Anthropic's Q3 figures show a slowdown in growth
The AI provider's operating result slipped back into the red in the last quarter before its IPO. Over the next twelve months alone, 70 billion US dollars will be incurred for computing power and infrastructure.
One week after the first public glimpse into Anthropic's finances, the AI company has added the figures for the third quarter of 2026. The revised version of the S-1 filing confirms what leaks and estimates had suggested.
Quarter-over-quarter growth slowed from 144 percent (Q2) to 47 percent (Q3). In absolute terms, however, revenue growth remains substantial. Operating revenue rose from 11.5 billion US dollars (Q2) to 17 billion (Q3). In total, Anthropic generated 33.2 billion in the first three quarters – 13 times as much as in the same period the previous year.
However, operating expenses in the third quarter rose even faster than revenue. They amounted to 17.5 billion US dollars. This resulted in an operating loss of 0.6 billion and an operating margin of -3 percent. In Q2, this was still at 8 percent. The reason for the deterioration is significantly higher compute costs. In other words: operating Anthropic's LLMs was less cost-efficient again. Presumably because temporary discounts for computing power at SpaceX have expired.
The third key metric, which is no longer redacted, is the cumulative obligations and planned investments: 895 billion US dollars. Of this, 70 billion will be due in the next twelve months. A large portion of this consists of non-cancellable contracts for computing power.
Creditworthiness: «Junk»
Anthropic must continue to scale its revenue upwards to be able to cover the costs of day-to-day operations. The current 47 percent growth rate would be sufficient for this. If it remained constant, revenue over the next four quarters would total 200 billion US dollars. However, it is likely that growth will continue to slow. At a certain point, it would probably also be limited by the available purchased computing power – the line between too many and too few compute contracts is thin.
Even without an optimal business trajectory, Anthropic has a war chest to sustain itself for the next few years. Cash and cash equivalents and short-term investments amounted to 132 billion US dollars on September 30, 2026. With the IPO, more than 100 billion is expected to be added.
After that, it will become more difficult. Investment giant Blackstone expects that Anthropic's creditworthiness will only be rated as BB+ («high junk») by rating agencies. This would mean that bonds would not be «investment grade» and the company would have to pay higher interest rates as soon as it wants to finance investments through debt rather than equity.
My fingerprint often changes so drastically that my MacBook doesn't recognise it anymore. The reason? If I'm not clinging to a monitor or camera, I'm probably clinging to a rockface by the tips of my fingers.
From the latest iPhone to the return of 80s fashion. The editorial team will help you make sense of it all.
Show all
