Anthropic reports $17 billion Q3 revenue amid rising infrastructure costs

In an amended filing with the U.S. Securities and Exchange Commission, Anthropic reported $17 billion in revenue for the third quarter. The company also disclosed purchase commitments and lease agreements totaling $895.4 billion, primarily tied to compute capacity and physical infrastructure.

For the first nine months of the year, the company reported total revenue of $33.24 billion against a net loss of $104 billion. The third-quarter net loss specifically reached $23.29 billion. Anthropic attributed the growth in expenses to a $14.4 billion increase in compute and infrastructure spending compared to the same period last year.

Anthropic noted that much of its net loss stems from non-cash accounting adjustments related to convertible notes and derivative liabilities. The disclosures highlight the capital-intensive nature of the AI industry, where public investors have become increasingly cautious regarding the scale of long-term infrastructure spending, particularly as several firms struggle to balance aggressive growth with operational costs.