Anthropic's loss shrinks to $23.3B as $17B quarter fuels Nasdaq IPO talk

Anthropic's money math is getting less ugly. The Claude maker told the SEC in an amended IPO filing that its third-quarter net loss shrank to $23.3 billion, down from $66.3 billion in the previous quarter, according to Reuters. Revenue for the quarter landed at roughly $17 billion — a jump of more than 1,100% from a year earlier.

Don't pop the champagne just yet. The filing pins most of that narrower loss on non-cash accounting adjustments, not real cash walking out the door. The operating line is messier: Anthropic booked a $567 million operating loss, flipping from a $974 million operating profit in the second quarter. Computing costs are the culprit.

Growth is still huge, just less vertical than before. Sequential revenue growth cooled to 47% in the latest quarter. And the filing itself only dropped last week, after the company filed to go public — a listing that could become the biggest IPO on record.

The plan: list Class A shares on the Nasdaq under the ticker ANT, with a debut possibly landing the week of November 16, 2026. Early chatter around the deal points to a valuation somewhere between $1.5 trillion and $2 trillion, with as much as $100 billion potentially raised. Anthropic hasn't disclosed share count or pricing yet.

For scale, the company's last private mark was $965 billion post-money, set in a Series H round in May 2026. Even the bottom of the floated IPO range sits above that. Meanwhile, Anthropic has stacked up about $895.4 billion in computing and infrastructure commitments running through 2033, with partners including Amazon and Google. Translation: the bills are enormous, and the public markets are about to get a front-row seat.