Anthropic, the company that makes the Claude AI models, on Monday, Nov. 2, filed an updated version of the S-1, the form a company files with the Securities and Exchange Commission before it sells shares to the public for the first time. The first version, filed Oct. 26, gave results only through June. The new one adds July, August and September, when Anthropic's sales were $17.0 billion, up from $11.6 billion in the three months before and $1.4 billion a year earlier.
Sales are still climbing, but more slowly. They grew by nearly half from April-June to July-September, after more than doubling in each of the two three-month periods before that. The filing says price cuts that came with new model versions, and discounts in customer contracts, held back the growth from April-June to July-September by about $600 million. In the first nine months of 2026, sales came to $33.2 billion, up from $2.5 billion in the same months of 2025.
Costs grew faster than sales, and the business itself lost money again. After making $974 million from its operations from April to June, before the accounting charges below, Anthropic lost $567 million on them from July to September. Spending on computing power rose to $9.9 billion from $5.6 billion. That includes $5.0 billion of computing bought on short-term deals, which the filing says currently costs significantly more than computing bought under its multi-year deals. Anthropic says it usually orders computing 12 to 18 months ahead, so its costs rise as that capacity arrives. There was also a $2.0 billion charge, paid in shares rather than cash, for its program that matches employees' charity donations with company stock.
Counting everything, its net loss for the three months was $23.3 billion, but $21.9 billion of that was an accounting charge, not money spent. It comes from loans and other deals with investors that can turn into Anthropic shares. They are valued at market prices each quarter, so they count as a bigger cost whenever the company's own value rises. Anthropic had $131.8 billion in cash and short-term investments on Sept. 30.
The updated filing also gives, for the first time, a total for what Anthropic has agreed to spend, counting deals signed after September and leases that have not yet begun: about $895.4 billion in purchase deals and leases, almost all of it for computing power and the systems that run it. The first filing left that total blank. About $447.5 billion of it is expected to be spent by the end of 2030 and almost all of the rest from 2031 to 2045, with $69.8 billion due within a year of Sept. 30. A large part of it is for what Anthropic calls Anthropic Direct, under which it leases AI chips itself and has them run in data centers operated for it, instead of only renting computing time from cloud companies.
The updated filing still leaves the share price and the number of shares on offer blank and gives no date for the sale, so it is not yet known what the company will be valued at.