The Anthropic IPO filing updated on Monday, November 2, showed revenue of $16.95 billion in the September quarter, up 1,127% from a year earlier, as the maker of the Claude artificial intelligence models moved closer to a stock market listing. The amended prospectus adds third-quarter results to the documents Anthropic filed when it first opened its books to the public in late October.
Under the Anthropic IPO, the company plans to list Class A shares on the Nasdaq under the ticker ANT. Reports put the possible Anthropic IPO valuation between $1.5 trillion and $2 trillion, with the company potentially raising as much as $100 billion. The company has not yet disclosed a share count or a price range, and the listing could come as soon as the week of November 16, according to reports of the timetable.
Anthropic IPO revenue growth slows from earlier pace
Growth slowed on a quarter-to-quarter basis even as the yearly increase stayed very large. Sales rose 47% from the second quarter, down from 144% growth in the second quarter and 132% in the first quarter, according to figures reported by CNBC. Revenue for the first nine months of 2026 was $33.24 billion, up about 1,200% from a year earlier.
Most revenue came from consumption of tokens, the data processed by AI models to carry out tasks, while a smaller share came from subscription deals with customers. Anthropic warned in the Anthropic IPO prospectus that it does not expect revenue to keep growing at comparable rates, and it said it cannot assure investors that revenue will keep growing at all. That warning sits in the same document as the very large growth figures, and investors weighing the listing will have to judge both together.
Anthropic IPO costs erase the operating profit
The Anthropic IPO filing reported an operating loss of $567 million for the third quarter, compared with operating income of $974 million in the second quarter. The second quarter was the only profitable quarter out of its past seven. The company attributed the third-quarter loss to short-term agreements for AI computing power totalling $5 billion and $2 billion in non-cash charges related to a donation-matching programme.
Spending on computing and other AI infrastructure rose 382% in the third quarter compared with a year earlier. Across the first nine months of 2026, the company recorded an operating loss of $1.26 billion against revenue of $33.2 billion, and more than half of its $34.5 billion of expenses came from computing and infrastructure costs. The net loss for the nine months was $104 billion, largely for accounting reasons, as that loss reflects an increase in the value of convertible debt as the valuation of the company has increased.
Computing commitments reach $895.4 billion
As of September 30, the Anthropic IPO prospectus shows Anthropic had entered into computing and infrastructure agreements with committed spending of about $895.4 billion, according to the prospectus. Of that total, $447.5 billion will be owed before December 31, 2030, including $69.8 billion of payments due by the end of next September. The rest is to be paid by 2045. The company said it had $146.6 billion in cash on hand and other liquid assets at September 30.
Seaport Research analyst Jay Goldberg wrote in a note to clients last week that the company has shown efficient use of capital, but that this will be tested in coming quarters as it moves towards direct control of its computing resources. Harrison Rolfes, an analyst at PitchBook, wrote that his estimated valuation of the company could fall from $1.42 trillion to $1.27 trillion if spending on AI resources exceeds $600 billion before 2031 and revenue does not scale. Some institutional investors are advising a target valuation of $1.5 trillion to $1.6 trillion, the Wall Street Journal reported, below the $2 trillion figures discussed in recent months.
What happens next for the listing
The amended Anthropic IPO filing comes as Anthropic gets close to its pre-IPO roadshow, when it will make its pitch to investors considering participation in the offering. The company is expected to start that process as soon as next week. The roadshow will test whether investors accept the combination of very fast revenue growth, large computing commitments and a valuation that would rank among the largest ever sought in a public offering.
Anthropic’s last private valuation was $965 billion, set during a funding round in May 2026, and a later private-market estimate put it at $1.41 trillion. The gap between those figures and the reported $1.5 trillion to $2 trillion range for the listing shows how much value investors have already attached to the company before it has traded publicly. The Anthropic IPO price range, when published, will give the first firm test of that value.