Anthropic generated $17.0 billion in revenue in the third quarter of 2026, more than 12 times what it made in the same quarter a year earlier, according to the financial highlights in its amended IPO prospectus.
The figures offer an official look at how quickly the Claude maker has scaled ahead of its planned Nasdaq listing under the ticker ANT. For context, the company’s revenue for all of 2025 was reported at around $4.6 billion, meaning it now books more than three times that amount in a single quarter.
The headline numbers
Here is what the Q3’26 highlights show:
| Metric | Q3’26 |
|---|---|
| Revenue | $17.0 billion |
| Year-on-year revenue growth | >12x |
| Customers with ≥$100K trailing-twelve-month revenue | >11,900 |
| Year-on-year growth in those customers | >12x |
| Compute efficiency gain since Q1’25 | >4x |
| Adjusted operating margin | 15% |
| Operating margin | (3)% |
| Net loss | $23.3 billion |
Revenue growth of that magnitude is hard to find in the history of enterprise software. Anthropic had earlier said that its annualized revenue run-rate had crossed $47 billion in May, up from around $14 billion when it closed its $30 billion round at a $380 billion valuation in February. Run-rate figures are annualized snapshots rather than recognized revenue, but the prospectus now confirms that the underlying business has grown at a similar pace.
Enterprise customers are driving it
The number of customers spending at least $100,000 on a trailing-twelve-month basis has also grown by more than 12x, to over 11,900 as of September 30, 2026. That is up from just over 950 a year earlier.
That lines up with other signals of Anthropic’s strength with businesses. Payments data from Ramp recently showed that Anthropic had passed OpenAI in US business adoption for the first time, and reports earlier this year suggested Anthropic was generating roughly 35% more revenue than OpenAI on a run-rate basis, although the two companies may not calculate the metric in the same way.
Compute efficiency is improving
One of the more interesting lines on the slide is the more than 4x compute efficiency gain since the first quarter of 2025. The company measures this as revenue divided by compute and infrastructure expenses in Q3’26, divided by the same ratio in Q1’25.
In other words, each dollar spent on compute and infrastructure now generates more than four times as much revenue as it did at the start of 2025. That matters because compute is by far Anthropic’s biggest cost. According to the amended filing, compute and infrastructure expenses came to roughly $9.9 billion in the quarter, up from about $2.1 billion a year earlier. Revenue grew considerably faster than that cost base.
Profitable on an adjusted basis, not on a GAAP basis
Anthropic reported a 15% adjusted operating margin, but its GAAP operating margin was (3)%, meaning it recorded an operating loss in the quarter of roughly $567 million. The filing attributes the swing, in part, to short-term compute commitments that cost significantly more than the company’s multi-year contracts, along with non-cash charges tied to an employee donation matching program. The company had posted an operating profit in the previous quarter.
The prospectus directs readers to its Management’s Discussion and Analysis section for a reconciliation of adjusted operating margin to operating margin.
A $23.3 billion net loss, mostly on paper
The most eye-catching figure is the $23.3 billion net loss, but the filing is clear that most of it is a result of Anthropic’s rising valuation rather than its operations. The net loss includes a $21.9 billion non-cash charge related to a change in the fair value of convertible notes, derivative liabilities and SAFEs. As the company’s valuation rises, the value of these instruments, which convert into equity, rises as well, and that increase is booked as a loss.
Anthropic’s valuation has risen rapidly through its private funding rounds, most recently when it raised $65 billion at a $965 billion valuation in May. Any further increase in valuation in the IPO could result in similar charges in future periods.
What comes next
The amended filing still leaves the number of shares and the price range blank, so the valuation at which Anthropic will list remains unknown. Anthropic plans to list its Class A shares on the Nasdaq Global Select Market. Investors will get a clearer picture of how the market values a company growing at this pace once those terms are filled in.