Anthropic, the artificial intelligence company behind the Claude chatbot, has returned to an operating loss as rising computing expenses put pressure on its financial performance ahead of its planned stock market debut.

The company reported third-quarter revenue of approximately $16.96 billion, representing a 47% increase from the previous quarter. However, its latest financial filing, submitted to US regulators on November 2, 2026, showed an operating loss of $567 million, reversing the $974 million operating profit recorded in the second quarter.

The results highlight the financial challenges of expanding advanced AI services while securing the enormous computing capacity required to support growing demand.

Rising Computing Costs Weigh on Profitability

Anthropic attributed much of its third-quarter operating loss to higher computing expenses. The company spent approximately $5 billion on short-term computing capacity after demand exceeded the availability secured through its longer-term agreements.

According to the filing, this short-term capacity costs significantly more than comparable computing resources obtained through multiyear contracts. Anthropic also recorded around $2 billion in non-cash charges related to its employee donation-matching programme.

Its adjusted operating income remained positive at approximately $2.5 billion. However, the adjusted operating margin declined to 15% from 19% in the previous quarter, indicating pressure on profitability despite strong revenue growth.

Nearly $895 Billion in Infrastructure Commitments

One of the most significant disclosures in Anthropic's updated filing was approximately $895.4 billion in purchase and lease commitments, largely connected to computing infrastructure and data centre capacity.

These commitments extend across multiple years, with nearly half expected to fall due by the end of 2030. Approximately $69.8 billion is due within the 12 months following September 30, 2026.

The scale of these obligations reflects the infrastructure-intensive nature of the AI industry. Companies developing advanced models require substantial computing power, specialised chips and data centre capacity to train systems and serve customers.

Anthropic also warned that some infrastructure partners depend on third-party financing. If that funding becomes unavailable or more expensive, contracted computing capacity could be delayed, reduced or repriced.

Revenue Growth Slows Ahead of IPO

Although Anthropic's revenue continued to increase, its growth rate slowed significantly. Revenue rose 47% in the third quarter, compared with 144% growth in the second quarter.

The company also reported a net loss of approximately $23.29 billion for the third quarter, down from $66.3 billion in the previous quarter. Much of the net loss was linked to accounting adjustments associated with convertible financial instruments rather than ordinary operating expenses.

Anthropic's updated filing also showed that it had more than 11,900 customers generating at least $100,000 in revenue over the preceding 12 months as of September 30.

Investors Assess Anthropic's IPO Prospects

Anthropic is preparing for a potential Nasdaq listing under the ticker symbol ANT. Its financial disclosures are expected to play an important role in shaping investor expectations as the company moves closer to its public offering.

Reports indicate that some investors are reassessing the company's potential valuation, with figures around $1.5 trillion being considered instead of the approximately $2 trillion discussed earlier.

The company's challenge will be to demonstrate that its rapid commercial growth can translate into sustainable profitability while managing its substantial infrastructure commitments.

Anthropic's latest results illustrate a wider question facing the AI industry: whether the revenue generated by increasingly powerful AI services will be sufficient to justify the enormous long-term costs of computing infrastructure.

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