Anthropic swings to a $567 million operating loss in amended IPO filing

Revenue jumped to roughly $17 billion in the third quarter, but compute costs and a donation-matching charge erased the prior quarter's profit Anthropic just showed public-market investors what its books look like a few weeks before its planned debut. The picture is complicated. The Claude developer’s amended Form S-1 with the SEC reports a $567 million operating loss for the third quarter of 2026. One quarter earlier, the company posted a $974 million operating profit. That is a swing of more than $1.5 billion in three months. It arrives while Anthropic plans to price its IPO in mid-November, so prospective shareholders now have to decide which quarter tells the real story. What flipped the profit into a loss The reversal is largely attributed to two cost lines, according to the filing. The first is compute. Anthropic’s compute costs surged by around $5 billion. Training and running frontier AI models requires enormous fleets of specialized chips, and that bill keeps growing alongside demand. The second is a non-cash charge of $2 billion tied to the company’s employee donation-matching scheme. Non-cash means no money actually left the building in that quarter. It still hits the in...