# Anthropic’s amended IPO filing shows $33 billion in revenue in nine months, and a warning about its own pace

URL: https://ai-pulse.aglaganova.com/blog/anthropics-amended-ipo-filing-shows-33-billion-in-revenue-in-nine-months-and-a-warning-about-its-own-pace
Published: 2026-11-04
Author: Roman Aglaganov, Full-stack developer
Category: Industry
Region: North America
Tags: work, safety

> The updated prospectus adds third-quarter figures, still leaves the share price blank, and says Anthropic may soon meet its own definition of AI dramatically speeding up AI research.

![Illustration: a grey bar chart rising steeply to the right, the tallest bar outlined in black with a small red marker on top](https://ai-pulse.aglaganova.com/api/media/file/anthropic-s1a-1.png)

Anthropic filed the first amendment to its IPO prospectus with the US Securities and Exchange Commission on 2 November, a week after making its listing plans public. The new version brings the numbers up to the end of September, but still leaves the share price range and the number of shares blank.

## The numbers

According to the filing, Anthropic’s revenue in the first nine months of 2026 was $33.2 billion, up from $2.5 billion in the same period of 2025. Compute and infrastructure costs were $18.8 billion, and the company made an operating loss of $1.3 billion. Its net loss was $104 billion, almost all of it from a $94.3 billion non-cash accounting charge for the rising value of convertible notes, SAFEs and similar instruments, which grows as the company becomes more valuable.

The company says the number of customers paying it at least $100,000 a year grew from more than 950 to more than 11,900 between September 2025 and September 2026. The offering will include public sales in Australia, Canada, parts of the European Union, Japan, Switzerland and the UK, alongside the US listing on Nasdaq under the ticker ANT.

## Claude building Claude

The filing also says the value of Anthropic’s own internal use of Claude, at list prices, grew more than 250 times between January and September 2026, and in April exceeded its monthly spending on staff, excluding stock compensation. The company presents this as an advantage, since “each version of Claude is used to help build the next”.

It also lists it as a risk. As TechCrunch first noted, the risk factors say Anthropic has “in the past not identified, and may in the future not identify” a significant acceleration in its pace of development until after it happened, and that its estimates for future models “indicate that we may imminently meet our Responsible Scaling Policy’s definition of ‘dramatically accelerated progress attributable to AI.’” It says no current model has been designated as crossing that threshold. The company adds that it does not expect to be able to safely let Claude design and build new frontier models on its own “without meaningful human supervision or understanding”, and is considering changes to its policy “to keep humans in control of frontier model development”.

Risk factors in a prospectus are written to protect a company from future lawsuits, so they tend to list every danger. Even so, it is unusual for a company to tell investors that its main product might speed up its own development faster than it can measure.

Disclosure: AI Pulse is written with AI tools, including Claude, which is made by Anthropic.

## Sources

- [US SEC: Anthropic, PBC, Form S-1/A (Amendment No. 1), filed 2 November 2026](https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm)
- [TechCrunch: Anthropic warns that it’s very close to RSI capability, aka self-building AI](https://techcrunch.com/2026/11/02/anthropic-warns-that-its-very-close-to-rsi-capability-aka-self-building-ai)