Anthropic has reported a sharp narrowing of its quarterly net loss alongside a significant jump in revenue. The company amended its initial public offering (IPO) filing with the US Securities and Exchange Commission on November 2.
Net loss fell to USD 23.29 billion in the third quarter that ended on September 30, compared with USD 66.3 billion in the second quarter. Revenue, on the other hand, increased to USD 16.96 billion from USD 11.56 billion, reflecting continued demand for its AI solutions.
The latest financial disclosures come as Anthropic moves closer to a highly anticipated stock market listing, which could become one of the biggest IPOs on record.
Although revenue continued to climb, growth slowed considerably. Anthropic recorded 47% quarter-on-quarter revenue growth in the third quarter, compared with 144% in the previous quarter.
The company also reported an operating loss of USD 567 million, reversing the USD 974 million operating income recorded in the second quarter. Rising computing expenses have become a major pressure point, with an additional USD 5 billion in compute costs weighing on efficiency and revenue generated per dollar of compute.
Anthropic’s financial position also reflects the scale of its infrastructure ambitions. The company disclosed USD 895.4 billion in spending commitments related to AI computing deals with partners, including Amazon and Alphabet’s Google. Nearly half of these commitments are expected before 2031, while USD 69.8 billion is due in the year following September 30.
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Anthropic’s enormous infrastructure commitments and slowing revenue growth could influence investor expectations ahead of its listing. Some current and prospective investors are valuing the company at about USD 1.5 trillion, down from around USD 2 trillion, after the company disclosed its financial details.
The company is preparing to market its shares next week. Its filing also highlighted a customer base of more than 11,900 large customers.
Anthropic’s IPO is expected to test investor appetite for AI companies, particularly as the industry faces questions over the sustainability of massive infrastructure spending and dependence on external financing.