Anthropic filed an amended registration statement with the SEC on November 2 that adds its third-quarter results. Revenue for the three months ended September 30 was $16.96 billion, up from $11.56 billion in the second quarter, and compute and infrastructure costs rose faster than revenue over the same three months.
What the amendment adds
The original S-1, filed on October 26, carried quarterly results through June 30 and left several headline figures blank. The amended filing fills in the September quarter and the size of the company’s compute commitments. The offering price range is still blank. Anthropic has applied to list its Class A common stock on the Nasdaq Global Select Market under the symbol ANT.
Quarter by quarter, the filing shows how the cost base moved:
- Revenue: $11,555 million in the June quarter and $16,956 million in the September quarter, an increase of about 47%. Year over year, the company reports growth of 1,127%.
- Compute and infrastructure: $5,558 million, then $9,863 million. That line was 48% of revenue in the June quarter and 58% in the September quarter.
- Operating result: operating income of $974 million in the June quarter, then an operating loss of $567 million.
- Adjusted operating income, the company’s non-GAAP measure: $2,235 million, then $2,463 million.
The gap between the two operating figures comes from items Anthropic excludes from its adjusted measure. In the September quarter those were $1,070 million of stock-based compensation and $1,960 million of non-cash charitable contributions. Other operating and administrative expense rose from $1,031 million to $3,588 million.
The growth comparison the company draws has also shifted. In the October filing, Anthropic said revenue grew 1,368% year over year in the June quarter against 300% growth in compute and infrastructure expenses. For the September quarter the amended filing gives 1,127% revenue growth against 382% for compute and infrastructure.
The customer base, by spend
As of September 30, the filing counts more than 11,900 customers paying $100,000 or more over the trailing twelve months, more than 1,900 paying $1 million or more and about 250 paying $10 million or more. It says more than half of the Fortune 500 and more than 30% of the Global 2000 sit in the $100,000 tier, and it describes its penetration into the largest enterprises as early.
Remaining performance obligations, the revenue Anthropic has under non-cancelable commitments but has not yet recognized, were $13.8 billion at September 30, up from $10.8 billion at June 30. In both filings the company expects to recognize about 75% of that amount within 12 months.
Compute commitments and debt
The amended filing puts aggregate committed spend under purchase commitments and leases, entered into as of and after September 30, at about $895.4 billion, substantially all of it for compute and infrastructure. About $447.5 billion is expected before the end of 2030 and most of the rest between 2031 and 2045. About $69.8 billion falls due in the 12 months after September 30. Total indebtedness was $6.2 billion at September 30, the same figure the original filing gave for June 30, which the filing attributes to the principal outstanding on convertible notes issued to Amazon under agreements dated 2023 and 2024.
Sales, marketing and partnerships expense was $2,361 million in the September quarter, against $2,135 million in June, while personnel expense fell from $1,857 million to $1,711 million. The company says it runs workloads across AWS Trainium, Google TPUs, NVIDIA GPUs and AMD GPUs. Its risk factors note that most advanced chip manufacturing capacity sits in Taiwan, primarily at TSMC.
What it means for the buying committee
For a CIO or Chief AI Officer with Claude in production, the filing answers three procurement questions in Anthropic’s own words.
Who holds the contract
Claude is sold through AWS, Google Cloud and Microsoft Azure, and the filing says Anthropic establishes direct contractual relationships with those customers while paying a fee to each cloud provider. Teams that bought Claude through a cloud marketplace should check which entity their terms name, which party sets price and where a dispute would go.
How long customers commit
With about three quarters of the $13.8 billion backlog due within a year, most contracted Claude spend renews on a short cycle. In our reading, that gives buyers a regular point to renegotiate volume and price, and it means the vendor’s revenue depends on renewals at the scale the customer tiers show.
What sits behind the capacity
The $895.4 billion of commitments and the four chip families are the supply side of the service a customer buys. Vendor risk reviews can now read the filing’s own disclosures on compute supply, power and Taiwan exposure, which were not public before October 26.
Earlier coverage of how Anthropic’s own teams work with agents is in our report on its junior technical hiring data, and its latest product work for regulated teams is in Anthropic Adds Ready-to-Use Artifacts to Claude for Legal.
Actions for the CIO and CAIO
Pull the contracting entity and renewal date for every Claude agreement, including those bought through a cloud marketplace. Ask the account team how pricing on your tier is set when the purchase runs through AWS, Google Cloud or Azure. Add the S-1/A risk factors on compute supply and indebtedness to the vendor file, and set a reminder for the priced amendment, which will carry the share price range and offering size.
Source: Anthropic, PBC, Form S-1/A, SEC
