Anthropic Updates IPO Filing: Third-Quarter Operating Loss of $567 Million
Anthropic updated its IPO filing, disclosing third-quarter results for the first time, with operating profit swinging from $974 million in the second quarter to an operating loss of $567 million. The main reasons are $5 billion in higher-cost short-term computing power and $2 billion in non-cash expenses for employee charitable matching gifts; computing power as a share of revenue rose to 58%, adjusted operating profit rose from $2.2 billion to $2.5 billion, but the adjusted profit margin fell from 19% to 15%. The filing shows total computing power commitments of $895 billion, of which $447 billion is expected by the end of 2030 and $70 billion is due within 12 months; Google's minimum commitment rose to $121 billion (through July 2033).
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The original article breaks down the composition of Anthropic's swing from profit to loss in the third quarter and provides computing power commitments and liquidity data, which can be used to observe its cost structure.
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Anthropic published an updated IPO filing today with its third-quarter results for the first time.
> Anthropic went from a $974M operating profit in the second quarter to a $567M operating loss in the third.
The main causes were $5 B of short-term compute, which costs much more than its long-term contracts, and a $2 B noncash charge for matching employee charitable donations.
> Anthropic swung from a $974M second-quarter operating profit to a $567M loss. Compute rose to 58% of revenue, including $5.0B of pricier short-term capacity, and donation matching added $2B of noncash charges.
> Adjusted operating income still rose to $2.5B from $2.2B, but the adjusted margin fell to 15% from 19%. Anthropic expects to use more short-term compute in the near term, which will squeeze margins further.
> The total compute commitment, left blank in the original, is now $895B. Of that, $447B is expected before the end of 2030, $70B is due within 12 months, and $214B carries termination rights or contingent conditions.
> Leases signed but not yet started make up $451B of the $895B total, and $100B was signed after September 30. Another $150B to $175B in deals without fixed dollar amounts sits outside the total.
> Google’s minimum commitment rose to $121B through July 2033, up from $115B in the October 26 filing, after amendments signed through October.
> Operating cash flow was positive at $7B for the 9 months. Liquidity reached $147B on September 30: $96B cash, $36B short-term investments and $15B of available credit.