coindesk.com
Anthropic swung to a $567 million operating loss in the third quarter, reversing a $974 million profit in the previous quarter as rising computing costs hit profitability ahead of its planned initial public offering.
The Claude developer posted third-quarter revenue of $17 billion, but growth slowed sharply to 47% from 144% in the second quarter, according to an amended IPO filing published Monday.
Anthropic attributed the operating loss primarily to $5 billion in computing capacity obtained through costlier short-term commitments rather than cheaper multiyear agreements, as well as $2 billion in noncash charges tied to its donation-matching program.
Excluding certain expenses, including stock-based compensation and charitable contributions, Anthropic also reported adjusted operating profit of $2.5 billion, up from $2.2 billion in the previous quarter. Its adjusted operating margin, however, fell to 15% from 19%.
Price reductions and contractual discounts also reduced third-quarter revenue by approximately $600 million, partially offsetting growth from higher usage.
The company’s $23.3 billion net loss was largely driven by a $21.9 billion accounting charge from revaluing convertible notes and related instruments, primarily driven by increases in its enterprise valuation.
Anthropic also disclosed $895.4 billion in computing and infrastructure-related purchase and lease commitments extending over multiple years, including agreements entered into after Sept. 30. About $69.8 billion is due within 12 months of that date.
The company filed to go public on Oct. 26, with pricing expected in mid-November.
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