营收狂飙却难掩巨额账单：Anthropic三季度重回亏损，近 9000 亿美元算力承诺成IPO最大考验 人工智能明星企业 Anthropic 近日向美国证券交易委员会（SEC）提交了招股书修订稿，正式补全了2026财年第三财季(截至9月30

The revenue is soaring but the huge bill cannot be concealed: Anthropic returned to losses in the third quarter, and the nearly US$900 billion in computing power promised to become the biggest test of the IPO. The artificial intelligence star company Anthropic recently submitted a revised prospectus to the U.S. Securities and Exchange Commission (SEC), officially completing the financial data for the third fiscal quarter of fiscal year 2026 (as of September 30). Data shows that although the company's operating income is still growing rapidly, due to the surge in short-term computing power costs and the superposition of multiple expenses, Anthropic only maintained operating profits for one quarter before turning into losses again. Its computing power purchase commitment of nearly US$900 billion has also attracted widespread market attention. Revenue growth slowed down, and operating profits were “flash-in-the-pan.” Financial data show that Anthropic achieved revenue of approximately US$17 billion in the third quarter, an increase of approximately 47% from the US$11.6 billion in the second quarter, and an increase of more than 10 times from US$1.4 billion in the same period last year. However, compared with the 144% quarter-on-quarter growth in the second quarter, its revenue growth has shown obvious signs of slowing down. In addition, the prospectus reminded that 5% to 7% of revenue in the first nine months of this year came from customers who violated its usage policy or commercial terms. The company has stepped up efforts to rectify illegal usage since August, and future revenue growth may be further pressured. In terms of profit performance, Anthropic recorded an operating loss of US$567 million in the third quarter, and it just achieved an operating profit of US$974 million for the first time in the previous quarter. The core reason that led to the shift from profit to loss was the sharp surge in computing power costs: due to user demand growth exceeding expectations in the third quarter, there was a shortage of originally planned computing power, and the company had to temporarily purchase short-term computing power worth US$5 billion, with the price significantly higher than the long-term contract. Affected by this, computing power and infrastructure spending in the third quarter surged 77% from the previous quarter to US$9.9 billion. From the perspective of input-output efficiency, every dollar invested in computing power and infrastructure can only bring in $1.72 in revenue, which is lower than the $2.08 in the second quarter. This indicator has declined for the first time. At the same time, new model price cuts and contract discounts also reduced revenue by approximately US$600 million in the third quarter. Both rising costs and falling prices squeezed profit margins. In addition, $2 billion in non-cash charges related to the employee donation matching program were included in the quarter. If such projects and equity incentives are excluded, Anthropic still has an adjusted operating profit of approximately US$2.5 billion, but its profit margin has fallen from the previous 19% to 15%. In order to get rid of its dependence on high-priced short-term computing power, Anthropic is currently actively promoting exclusive infrastructure projects aimed at replacing short-term computing power with lower-cost long-term production capacity. Nearly 900 billion U.S. dollars in computing power bills are hitting the top