When Anthropic first filed its S-1, the initial registration statement that is required of any company that intends to become publicly traded, it left the most recent quarter of financial figures blank. On Monday, it started filling in those previously missing earnings, and you’ll be shocked to learn that it shows the company spending a lot more than it earns.

First, the glass-half-full view for the AI optimists: Anthropic reported about $17 billion in third-quarter revenue, according to a report from Bloomberg. That’s a massive jump from the $1.4 billion the company reported during the same period last year, suggesting it has found substantial demand for Claude, particularly among businesses paying to use its AI models.

The rest of the report, though, doesn’t so much evoke a “glass-half-empty” perspective as it makes you think the glass has been pushed off the table and shattered on the floor. Despite ramping up revenue by nearly 12x over just one year, Anthropic posted a $23.3 billion net loss during the same period that it reported that massive revenue growth. That’s nearly double the net loss the company posted during the third quarter of 2025, when it reported a $12.1 billion loss.

The more investment-pilled among us will point out that much of that loss is linked to a change in the “fair value” cost of convertible notes issued by the company, which have increased because the valuation of the company keeps going up. And true as that might be, there’s also still a reason that Anthropic opted to hold off on sharing its Q3 figures.

Source link