Anthropic Files Updated Its S1: Committed Spend Jumps To $900BN, Only Google Has More

We covered Anthropic's S-1 filing in full here last week.

Now we get the update, and it's a lot less rosy...

UPDATE (Nov 2): Q3 Is In, And The Operating Profit Lasted One Quarter

The blank has been filled in. Anthropic just filed Amendment No. 1 to its S-1, adding the third quarter, and the line in the prospectus summary that read "to $ for the three months ended September 30, 2026" now reads $17.0 billion.

*ANTHROPIC 3Q REV. $16.96 BILLION VS. $1.38 BILLION Y/Y
*ANTHROPIC 3Q TOTAL OPERATING EXPENSES $17.5B VS. $4.47B Y/Y
*ANTHROPIC HAD $95.6B OF CASH AS OF SEPT.30
*ANTHROPIC HAD $36.3B OF SHORT-TERM INVESTMENTS AS OF SEPT. 30
— zerohedge (@zerohedge) November 2, 2026

The exact number is $16.96 billion, a touch above the $16.8 billion management gave its investor day. That's up 1,127% y/y and 47% q/q. A great quarter, again, and also confirmation of the deceleration we flagged: Q2 grew 144% q/q. And the S-1/A adds a detail that wasn't in the investor-day pitch: revenue growth in Q3 was "partially offset by a decrease of approximately $600 million from price reductions introduced as part of new model versions and contractual discounts." So the treadmill now comes with price cuts.