Anthropic reported an operating loss of $567 million for the third quarter of 2026, reversing the $974 million operating profit it recorded in the previous quarter. The Claude developer disclosed the results on Monday in an amended registration statement filed ahead of its planned initial public offering, a routine step in which companies update disclosures while their listing paperwork remains under regulatory review.

Revenue for the quarter came in at nearly $17 billion, up 47% from the second quarter. That marked a slowdown from the previous quarter, when revenue grew 144%. According to the filing, price cuts and customer discounts reduced revenue by roughly $600 million.

Steep Computing Costs Weigh on Results

The company tied the operating loss mainly to about $5 billion of computing capacity secured through short-term agreements. According to the filing, those arrangements carried higher costs than comparable multiyear contracts. Anthropic uses this capacity both to develop its models and to serve its customers.

The quarter also included $2 billion in noncash expenses connected to the company's employee donation-matching program. Anthropic's initial IPO filing on October 26 had reported $16.3 billion in revenue for the first half of the year.

After excluding selected costs, including employee share compensation and charitable contributions, adjusted operating profit rose to $2.5 billion from $2.2 billion. The adjusted operating margin nonetheless fell to 15% from 19%. Registration statements commonly present such adjusted measures alongside reported figures, showing performance with and without items the company treats as outside its core cost base.

Computing Commitments Approach $900 Billion

Anthropic disclosed approximately $895.4 billion in purchase and lease commitments, most of which cover computing equipment and infrastructure. The company noted that the total includes agreements signed after September 30, rather than spending already completed. That total runs many multiples of the company's revenue to date, a measure of how much contracted infrastructure spending now sits ahead of the business.

About $69.8 billion of these commitments falls due within 12 months of September 30, while roughly $447.5 billion is expected to be incurred before 2031. Most of the remaining obligations extend from 2031 through 2045 and cover facilities and computing services.

Separately, industry figures on AI data center expansion estimate that global electricity consumption by data centers could reach 950 terawatt-hours by 2030, a trajectory that mirrors the long-dated infrastructure commitments accumulating across the industry.

IPO Preparations Continue

Anthropic reported a net loss of $23.3 billion for the quarter, with a $21.9 billion charge from changes in the value of convertible notes and related financial instruments accounting for most of that figure. That valuation swing, rather than operating spending, explains most of the distance between the quarter's $567 million operating loss and its far larger net loss.

The company plans to list its shares on the Nasdaq under the ticker symbol ANT. Meanwhile, pre-IPO crypto contracts linked to its prospective shares have begun trading on Hyperliquid, although those contracts do not confer ownership of Anthropic stock.

For the first nine months of 2026, Anthropic reported $33.2 billion in revenue alongside a $104 billion net loss. The updated registration did not include a final IPO price or a date for the share offering, terms customarily set in later amendments once the SEC completes its review.

This article was originally published on CoinCentral.