Anthropic’s revenue growth slows as $900 billion computing commitments expose new risks

Anthropic’s rapid revenue growth is beginning to lose momentum just as the artificial intelligence startup prepares for a potential blockbuster initial public offering (IPO).

Revenue rose 47 per cent quarter-on-quarter to $16.96 billion in the third quarter, according to an amended filing with the US Securities and Exchange Commission (SEC), as reported by Reuters. That marked a sharp slowdown from the 144 per cent growth recorded in the second quarter.

The company also disclosed nearly $900 billion in computing commitments with infrastructure partners, including Amazon and Google.

More importantly, some of that capacity depends on financing and credit support available to its infrastructure partners. Anthropic warned that if such financing becomes unavailable or more expensive, contracted computing capacity could be delayed, repriced, reduced or not delivered.

The disclosures come at a crucial time for the company, which is preparing to begin formally marketing its shares to prospective investors next week. Investors are weighing the financial risks behind its growth as they assess the valuation Anthropic could command in a public listing.

Why Anthropic’s $900 billion computing commitments matter

In its filing, the company said certain computing providers and infrastructure partners rely on third-party financing or credit support to acquire chips and build capacity. Any disruption to that financing could affect their ability to fulfil existing agreements.

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The warning points to a broader risk facing the artificial intelligence industry. Building and operating AI infrastructure requires substantial investment in data centres, advanced chips, electricity and networking equipment. Companies are increasingly relying on borrowing and long-term commitments to finance these investments.

Wall Street has grown more cautious about the debt-fuelled expansion of AI infrastructure. Record borrowing for data centres and computing equipment has widened technology bond spreads, forcing some issuers to offer higher premiums to attract investors.

Anthropic expects to incur nearly half of its $895.4 billion in AI infrastructure-related spending commitments before December, 2030. Around $69.8 billion of these commitments are due in the 12 months following September 30, according to the filing.

The company also reported an additional $5 billion in computing costs during the third quarter. These expenses weighed on improvements in operating efficiency and reduced the revenue generated for every dollar spent on computing compared with the previous quarter.

IPO valuation faces fresh scrutiny

Some existing and prospective investors are weighing a valuation of around $1.5 trillion, lower than the roughly $2 trillion figure previously discussed, Reuters has reported. The financial details disclosed at a recent investor event have added to questions about the company’s growth trajectory and spending requirements.

The slowdown in quarterly revenue growth does not necessarily indicate weakening demand. Anthropic’s revenue base has expanded rapidly, making it harder to sustain the exceptionally high growth rates recorded earlier.

However, the rising cost of computing and the scale of future infrastructure obligations could affect how investors assess its long-term profitability.

The company’s operating performance also presented a mixed picture.

Anthropic’s net loss narrowed to $23.29 billion in the third quarter from $66.3 billion in the second quarter. However, it reported an operating loss of $567 million, compared with operating income of $974 million in the previous quarter.

The distinction matters because operating income reflects the costs of running the business, including computing infrastructure and research. Net income also incorporates non-operating items, including those related to bonds convertible into the company’s shares.

Customer growth remains strong

Despite the slowdown in revenue growth, Anthropic’s customer numbers point to continued commercial expansion.

The company had more than 11,900 customers generating at least $100,000 in revenue on a trailing 12-month basis as of September 30. That compares with more than 1,500 such customers at the end of 2025.

The increase suggests that businesses are increasingly adopting Anthropic’s AI products and services. However, the challenge will be to sustain that demand while managing the cost of the computing resources needed to serve customers.

The company is also considering tighter human oversight of certain research and development decisions as its AI models take on a growing share of the work.

Anthropic has previously warned that advanced AI models could develop unexpected capabilities, recognise when they are being evaluated and behave in ways that make them harder to monitor. Chief executive Dario Amodei has called for a slowdown in the development of increasingly powerful AI systems.