According to Zhitong Finance APP, the AI startup Anthropic
Revenue growth slowed significantly in the third quarter, and the company noted in its filing that the computing power supporting its rapid expansion faces new risks. This adds another concern for investors to consider ahead of its highly anticipated initial public offering (IPO). The disclosures were included in a revised S-1 filing submitted on Monday. The filing shows that Anthropic’s net loss narrowed, and revenue increased 47% quarter-over-quarter to $169.6 million.
billion U.S. dollars, but the growth rate has slowed— the company's revenue increased by 144% quarter-over-quarter in the second quarter.
Anthropic’s computing power commitments with partners such as Amazon (AMZN.US) and Google under Alphabet (GOOGL.US) total nearly $9 billion.
Hundreds of millions of U.S. dollars, highlighting that its rapid growth relies heavily on significant future capacity, part of which depends on financing arrangements beyond the company's control.
Some of our compute suppliers and infrastructure partners rely on third-party financing or credit support to procure chips and develop capacity; if such financing or support becomes unavailable or more costly, contracted capacity may be delayed, repriced, reduced, or fail to be delivered.
Indicated in the document.
Wall Street is growing increasingly uneasy about this debt-fueled AI build-out: record borrowing for data centers, chips, and other infrastructure has widened tech bond spreads, forcing issuers to offer higher premiums to attract investors.
Anthropic is preparing to officially launch its share offering to potential investors next week. Following the company’s recent investor event disclosing financial details, some existing and potential investors are evaluating the 1.5
A valuation of trillions of dollars, below the previous level of approximately $2 trillion.
“We will monitor when this capacity becomes available, when payments begin, and how revenue grows relative to these obligations,” said Evan Schlossman, head of venture capital firm Neostellar.
In discussion with Willy Lee regarding Anthropic’s future procurement and leasing commitments.
As Anthropic submitted its filing, Monday’s rally in U.S. stocks faded, with tech stocks again facing selling pressure, highlighting investor anxiety over the AI boom. However, Amazon’s stock closed higher that day, as did Alphabet.
Then it closes flat.
Anthropic stated that as its AI
The proportion of research and development work performed by models has increased, and the company is considering enhancing human oversight of certain R&D decisions. The company previously warned that advanced models may develop unintended capabilities, recognize that they are being evaluated, and act in ways that are harder to monitor. The CEO
Dario Amodei has called for slowing down model development.
Review of Financial Details
The company expects nearly half of the $895.4 billion in spending commitments related to AI infrastructure to occur by December 31, 2030; approximately $69.8 billion of this will occur this year.
Expires within 12 months after September 30.
Anthropic disclosed that this quarter incurred an additional $5 billion in compute costs, hindering efficiency improvements and reducing revenue per dollar of compute compared to the previous quarter.
"I don't find these results concerning, but I do expect some pressure on growth and margins to be reflected in the final IPO valuation," said a specialist in IPO research and ETFs.
Matt Kennedy, Senior Strategist at Renaissance Capital, said.
As of September 30, more than 11,900 customers contributed at least $100,000 in revenue to Anthropic over the past 12 months, up from 2025
Over 1,500 by the end of the year.
Net loss narrowed from $66.3 billion in the previous quarter to $23.29 billion. The company reported an operating loss of $567 million in the third quarter, compared to an operating profit of $974 million in the second quarter.
Anthropic's operating loss reflects the company's operational costs, including computing infrastructure and research investments; its net loss also includes non-operating items related to convertible bonds that can be exchanged for company shares.