 billion.
Underneath the accounting sits a raw capacity problem. Anthropic said business demand last quarter outran its reserved compute, forcing it to buy an additional $5 billion of short-term capacity at costs "far above" long-term contract prices; most of its compute is locked in 12 to 18 months ahead. Compute and infrastructure expenses grew by $14.4 billion for the nine months, up 329 percent.
The commitments breakdown shows who collects the money. Broadcom leads at roughly $161 billion in equipment-lease related commitments, followed by Google at about $121 billion, up from $114.5 billion in the prior filing, SpaceX's AI unit at up to $120.5 billion, and Amazon at $110 billion. About $450 billion of the total comes due by the end of 2030, and roughly $70 billion within one year. Planned purchases of another $125 billion to $150 billion of Google chips and more than $20 billion from AMD are not yet under fixed commitments and sit outside the $895.4 billion.
Other filing details round out the picture: remaining performance obligations of $13.8 billion with about 75 percent expected to be recognized within 12 months, more than 11,900 enterprise customers generating at least $100,000 in annualized revenue, US revenue of $23.47 billion against $9.77 billion international for the nine months, and a stated policy of no advertising across any Claude product.
The IPO clock is running. Anthropic filed on October 26, aims to list before Thanksgiving on the Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading a syndicate of about 20 banks. It has already carved out up to $3.5 billion of the offering for Japanese investors, and reporting around the roadshow has put market chatter at $1.4 trillion to $1.5 trillion, with upside scenarios near $1.75 trillion.
Both things are now true at once: demand is real enough to produce a seventeen-billion-dollar quarter, and the bill for serving it is larger than almost any corporate commitment in history. Analysts had warned the profitable quarter would not last, and it did not. As the roadshow begins, expect the $895.4 billion figure, not the revenue line, to dominate every investor conversation.
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