Anthropic’s updated IPO prospectus on November 2 provided a comprehensive look at the company’s financial picture ahead of its Nasdaq listing. Although revenue continued to surge compared to the same period last year, quarter-over-quarter growth is showing clear signs of slowing amid the burden of massive infrastructure costs.

This financial picture further clarifies the pressures stemming from the massive infrastructure deal with Nscale and explains the cost structure analyzed in Anthropic’s IPO prospectus in recent times.

Slowing Revenue Growth and Operating Losses

Anthropic’s revenue for the three months ending in September 2026 reached nearly 17 billion USD, up sharply from 1.4 billion USD in the same period last year. However, quarter-over-quarter revenue growth slowed to just 47%, far below the 144% growth recorded in Q2 2026.

The deceleration in growth momentum came as the company faced fierce competition from low-cost AI models, forcing it to discount prices and services, which eroded about 600 million USD in revenue over the past quarter.

As a result, Anthropic posted an operating loss of 567 million USD in Q3, completely reversing the 974 million USD profit of the previous quarter. Total operating expenses surged 292% year-over-year to 17.5 billion USD, including 5 billion USD in additional short-term computing costs as demand exceeded provisioned capacity.

895 Billion USD in Off-Balance-Sheet Computing Commitments

The most notable point in the amended prospectus is that Anthropic’s total future spending commitments have reached 895 billion USD, primarily for server infrastructure and data center leases. Of this amount, approximately 448 billion USD will come due before 2030, with 70 billion USD needing to be disbursed within the next 12 months.

The largest contracts include 161 billion USD in equipment leases with Broadcom, 121 billion USD with Google, and up to 120.5 billion USD with SpaceX’s AI business. This commitment figure is nearly 7 times the company’s current cash and short-term investments (132 billion USD).

Many policy analysts in the US have warned that these non-cancellable commitments are essentially off-balance-sheet fixed debt obligations. Slowing revenue growth alongside swelling fixed-cost payment obligations poses a major challenge to the expected 1.5 trillion USD valuation for the upcoming IPO.