Anthropic reported third-quarter revenue of $17 billion, 12 times the year-earlier level, first reported by Nytimes. For investors, the results sharpen a central question: whether revenue growth can keep pace with spending commitments, especially as Anthropic has warned that the public offering may not provide enough money for the company’s infrastructure needs.
Revenue grew 47 percent from the prior quarter, slightly above the 45 percent increase previously shared privately with investors. The growth was slower than the 144 percent leap between the first and second quarters, although some analysts were reassured because the third-quarter figure came in slightly higher than what had been discussed with investors.
Third-quarter results are particularly important for investors because the rapid pace of change in AI can alter a company’s financial position in a short time. For the first nine months of the year, Anthropic reported $33 billion in revenue and a $104 billion net loss.
The net loss was abnormally large because it included a one-time $94 billion charge related to convertible notes, a type of debt that will later turn into equity. Anthropic’s operating loss, which excludes certain costs, was nearly $1.3 billion for the same period.
By the end of September, Anthropic had committed about $895 billion in contracts for data centers, chips and computing power. Nearly $70 billion is due over the next 12 months and roughly $448 billion is due before the end of 2030. At the end of the third quarter, it had $146.6 billion in cash and readily accessible investments.
The revenue growth and infrastructure commitments frame the financing question investors are weighing. Brandon Ross, an analyst at LightShed Partners, said, “They are efficient, but as they build their own infrastructure, cash is going to bleed now.”
Anthropic’s listing could value the company at $2 trillion, while the offering could raise $100 billion. The company confirmed it would sell shares to everyday investors but did not disclose the extent of the allocation. The offering is expected this month.