Anthropic registers R$ 91.8 billion in revenue in the quarter, but reports a loss of R$ 124.2 billion

Anthropic reported a revenue of US$ 17 billion, equivalent to approximately R$ 91.8 billion, during the third quarter of 2026. This figure represents a significant increase of 12 times compared to the same period last year. However, despite this accelerated expansion, the developer of Claude also recorded a net loss of US$ 23 billion, which corresponds to about R$ 124.2 billion.

These results were disclosed on Monday (2) and are considered a crucial update to the financial information the company presented in its prospectus for an Initial Public Offering (IPO). Previously, most available data covered only the first six months of 2026.

The performance in the third quarter is particularly important for investors, given the rapid evolution of the artificial intelligence (AI) market. The valuation of a company in this sector is not based solely on revenue growth, but also on its ability to maintain the necessary investments for the development and operation of its models.

If Anthropic's capital opening materializes, the company could be valued at up to US$ 2 trillion (about R$ 10.8 trillion). Furthermore, the offering could mobilize US$ 100 billion (approximately R$ 540 billion), making it one of the largest transactions of this type ever conducted.

Although the quarterly figures slightly exceeded previous forecasts made to investors, Anthropic's growth rate shows signs of moderation. Revenue grew by 47% compared to the second quarter, a percentage slightly higher than the 45% projected in a private presentation by the company.

However, this advance fell short of the 144% growth observed between the first and second quarters. This slowdown, however, does not necessarily imply a loss of commercial strength, but rather raises questions about the company's ability to convert its expansion into lasting financial results.

Brandon Ross, an analyst at LightShed Partners, commented to The New York Times that although the company is efficient, 'the money will start to drain as it builds its own infrastructure.' This concern is not exclusive to Anthropic; large technology corporations are increasing their spending on AI infrastructure and increasingly relying on the debt market to finance their projects. If demand for AI falls below expectations, these commitments could intensify pressure on results.

Anthropic confirmed that it will reserve shares for individual investors in its public offering, without specifying the proportion allocated to this group. This decision follows a similar tactic adopted by SpaceX in its capital opening in June, where retail investors had a relevant stake in the operation.

If carried out, Anthropic's offering will be the second major capital opening of the year, following the operation of Elon Musk's company. OpenAI, the creator of ChatGPT, is also considering a public offering in 2027, with a potential valuation exceeding US$ 1 trillion. This move occurs in a context of greater market caution regarding massive investments in AI, as tech company stocks suffered a strong sell-off the previous week due to questions about the sustainability of the sector's spending.

Parallel to the preparation for the IPO, Anthropic also reinforced the usage limitations of its AI tools. The company modified the guidelines for Claude Code to prohibit the tool from being used in recreating specific existing video games. This change was implemented in the system prompt of the Claude Code Opus 5.5 version.

The new guidelines instruct the model to create original games, productions inspired by genres, or projects based on designs and features provided by the users themselves. The objective of this restriction is to prevent AI from being used to directly replicate intellectual property protected games, even when the user attempts to present this copy as an original work.

Addy Osmani, a representative of Anthropic, confirmed the update to The Verge, explaining that using Claude to violate intellectual property rights contradicts the company's policies. However, the company does not intend to block the creation of AI games; original projects developed with users' own ideas and resources remain permitted. According to Osmani, Anthropic will continuously seek to adjust its instructions to balance intellectual property protection with users' creative freedom.

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iol.co.zaOctober 23, 12:14

Anthropic's $80 billion loss reflects high computing power costs

According to the IPO prospectus draft, Anthropic's net loss for the first half of the year reached $80.7 billion, higher than the $13 billion recorded the previous year. However, most of this amount does not represent cash leaving the company; about $72 billion is an accounting expense resulting from the increased assumed value of convertible bonds that can be converted into Anthropic shares. In fact, this loss is a side effect of the sharp rise in the company's valuation.

A similar situation was observed last year: Anthropic's net loss in 2025 was approximately $42 billion, including a non-cash expense of $34 billion, with an operating loss of roughly $8.1 billion on revenue of $4.6 billion. It is the operating loss that should be tracked, as it is driven by computing power expenses.

Growth rarely achieved by other companies

Revenue growth has been exceptional: Anthropic reportedly generated $16.3 billion in the first half of 2026, compared to $1.1 billion the previous year. Third-quarter revenue increased by 45%, reaching $16.8 billion, up from the second quarter's $11.6 billion, more than doubling the first quarter's figures.

However, this 45% growth is a cause for concern because the consistent increase is slowing down, which investors have noticed. On the investor floor, the company's valuation is being discussed near $1.5 trillion, which is below the expected level of $2 trillion projected in the summer. Nevertheless, compared to the private valuation of $965 billion in May, $1.5 trillion still represents significant growth, albeit less than the market anticipated.

Costs associated with compute shortages

Operating costs explain the caution. Anthropic has committed to spending no less than $518 billion on cloud services, computing power, and infrastructure over ten years. Approximately 80 percent of these commitments cannot be canceled. According to a Wall Street Journal analysis, the prospectus draft indicates larger commitments exceeding $600 billion, with further negotiations ongoing. The difference between these two figures suggests that the total amount is still changing.

Computing and infrastructure costs in the first half of the year approached $9 billion, up from $2.3 billion the previous year. The prospectus also mentions Anthropic's relationships. Amazon, Google, and Microsoft are increasingly viewing Anthropic as a competitor and are reluctant to provide all the necessary power, forcing Anthropic to turn to more expensive and disparate sources. The company integrates dependency on competitors into its cost structure.

What optimists are betting on

The optimistic scenario is based on changes in margins. Bankers and investors are applying revenue multiples to 2028 forecasts, betting that revenue will outpace the costs of supporting it. One prominent sponsor claims that as costs shift from model training to operation, profitability rises sharply, citing an announced inference gross margin of around 85%. If this holds, today's spending looks like an investment in a software-like economy.

Claude Code is acting as the driving force. This coding assistant provides Anthropic with a product that developers pay for regularly, making the company's revenue heavily focused on the corporate sector. Furthermore, Anthropic sells its products to businesses and developers, not end consumers, making it financially more attractive than the model led by OpenAI's ChatGPT.

Risks hidden in the footnotes

When the final prospectus is released, three points should be noted. First, concentration: about one-fifth of the revenue for the first half of the year came from two clients. Second, fragility: a temporary restriction by the U.S. Department of Commerce on Anthropic's top models contributed to a slowdown in revenue growth in June before the business recovered. Third, structure, as non-cancellable contracts mean that a halt in growth cannot be offset by cost reductions.

The accounting for convertible bonds also makes reported losses an unreliable indicator of the underlying condition. Until an audited version appears, revenue rates, reported revenue, and projected profit should not be considered verified results.

Why the entire sector is watching this

Anthropic's debut matters not only for the company itself. A weak reception could negatively impact the broader artificial intelligence market, especially considering that OpenAI is next to go public. OpenAI's CFO stated that the company will become public next year, and its own forecasts show about $278 billion in cash expenditures by 2030. Consultants warn that volatility in tech stocks and SpaceX's results after the IPO may reduce retail investor interest.

www.aajtak.inOctober 21, 06:08

Anthropic incurred losses of 75,76888 crore rupees in the first half

Anthropic, one of the companies whose artificial intelligence products have become popular worldwide alongside OpenAI, suffered significant financial losses in the first half of this year.

According to a report published by The Wall Street Journal on Tuesday, Anthropic recorded a loss exceeding 80 billion US dollars for the first half of this year. When converted into Indian currency, this amount is approximately 75,76888 crore rupees.

The company also reported that it may spend $750 billion next year to improve computing power.

The report indicates that last year the company's losses were about $13 billion, but there has been a sharp increase in losses during the current period. This jump is due to accounting expenses of $72 billion, which are directly related to the change in the value of financial instruments issued by Anthropic to raise funds, according to the company's IPO prospectus draft.

Anthropic's losses demonstrate how costly new technologies have become in the current situation. Currently, most companies provide their AI services for free.

Nevertheless, The Wall Street Journal also noted that Anthropic's revenue increased over the six-month period, reaching $16.3 billion. A year earlier, this revenue figure was about $1.1 billion.