Anthropic reports $17 billion quarter ahead of Nasdaq listing
Anthropic's IPO site puts its third-quarter net loss at $23.3 billion, mostly a non-cash charge, with Nasdaq trading as ANT expected on November 19.
Summary
In brief
- Anthropic reported $17.0 billion in third-quarter revenue and a $23.3 billion net loss
- $21.9 billion of Anthropic's loss is a non-cash charge tied to its higher valuation
- Anthropic expects to price its IPO November 18 and start trading as ANT November 19
Anthropic reported third-quarter revenue of $17.0 billion and a net loss of $23.3 billion on its IPO website, as the company courts investors ahead of a planned Nasdaq listing under the ticker ANT.
The figures are the latest results investors will weigh before Anthropic prices an offering of 825 million shares at $70 to $78 each, which could raise up to about $64.4 billion. The Financial Times reported on Wednesday that bankers were preparing to lift the IPO valuation to $1.5 trillion or more after strong investor demand.
Most of the quarterly loss is an accounting charge rather than cash spent. The company said the net loss includes a $21.9 billion non-cash charge from a change in the fair value of convertible notes, derivative liabilities and SAFEs, investment contracts that convert into shares later, which it tied to the rise in its valuation. Anthropic put its operating margin at minus 3%.
The company said revenue grew 12 times from a year earlier and that 11,900 customers each generated at least $100,000 in revenue over the trailing 12 months, also 12 times as many as a year before. It also reported a fourfold gain in compute efficiency since the first quarter of 2025, a figure that has not been independently verified.
Anthropic began its roadshow, the series of presentations used to sell an offering to institutional investors, on Tuesday. Its IPO site says individual investors can request Class A shares through participating brokerage platforms, with no guarantee of receiving any.
The site also presents results from customers including Legora, Eli Lilly, Rakuten, Salesforce and Walmart. Eli Lilly, for example, is listed with more than 50,000 employees who have access to Claude Enterprise.
Anthropic, a public benefit corporation founded in 2021 by former OpenAI researchers including Chief Executive Dario Amodei, makes the Claude family of models. It released Claude Fable 5.2 and Mythos 5.2 with a 20% price cut on Monday, and The New York Times reported on Tuesday that Nvidia planned to invest $10 billion alongside the IPO.
Subject to regulatory clearance, Anthropic expects to set the final share price on November 18 and to begin trading on November 19, the company said.