Anthropic Turns to Operating Loss in Q3; Compute Commitments Reach $895.4 Billion

Anthropic, PBC (proposed ticker ANT) filed an amended S-1/A with the SEC on Nov. 2 showing it swung to a Q3 operating loss of $567 million on revenue of $16.956 billion, up 1,127% year-over-year, after posting a $974 million operating profit in Q2. The company attributed the reversal to roughly $5 billion in higher-cost short-term compute purchases and $1.96 billion in non-cash charges tied to its donation-matching program, with price cuts and contract discounts shaving about $600 million from revenue. Adjusted operating profit rose to $2.463 billion from $2.235 billion, though the adjusted margin compressed from 19% to 15%, and the quarter's $23.291 billion net loss was driven mostly by $21.936 billion in non-cash fair-value changes on convertible notes, derivative liabilities, and SAFEs. Compute and infrastructure costs, which had fallen from 251.1% of revenue in Q1 2025 to 48.1% in Q2 2026, climbed back to 58.2% as compute spending grew 77.5% quarter-over-quarter and outpaced revenue growth for the first time. Purchase commitments and lease agreements for compute and infrastructure total roughly $895.4 billion, about 6.8x its $131.845 billion in cash, equivalents, and short-term investments, with $69.8 billion due within 12 months. The Nasdaq Global Select Market listing, led by Goldman Sachs, Morgan Stanley, J.P. Morgan, and Citi, is expected to price in mid-November, with the company's 11,900-plus customers contributing over $100,000 in trailing-12-month revenue and the top five accounting for about 25% of revenue.