Anthropic, the US developer behind the Claude AI models, reported a 47% quarter-on-quarter revenue increase to $17 billion (€15.1bn) in the third quarter, more than twelve times its sales a year earlier. However, the company also slipped back into an operating loss and revealed approximately $895.4 billion (€800bn) in purchase and lease commitments, predominantly for computing capacity, according to an updated prospectus filed with US regulators on Monday.
The operating loss of $567 million (€506mn) contrasts sharply with the $974 million (€870mn) profit recorded in the second quarter. Anthropic attributed the swing partly to $5 billion (€4.46bn) spent on short-term computing capacity, purchased when demand exceeded its long-term agreements, which the filing noted "currently costs significantly more." The company also booked a $2 billion (€1.78bn) non-cash charge related to a programme matching staff donations.
On an adjusted basis, operating income reached $2.5 billion (€2.23bn), yielding a margin of 15%, down from 19% in the previous quarter. The net loss widened to $23.3 billion (€20.8bn), compared with $12.1 billion (€10.8bn) a year earlier.
Nine-month losses and cooling growth
For the first nine months of the year, Anthropic recorded a net loss of $104 billion (€92.9bn) on revenue of $33.2 billion (€29.6bn). However, $94.3 billion (€84.2bn) of that loss stemmed from non-cash charges as convertible notes—debt that can be exchanged for shares—rose in value alongside the company's own valuation.
Growth has also moderated after sales more than doubled from the first to the second quarter. Anthropic had already shared preliminary figures with investors in October indicating a slowdown. The filing estimated that 5% to 7% of nine-month revenue came from customers violating its usage rules or commercial terms, warning that its enforcement efforts "may reduce our overall revenue and growth rates in future periods."
Anthropic also stated it "may imminently meet" its own threshold for "dramatically accelerated progress attributable to AI," a scenario where AI helps build more capable AI. The company cautioned that this process "could also pose a considerable safety risk," though it has not yet designated any current model as crossing that line.
IPO implications and investor concerns
Anthropic made its prospectus public on 26 October and plans to list on Nasdaq under the ticker ANT, though it has yet to set a price range. US securities rules require a 15-day waiting period between the prospectus publication and the start of a roadshow, meaning the company could begin marketing its shares as soon as next week and potentially list from the week of 16 November.
The company's commitments are nearly seven times the $131.8 billion (€117bn) it held in cash and short-term investments at the end of September, though they are spread over many years. About $70 billion (€62.5bn) falls due within 12 months, and around $450 billion (€402bn) by the end of 2030, while some $214 billion (€191bn) can be cancelled or depends on conditions being met.
Some investors have reportedly lowered their valuation expectations to around $1.5 trillion (€1.33tn), down from the roughly $2 trillion (€1.78tn) floated earlier, after a sell-off in technology stocks driven by concerns over AI spending. The IPO filing has also drawn attention to broader questions about the sustainability of AI infrastructure investments, a debate that resonates across European tech hubs from Berlin to Stockholm.
Anthropic's situation mirrors broader industry trends, as Meta's AI push has lifted revenue but legal costs weigh on profit. The company's heavy reliance on computing power also raises questions about the environmental impact of AI data centres, a topic of growing concern in Europe, where clean tech exports could help offset emissions elsewhere.
As Anthropic navigates its path to the public markets, the scale of its compute commitments will remain a central point of scrutiny for investors, particularly those in Europe who are watching the AI race unfold from a regulatory and financial perspective.
