Anthropic has returned to an operating loss ahead of its planned initial public offering, as rising demand for its Claude artificial intelligence models brings higher computing costs alongside rapid revenue growth. An updated prospectus filed with US regulators on Monday disclosed about $895.4 billion in purchase and lease commitments, mainly for computing. The figures put the cost of supporting that expansion at the centre of the US company’s investment case as it prepares to seek public-market backing.

Third-quarter revenue reached $17 billion, an increase of 47% from the previous quarter and more than twelve times the level a year earlier. Yet Anthropic recorded an operating loss of $567 million, following a $974 million operating profit in the second quarter. The contrast shows that strong sales growth has not secured consistent operating profitability. Its quarterly net loss was $23.3 billion, compared with $12.1 billion a year earlier, although the wider financial picture also reflects substantial non-cash accounting charges.

Anthropic attributed part of the operating reversal to $5 billion spent on short-term computing capacity after demand exceeded the capacity covered by its longer-term agreements. The filing said those short-term purchases were significantly more expensive. That leaves a distinction for prospective shareholders: demand for the company’s models is generating substantial sales, but serving demand beyond its contracted capacity carries an additional cost. Anthropic also recognised a $2 billion non-cash charge related to a programme that matches donations made by employees.

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The adjusted results offer a more favourable view of profitability, though the operating margin has narrowed. Adjusted operating income was $2.5 billion, with a margin of 15%, down from 19% in the preceding quarter. Across the first nine months, Anthropic reported a loss of $104 billion on revenue of $33.2 billion. Of that loss, $94.3 billion reflected non-cash charges associated with convertible notes, debt that can be exchanged for shares, as their value increased with the company’s valuation. Those charges distinguish the headline loss from the immediate cost of running the business.

The commitments likewise need to be considered alongside their payment schedule rather than treated as an immediate bill. They extend over many years and are almost seven times the $131.8 billion Anthropic held in cash and short-term investments at the end of September. About $70 billion is due within 12 months, while around $450 billion falls due by the end of 2030. Some $214 billion can be cancelled or is contingent on conditions being satisfied, qualifying the scale of the disclosed obligations without removing the spending exposure.

Growth remains substantial, but its pace has moderated. Sales more than doubled between the first and second quarters, making the subsequent 47% increase a slowdown from that earlier expansion. Anthropic had already given investors preliminary figures in October indicating that growth was cooling. For the listing, the combination matters more than either measure alone: revenue is expanding quickly, while adjusted margins have narrowed and the latest quarter has returned the company to an operating loss despite that larger sales base.

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Revenue quality is another consideration in the prospectus. Anthropic estimated that 5% to 7% of revenue in the first nine months came from customers violating its usage policies or commercial terms. It warned that enforcing those requirements could weaken future revenue and growth. That disclosure adds a separate qualification to the sales trajectory: some recorded business came from activity the company is seeking to curb. The warning sits alongside the computing-cost pressures rather than explaining the operating reversal on its own.

The financial figures also come against a changing valuation backdrop. Rapid revenue expansion and positive adjusted operating income offer a counterweight to the reported losses, while computing commitments and lower margins underscore the expense of growth. Some investors have reportedly reduced their valuation expectations to around $1.5 trillion from the roughly $2 trillion previously discussed, following a technology-stock sell-off driven by concerns about AI spending. Even that lower expectation remains above the $965 billion valuation established in Anthropic’s private funding round in May.

Beyond the financial disclosures, Anthropic said it could soon reach its own threshold for markedly faster progress driven by AI helping to develop more capable AI. The company warned that such a development could present a significant safety risk, while saying it had not designated any existing model as having crossed that threshold. The disclosure places another uncertainty before prospective shareholders: the company’s account of its technological progress includes risks as well as the commercial opportunity demonstrated by its recent revenue growth.

Anthropic published its prospectus on 26 October and intends to list on Nasdaq under the symbol ANT, but has not announced a price range. US securities rules require publication at least 15 days before a roadshow begins, allowing share marketing to start as early as next week and a listing from the week of 16 November. The eventual pricing will test investors’ willingness to support rapid expansion while weighing weaker operating results, substantial future commitments and the qualifications attached to both revenue growth and reported losses.