Anthropic’s amended IPO filing shows $33.2 billion nine-month revenue and warns future models may “imminently” hit its AI-accelerated R&D threshold
Anthropic filed Amendment No. 1 to its S-1 with the US SEC on 2 November, adding results through 30 September: $33.24 billion in revenue for the first nine months and, in the third quarter, $16.96 billion in revenue and a $23.29 billion net loss driven mainly by fair-value changes on convertible notes and similar instruments. The amendment also adds a risk factor saying the company’s internal estimates for future models indicate it may “imminently” meet its Responsible Scaling Policy definition of “dramatically accelerated progress attributable to AI.”
According to the financial statements in the amendment, revenue for the first nine months of 2026 was $33.242 billion, against $2.545 billion a year earlier. The operating loss was $1.260 billion and the net loss $104.039 billion, of which $94.324 billion came from non-cash fair-value changes on convertible notes, derivative liabilities and SAFEs. In the third quarter alone, revenue was $16.956 billion, the operating loss $567 million (after $974 million of operating income in the second quarter) and the net loss $23.291 billion, including $21.936 billion of fair-value changes. The company says third-quarter revenue grew 1,127% year on year while compute and infrastructure expenses grew 382%.
CNBC notes that the original prospectus filed in late October covered only the first half, and that third-quarter revenue rose about 47% quarter on quarter, well below 144% in the second quarter and 132% in the first.
As of 30 September, Anthropic held $131.845 billion in cash, cash equivalents and short-term investments. Its purchase and lease commitments total about $895.4 billion, substantially all for compute and infrastructure; about $447.5 billion is expected before the end of 2030 and about $69.8 billion falls due in the following 12 months.
In its risk factors, the company says that its growing use of AI to accelerate its own research could make model capabilities advance faster than it can develop and validate safety, alignment and security measures, and that it has in the past not identified, and may in the future not identify, a significant acceleration until after it has occurred. “Our internal estimates and our expectations regarding future models, rather than our current models, indicate that we may imminently meet our Responsible Scaling Policy’s definition of ‘dramatically accelerated progress attributable to AI.’” It adds that it has not designated any current model as exceeding the threshold, is still assessing the data and will publish further reports under the policy.
The filing also states that the company does not anticipate being able to safely use Claude to fully autonomously design and build successive generations of frontier models without meaningful human supervision or understanding, if and when that becomes technically possible, and that it is therefore considering updates to the RSP to keep humans in control of frontier model development. TechCrunch notes that this recursive self-improvement language is new in the amendment.
Sources
- Anthropic, PBC - Amendment No. 1 to Form S-1 — Anthropic, PBC（SEC EDGAR）
- Anthropic warns that it’s very close to RSI capability, aka self-building AI — TechCrunch
- Anthropic releases amended IPO prospectus with Q3 financials — CNBC