Anthropic, PBC filed Amendment No. 1 to its Form S-1 with the SEC on Nov. 2, 2026, updating quarterly financials and long-dated compute spending disclosed for its planned public listing.
Key facts
| Item | Detail |
|---|---|
| Filed | Nov. 2, 2026, Amendment No. 1 to Form S-1 |
| Committed spend | Approximately $895.4B, substantially all compute and infrastructure |
| Before end of 2030 | About $447.5B |
| Next 12 months | About $69.8B |
| Q3 2026 revenue | $17.0B vs $1.4B a year earlier |
| Cash and equivalents | $95.6B at Sept. 30, 2026 |
| Listing | Nasdaq, ticker ANT, price range not yet set |
What the amended filing shows
The cover reads “As filed with the Securities and Exchange Commission on November 2, 2026” and “AMENDMENT NO. 1 TO FORM S-1.” It is the first update since Anthropic Files for Nasdaq IPO Under the Ticker ANT, adding September-quarter results, nine-month tables, and cloud and chip contract detail.
The $895.4 billion compute commitments
The filing states verbatim: “As of and subsequent to September 30, 2026, we have entered into purchase commitments and lease agreements, including short-term commitments, as well as leases not yet commenced, with an aggregate committed spend of approximately $895.4 billion, substantially all of which is related to compute and infrastructure.”
About $447.5 billion is expected before Dec. 31, 2030, with substantially all of the remainder between 2031 and 2045. Approximately $69.8 billion is due in the 12 months after Sept. 30, 2026.
Who Anthropic is buying compute from
Microsoft: at least $44.9 billion between November 2026 and June 2033, regardless of actual usage. Google: at least approximately $121.3 billion between April 2026 and July 2033 under a cloud hosting agreement, regardless of actual usage, plus additional TPU compute with estimated payments of approximately $125.0 billion to $150.0 billion not included in the contractual obligations table. Amazon: at least $110.0 billion between May 2026 and April 2036, regardless of actual usage.
SpaceXAI LLC (formerly X.AI LLC) covers NVIDIA GPU compute of up to $120.5 billion into 2029, cancellable on 90 days' notice after non-cancelable periods ending in January 2027 and March 2027. Chips span AWS Trainium, Google TPUs, NVIDIA GPUs, and AMD GPUs.
September-quarter revenue and margins
Revenue was $17.0 billion for the three months ended Sept. 30, 2026, up from $1.4 billion for the three months ended Sept. 30, 2025. The filing says revenue “grew 1,127% year over year for the three months ended September 30, 2026, compared to compute and infrastructure expenses that grew 382% during the same period.”
Operating margin was (3)% with an operating loss of $567 million, versus (224)% and a $3.1 billion operating loss a year earlier. Adjusted Operating Margin was 15% with Adjusted Operating Income of $2.5 billion (non-GAAP), versus (93)% and an Adjusted Operating Loss of $1.3 billion a year earlier. See Anthropic Reportedly Told Investors Q3 Revenue Hit $16.8B for earlier investor-facing context on the quarter.
Cash and nine-month results
As of Sept. 30, 2026, Anthropic had raised $141.1 billion of capital; cash and equivalents were $95.6 billion and short-term investments $36.3 billion. Trailing-twelve-month revenue per employee exceeded $6.6 million, versus $1.4 million a year earlier.
Nine months ended Sept. 30, 2026 (millions): revenue $33,242 (vs $2,545); compute and infrastructure expense $18,808; operating loss $1,260; fair-value change on convertibles and related instruments $(94,324); net loss $(104,039). The nine-month net loss is about $104.0 billion, mostly from that $94.3 billion fair-value line in the table.
Where the IPO stands
Anthropic applied to list Class A common stock on the Nasdaq Global Select Market under “ANT.” The price range remains blank (“between $ and $”), so the amendment sets no IPO price, size, or valuation. Offerings are also planned in Australia, Canada, certain EEA states, Japan, Switzerland, and the UK.
What it means
Analysis (ours). The $895.4 billion figure is contracted future capacity, not a single quarter's cash burn. Pairing it with $17.0 billion of quarterly revenue shows how heavy upfront infrastructure commitments are even as sales scale. Adjusted operating income turning positive while GAAP loss narrows highlights two lenses on the same quarter; the nine-month net loss is still driven mainly by fair-value marks on convertibles, not operating lines alone.
What to watch
When Anthropic files a priced prospectus, how the $69.8 billion due in the next year flows to cash spend, and whether Google TPU payments outside the obligations table move into firmer commitments.