Anthropic reported $17 billion in third-quarter revenue, up from $1.4 billion a year earlier, in a filing released weeks before its planned stock market debut. The company behind Claude is the first major AI lab to pursue a public listing while investors question whether the sector’s heavy infrastructure spending will pay off.

Revenue growth slowed to 47% for the quarter, from 144% in the previous quarter. At the same time, computing costs took 58% of revenue, compared with 48% in the prior quarter. Anthropic recorded an operating loss of $567 million, after reporting operating income of $974 million previously.

The company posted a net loss of $23.3 billion, most of which stemmed from an accounting charge related to its convertible bonds. Anthropic also cited a non-cash charge of $2 billion for its employee donation program and the higher cost of buying computing capacity at short notice.

Anthropic typically reserves most of its computing capacity 12 to 18 months in advance. Demand exceeded its forecasts, prompting the company to buy an additional $5 billion of capacity on short-term terms. It has continued to sign new agreements: commitments added in October amounted to roughly $100 billion.

The filing lists about $895.4 billion in spending commitments, largely for computing and infrastructure. Around $213.8 billion is subject to conditions or termination rights, while about $69.8 billion falls due over the next 12 months. Anthropic had approximately $132 billion in cash and short-term investments at the end of September.

The commitments carry risks in either direction: too little capacity could force Anthropic to pay more and squeeze margins, while too much could leave it with long-term contracts it cannot fill with customer demand. The filing names Broadcom, Google, SpaceX and Amazon among the largest recipients of payments. Google and Amazon have also invested in Anthropic.

The prospectus has yet to specify a price range or the number of shares on offer. Bloomberg has reported that the investor roadshow could begin in the week of November 9, with a market debut before November 26. Some investors have valued Anthropic at around $1.5 trillion, down from $2 trillion not long ago; the eventual offering price will also provide a benchmark for other companies in the AI sector.

Sources: Xataka.