Anthropic, a star AI company, recently submitted an amended prospectus to the U.S. Securities and Exchange Commission (SEC), formally filling in its financial data for the third quarter of fiscal 2026 (ended September 30). The data shows that although the company's revenue is still growing rapidly, a surge in short-term compute costs and a combination of multiple expenses meant Anthropic stayed operating profitable for only one quarter before falling back into a loss. Its nearly $900 billion in compute procurement commitments has also drawn widespread market attention.
Revenue Growth Slows, Operating Profit Proves Fleeting
Financial data shows that Anthropic generated about $17 billion in revenue in the third quarter, up about 47% quarter over quarter from $11.6 billion in the second quarter, and more than 10 times higher than $1.4 billion in the same period last year. However, compared with the 144% quarter-over-quarter increase in the second quarter, its revenue growth has clearly slowed. In addition, the prospectus notes that 5% to 7% of revenue in the first nine months of the year came from customers who violated its usage policies or commercial terms. The company has stepped up efforts to crack down on violations since August, and future revenue growth may face further pressure as a result.
On profitability, Anthropic recorded an operating loss of $567 million in the third quarter, after just achieving its first operating profit of $974 million in the previous quarter. The core reason for the swing from profit to loss was a sharp spike in compute costs: because user demand growth in the third quarter exceeded expectations, originally planned compute capacity fell short, forcing the company to buy $5 billion in short-term compute on short notice at prices significantly higher than long-term contracts.
As a result, third-quarter compute and infrastructure spending jumped 77% quarter over quarter to $9.9 billion. In terms of input-output efficiency, every $1 spent on compute and infrastructure generated only $1.72 in revenue, down from $2.08 in the second quarter, the first decline in this metric. At the same time, price cuts for new models and contract discounts reduced third-quarter revenue by about $600 million, squeezing profit margins from both higher costs and lower prices.
In addition, a $2 billion non-cash expense related to an employee donation matching program was included in the quarter. Excluding such items and stock-based compensation, Anthropic still had about $2.5 billion in adjusted operating profit, but its margin fell from 19% to 15%. To reduce its reliance on expensive short-term compute, Anthropic is actively advancing dedicated infrastructure projects aimed at replacing short-term compute with lower-cost long-term capacity.
Nearly $900 Billion Compute Bill Looms, with More Than $60 Billion Due in the Next Year
In addition to quarterly financial performance, the amended filing fully disclosed total committed spending for the first time. Including contracts signed after September 30, Anthropic's total purchase and lease commitments are about $895.4 billion, almost all for buying compute and leasing data centers, with payment periods extending through 2045.
Among these massive commitments, the most closely watched issue is its looming near-term repayment pressure: about $69.8 billion will come due within the next 12 months. That figure not only exceeds Anthropic's annualized full-year revenue based on third-quarter revenue, but also equals more than half of its total cash and short-term investments of about $131.8 billion at the end of September.
