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Anthropic reported $16.956 billion in third-quarter revenue but returned to a GAAP operating loss as compute costs climbed, according to an amended IPO registration filing submitted to the Securities and Exchange Commission on Monday, November 2. The Claude developer posted an operating loss of $567 million for the three months ended September 30, compared with operating income of $974 million in the June quarter.
Revenue rose from $1.382 billion in the same quarter a year earlier. Anthropic put the year-over-year increase at 1,127%. Revenue also increased from $11.555 billion in the June quarter, even as the cost of supplying and developing its AI models weighed on operating results.
Compute and infrastructure expense reached $9.863 billion in the September quarter, up from $5.558 billion in the preceding quarter. Management attributed the return to an operating loss primarily to $5 billion of compute under short-term commitments and about $2 billion in noncash charges tied to its donation-matching program.
The filing says short-term compute currently costs significantly more than comparable capacity secured under multiyear commitments. Anthropic expects its use of short-term compute to increase in the near term, putting pressure on both its GAAP operating margin and adjusted operating margin.
Adjusted operating income, a non-GAAP measure, was $2.463 billion, compared with $2.235 billion in the June quarter. The adjusted operating margin fell to 15% from 19%. The measure excludes stock-based compensation and noncash charitable contributions, so it is not the same as GAAP operating income.
Anthropic reported a GAAP net loss of $23.291 billion for the quarter. That included a $21.936 billion expense from changes in the fair value of convertible notes, derivative liabilities and simple agreements for future equity, or SAFEs. Those financing-related valuation changes are separate from the operating loss.
The amended Form S-1 remains a preliminary registration for a proposed initial public offering, not a completed listing. Its cover leaves the offering price and share count blank and says Anthropic has applied to list its Class A shares on Nasdaq under the symbol ANT. The filing says the securities cannot be sold until the registration statement becomes effective.
JBizNews Desk | New York
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