Anthropic's updated IPO filing shows $17 billion in revenue last quarter, about $895 billion in long-term compute commitments and a new warning that AI may soon be speeding up its own research.

Anthropic filed an amended IPO registration (an S-1/A) with the SEC on Monday morning (SEC filing). It adds results for the three months ended Sept. 30, 2026, which weren't in the first filing. Revenue for the quarter was about $17.0 billion, up from about $11.6 billion in the quarter before and about $1.4 billion a year earlier. Anthropic says revenue grew 1,127% year over year while its compute and infrastructure costs grew 382%. Growth from the previous quarter slowed to about 47%, after 144% in the second quarter (CNBC). Compute and infrastructure cost about $9.9 billion in the quarter. Under standard accounting, Anthropic had a small operating loss of $567 million, after an operating profit of $974 million the quarter before. Its net loss was about $23.3 billion, mostly from a $21.9 billion non-cash accounting charge tied to the value of its convertible notes. Anthropic's own adjusted measure shows about $2.5 billion in operating profit, about 15% of revenue, down from about 19% the quarter before. The filing says Anthropic has signed purchase commitments and leases worth about $895.4 billion, "substantially all of which is related to compute and infrastructure." About $447.5 billion of that falls before the end of 2030, and about $69.8 billion is due in the next 12 months. Anthropic had $146.6 billion in cash, short-term investments and available credit on Sept. 30. More than 11,900 customers now pay it at least $100,000 a year, up from more than 950 a year earlier. The filing also adds new risk language. Anthropic says its internal estimates for "future models, rather than our current models, indicate that we may imminently meet our Responsible Scaling Policy's definition of 'dramatically accelerated progress attributable to AI.'" It says none of its current models has been designated as past that line. It's also considering rules that would "require human review and approval of certain decisions in our research and development processes as our models perform an increasing share of that work." The share price range is still blank, so there's no IPO date or price yet.

What to watch: the next amendment should fill in the price range and share count. That's when the IPO date and valuation get real. Also watch for any formal word from Anthropic that a model has crossed its own "accelerated progress" line, and what changes for how it builds and releases Claude if it does. For Claude and Claude Code users, nothing changes today.