Anthropic’s amended S-1 lists $895B in compute commitments

Anthropic’s amended S-1, filed with the SEC on November 2, puts the company’s purchase commitments and leases at about $895.4 billion, “substantially all” of it compute and infrastructure, the Financial Times and CNBC report. The total can’t be compared one-to-one with the roughly $450 billion in the earlier draft, because the new figure also counts leases and a broader set of infrastructure agreements.

Most of the $104 billion net loss for the first nine months is non-cash, CNBC reports. It comes from changes in the fair value of convertible notes and derivative liabilities, which rise as the company’s valuation rises. The third quarter’s operating loss was $567 million. The amendment adds those third-quarter results to the draft prospectus filed last week, but it still sets no IPO date, price range or share count, and the cover page keeps placeholders for the offering price and number of shares.

When the $895 billion comes due

The filing splits the commitments almost evenly: about $447.5 billion is expected by the end of 2030 and $447.9 billion between 2031 and 2045. Nearly $70 billion falls due in the next 12 months, set against cash and short-term investments of $131.8 billion on September 30.

Three different totals for these commitments are now in circulation. In September, Reuters, working from the confidential prospectus, reported at least $518 billion over the next decade, owed to Google, Amazon, Microsoft and Broadcom, 80% of it non-cancelable. The initial draft cited roughly $450 billion. The amended $895.4 billion covers a wider set: besides leases and the broader infrastructure agreements, it includes deals signed after September 30 and leases that haven’t commenced, and its schedule runs to 2045.

Anthropic spent $5 billion in the third quarter on compute under short-term commitments, which the filing says “costs significantly more than comparable multiyear arrangements”, and that spending drove the quarter’s operating loss. Over the nine months, compute and infrastructure expenses rose $14.4 billion, or 329%, CNBC reported.

Axios writes that the market for capital to fund AI infrastructure “is starting to dry up”. The Financial Times, for its part, has reported that Anthropic may not secure an investment-grade debt rating.

Revenue against a $104 billion loss

Revenue was roughly $17 billion in the third quarter, bringing nine-month revenue to $33.24 billion, up about 1,200% from the same period of 2025, per CNBC. One quarter brought in about as much as the whole first half. Quarter-over-quarter growth slowed to 47%, though, from 144% in the second quarter and 132% in the first.

The net loss for the third quarter alone was $23.29 billion. The paper losses track the valuation, which reached $965 billion in the $65 billion Series H that closed on May 28. The operating line moved the other way from the quarter before: a $974 million operating profit in the second quarter turned into the $567 million loss in the third.

Donation-matching expenses come to $2.1 billion this year, 6% of operating expenses, and the filing expects them to increase.

Who pays Anthropic

About 80% of revenue comes from usage-based API and model calls, and 20% from subscriptions. In the first half of 2026, roughly 20% of revenue came from just two customers. In the third quarter, the top five customers together made up about 21% of quarterly revenue, with no single customer above 10%.

As of September, more than 11,900 customers were spending over $100,000 a year and nearly 1,900 over $1 million. Net revenue retention, which tracks how much existing accounts grow their spending, was about 900%, a figure driven by expansion inside accounts rather than by new customers. Cloud marketplaces from AWS, Google Cloud and Microsoft Azure carried 48% of first-half revenue, and those same hyperscalers also supply Anthropic’s compute, invest in it and compete with it.

One risk factor touches API customers directly: Anthropic warns that some customers’ zero-data-retention requirements could become “incompatible” with advanced models. The risk-factor section runs to more than 90 pages, according to CNBC, and covers political headwinds, the company’s infrastructure needs and the tension between safety and commercial goals.

Control and the offering

Anthropic is a public benefit corporation with a dual-class structure. The Long-Term Benefit Trust, whose members include former Fed Chair Ben Bernanke, will appoint a majority of the board. Through a “Founder LLC”, the founders hold Class F shares carrying 50.1% of voting power. Public buyers get Class A shares with one vote each.

Existing investors reportedly expect a valuation of $1.5 trillion to $1.75 trillion, down from the $2 trillion-plus discussed in August; that range comes from investor talk and isn’t in the filing. The filing lists offerings in Australia, Canada, certain European Economic Area member states, Japan, Switzerland and the United Kingdom. Reuters reports that Anthropic plans to raise up to $3.5 billion from Japanese investors in the U.S. IPO, more than the $2.2 billion Japanese investors put into SpaceX’s IPO in June.