SAN FRANCISCO, Nov. 2, 2026 | Anthropic's amended S-1, filed with the SEC on Monday, shows the company booked about $17 billion in revenue in the third quarter, but growth slowed to roughly 47% from about 144% the quarter before, according to Fortune's reading of the filing. The company also reported a $567 million operating loss for the quarter and about $895.4 billion in committed spending, mostly for compute and infrastructure.
What the Amended Filing Reported
For the three months ended Sept. 30, Anthropic reported revenue of $17 billion, up from $11.6 billion in the second quarter and $1.4 billion a year earlier, per the report. Operating expenses rose to $17.5 billion from $10.6 billion in Q2.
That swung the company from a $974 million operating profit in Q2 to a $567 million operating loss in Q3. Anthropic attributes the shift to short-term compute that "currently costs significantly more" than its multi-year contracted capacity, plus $2 billion in non-cash charges tied to an employee donation matching program, according to the filing as reported.
Excluding stock-based pay and those charitable charges, the company remained profitable on an adjusted basis, though adjusted operating margin fell to 15% from 19%. Price cuts and contractual discounts trimmed revenue by about $600 million between Q2 and Q3.
The $23.3 Billion Net Loss
Anthropic's net loss for the quarter was $23.3 billion. Fortune reports that most of it comes from an accounting charge tied to the rising value of the company's convertible notes, rather than from day-to-day operations. As a result, the net loss is a much larger number than the operating loss, and the two should not be read as the same thing.
Anthropic reported $146.6 billion in liquidity as of Sept. 30, a figure that includes cash, short-term investments and an available credit line. For the full picture of the IPO process, see our guide to the Anthropic IPO in 2026.
Analysis: What the Numbers Show
The reported figures allow a few simple calculations. Q3 revenue of $17 billion against $11.6 billion in Q2 works out to about 47% growth, matching the filing. Operating expenses of $17.5 billion against $17 billion of revenue leave the roughly $0.5 billion gap that shows up as the operating loss, which is $567 million after rounding.
The $895.4 billion in commitments is about 13 times Q3 revenue annualized ($17 billion times four, or $68 billion). That comparison is only a rough scale marker, since the commitments are spread over multiple years and the filing does not tie them to a single payment schedule.
The $600 million price-cut effect equals about 3.5% of Q3 revenue. It is a small share, but it is a reminder that pricing is moving in the same filing that shows demand rising. Readers tracking valuation should also see our breakdown of Anthropic's valuation.
How This Fits the Wider AI Spending Picture
The size of Anthropic's commitments sits within a much larger buildout across the industry. Our AI spending statistics page tracks the capex figures from the largest cloud and chip companies, which help explain why compute contracts of this scale are appearing in IPO filings.
Frequently Asked Questions
How much revenue did Anthropic report for Q3 2026?
According to its amended S-1, as reported by Fortune, Anthropic booked about $17 billion in revenue for the three months ended Sept. 30, up from $11.6 billion in Q2.
Is Anthropic profitable?
On a reported operating basis, Anthropic posted a $567 million operating loss in Q3 after a $974 million operating profit in Q2. Excluding stock-based pay and certain charitable charges, the company said it remained profitable on an adjusted basis.