The key facts
- Anthropic's Q3 revenue was $16.95 billion, and $33.24 billion for the nine months, up 1,200% year over year
- The net loss for the nine months was $104 billion, largely due to the revaluation of convertible notes and derivative liabilities
- The company confirmed obligations of approximately $895.4 billion, of which $447.5 billion falls due by the end of 2030
Financial results ahead of the stock market debut
On Monday, November 2, Anthropic reported revenue of nearly $17 billion for the quarter ended September 30, as it prepares for an IPO that is expected to be one of the largest in history. The figures were disclosed in an updated S-1 filing with the US Securities and Exchange Commission (SEC), as reported by The National. Revenue for the nine months totaled $33.24 billion — a 1,200% increase compared with the same period last year. In the third quarter, revenue reached $16.95 billion, while the net loss was $23.29 billion, versus $12.13 billion a year earlier.
Losses and obligations
The net loss for the nine months amounted to $104 billion; however, according to the filing, it was largely driven by changes in the fair value of convertible notes and derivative liabilities rather than operating expenses. Operating expenses for the quarter rose to $17.52 billion — up 292% year over year. The company also disclosed obligations of approximately $895.4 billion, of which about $447.5 billion is expected to be incurred by the end of 2030. Such volumes reflect the high cost of training AI models, which requires substantial capital.
Context of the offering and the market
Anthropic filed its IPO application last week; its Wall Street debut is expected this month. The offering will take place on the Nasdaq Global Select Market under the ticker “ANT,” led by Goldman Sachs and Morgan Stanley with the participation of 20 more banks. The Emirati investment company MGX took part in Anthropic's funding rounds: the $30 billion Series G in February and the $65 billion Series H in May. The IPO comes amid a new wave of investor anxiety over the scale of funding for AI infrastructure: last week, investors pulled money out of tech stocks following weak earnings reports from Amazon, Intel, and Alphabet. Kevin Hassett, Director of the White House National Economic Council, dismissed concerns about AI financing in a CNBC interview, calling the ecosystem “well funded” and noting that major companies are ready to buy up the debts and stakes of troubled players.
