Anthropic PBC, a developer of frontier AI models known for its Claude product line, reported financial results for the nine months ended September 30, 2026, in an amendment filed with the SEC on Monday. It originally filed last Monday for an IPO that we estimate could raise $75 billion or more. The company is eligible to kick off its roadshow the week of November 9, with an anticipated listing the week of November 16.
Other updates from the amended S-1
Anthropic provided additional detail on its $895.4 billion in compute and infrastructure commitments, including $69.8 billion due over the next 12 months. It also disclosed plans to offer a portion of the IPO to retail investors through firms including Schwab, Fidelity, Robinhood, SoFi, and E*TRADE. The company did not disclose the size of the retail component, though Bloomberg reported that it is considering 15% to 20% of total IPO shares.
Third quarter sequential growth decelerates to 47%
Third quarter revenue grew 47% sequentially to $17.0 billion, a substantial deceleration from 144% sequential growth in Q2. Compute gross margin (revenue less customer-facing and internal compute and infrastructure costs, as a percentage of revenue) declined to 42% from 52% in Q2, reflecting additional compute delivered, including higher-cost short-term capacity. Adjusted operating margin declined to 15% from 19%, primarily due to higher-cost short-term compute and increased spending on data quality and related services, partially offset by lower personnel and sales and marketing expenses as a percentage of revenue.
Impressive y/y growth in the nine months ended 9/30/26
For the nine months ended 9/30/26, revenue jumped 13x to $33.2 billion, driven by higher usage, expansion, and broader adoption supported by successive model and product releases. Consumption-based revenue accounted for 79% of total revenue, with subscriptions contributing the remainder. Compute gross margin swung positive to 43% from -72%, while adjusted EBITDA margin improved to 13% from -122%. GAAP net loss widened to $104.0 billion from $25.1 billion, primarily due to fair value losses associated with convertible notes and expenses tied to partner financing arrangements. Operating cash flow swung positive to $6.6 billion from -$2.0 billion.
Balance Sheet
As of September 30, 2026, Anthropic held $96 billion in cash and cash equivalents and $36 billion in short-term investments.
Business
Anthropic PBC develops Claude, a family of frontier AI models with a focus on enterprise deployment and model safety. Its models are offered through a developer platform and apps such as Claude Code, Claude Cowork, and Claude.ai. As of September 30, 2026, more than 11,900 customers generated at least $100,000 in trailing-12-month revenue, including every Fortune 10 company and more than half of the Fortune 500.
Listing & Underwriters
Anthropic PBC was founded in 2021 and booked $35 billion in revenue for the 12 months ended September 30, 2026. The San Francisco, CA-based company plans to list on the Nasdaq under the symbol ANT.
Goldman Sachs, Morgan Stanley, J.P. Morgan, Citi, Barclays, Wells Fargo Securities, BofA Securities, Deutsche Bank, RBC Capital Markets, UBS Investment Bank, BMO Capital Markets, BNP Paribas, Credit Agricole CIB, Jefferies, Mizuho Securities, MUFG Securities America, TD Securities, BTIG, Cantor Fitzgerald, Capital One Securities, Macquarie Capital, and Societe Generale are the joint bookrunners on the deal.
