Anthropic’s first operating profit lasted one quarter. Its computing bill, nearly $900 billion, is just getting started.
The maker of Claude (ANTH.PVT) put a total on that bill for the first time Monday. Its amended IPO filing lists about $895 billion of commitments, nearly all of it for computing and data centers. About $70 billion comes due within a year. The full bill is almost seven times the roughly $132 billion of cash and short-term investments Anthropic held at the end of September.
The filing also added third quarter results. Revenue jumped to about $17 billion from $11.6 billion in the second quarter. But Anthropic reported a $567 million operating loss, one quarter after its first operating profit of $974 million.
Demand outran the rent
Anthropic books most of its computing 12 to 18 months ahead. When demand ran past that capacity last quarter, it bought $5 billion of short-term computing that “currently costs significantly more” than its long-term deals, the filing says. A $2 billion non-cash charge tied to a donation-matching program added to the loss.
Three days before the filing, Seaport Research Partners analyst Jay Goldberg warned on Yahoo Finance that the profits wouldn’t last.
“They will be profitable probably in the next quarter or two. But then they’re going to start going back into losses,” he said.
Who gets paid
Nearly $450 billion of the commitments come due by the end of 2030. Purchase commitments alone jumped to about $314 billion from $55 billion at the end of 2025. Broadcom (AVGO) tops the list with about $161 billion in equipment leases. Alphabet’s (GOOGL) Google is next at about $121 billion, up from $114.5 billion in the first filing. SpaceX’s (SPCX) AI unit follows at up to $120.5 billion, then Amazon (AMZN) at $110 billion.
Anthropic also plans another $125 billion to $150 billion of Google chips and expects to spend more than $20 billion with AMD (AMD). Neither deal has a fixed dollar commitment, so neither counts toward the $895 billion.
That makes Anthropic one of the biggest customers the cloud giants have, and one of their rivals too.
“For the hyperscalers, Anthropic is at once a customer, competitor, sales channel and investment,” Evercore ISI analyst Mark Mahaney wrote after the first filing.
Up to 7% of sales came from rule-breakers
Anthropic estimates that 5% to 7% of its revenue in the first nine months of the year came from customers who were breaking its usage policy or commercial terms. It stepped up enforcement in August and September and warned the crackdown “may reduce our overall revenue and growth rates in future periods.”
Source: finance.yahoo.com
