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Anthropic's New Filing: $17B Quarter, $895B Commitments
Anthropic's amended IPO filing shows third-quarter revenue of about $17 billion, up 47% on the quarter, and $895 billion of computing commitments. Some investors want a $1.5 trillion valuation.
Anthropic updated its IPO prospectus on Monday, November 2, and the new numbers give investors the two figures that will decide the price: how fast revenue is growing and how much the company has promised to spend. Revenue for the three months to September 30 was about $17 billion, up from about $11.6 billion in the second quarter, investingLive reported. That is growth of 47% in a quarter, extraordinary by any normal standard but down from 144% in the second quarter and 132% in the first, according to Stocktwits' reading of the filing; about $600 million of price reductions held it back.
The commitments are the larger number. The filing lists about $895.4 billion of computing purchase commitments and leases running to 2045, above the roughly $800 billion analysts had estimated from the earlier draft. Nearly $450 billion falls due before the end of 2030 and about $69.8 billion in the 12 months after September 30. Against that the company held about $146.6 billion of cash and liquid assets. The third quarter also swung to an operating loss of $567 million from an operating profit of $974 million in the second.
The valuation is moving in response. The Wall Street Journal reported that some institutional investors are advising a valuation of about $1.5 trillion to $1.6 trillion, below the roughly $2 trillion discussed in recent months, after the tech sell-off; the last private-market valuation tracked by Nasdaq Private Market was about $1.41 trillion. Anthropic has not settled on a valuation target or the number of shares it will sell, and is expected to propose a price range rather than a single price. The roadshow could begin as soon as next week, with a Nasdaq debut targeted for the week before Thanksgiving.
Some investors expect the company to price conservatively to leave room for a first-day gain, investingLive reported, citing the 30% rise in SpaceX's shares on its debut in June. That is a familiar pattern in large IPOs, and a reason to separate the offer price, which is negotiated with a few hundred institutions, from the opening trade, which reflects everyone else.
For anyone weighing the shares, the useful ratio is commitments to revenue. At the third quarter's pace Anthropic would book roughly $68 billion a year, so the next 12 months of commitments alone equal about a year of revenue, and the total equals about 13. Those commitments assume demand keeps rising for years; the slowing quarterly growth rate is the first data point on whether it will.
Sources: investingLive — WSJ: Anthropic IPO investors push for lower $1.5 trillion valuation after tech selloff (Nov 3, 2026); Stocktwits News — Anthropic updates IPO filing as investors push for lower valuation (Nov 2, 2026)