In 2023, Anthropic spent $14.44 to run its business for every $1 of revenue. In the quarter ended Sept. 30, 2026, it spent $1.03.
Disclosure: Artifact News is built with Claude, which Anthropic makes. This page uses only the filing's own numbers.
Anthropic filed to go public on Oct. 26, 2026, and amended the filing on Nov. 2, 2026. Each bar is what the company spent to run the business, its total operating expenses, for each $1 of revenue it reported.
What each dollar had to cover
Tap a period to see where each dollar went.Operating expenses in one quarter, Jul. to Sep. 2026, were 30 times the full year 2023. Revenue was 414 times.30xoperating expenses, Jul. to Sep. 2026 alone vs. all of 2023414xrevenue, same comparison
RevenueCompute and infrastructureEverything elseFaded: past $1, not covered by revenue
$1 of revenuePast the line: not covered by revenue
$0$1$2$3$4
Full years
2023 and 2024 bars are cut to fit. Scale: $0 to $4. Their split is in the detail when you tap them.Scale: $0 to $17,523 million, the largest bar.
Quarters (the filing breaks out quarters from 2025 on)
$1: costs equal revenue
Apr. to Jun. 2026 is the one period under $1. The next quarter rose to $1.03.
The bigger loss
Operating loss
$1,260 million
Net loss
$104,039 million
$94,324 million of it is a change in the fair value of convertible notes, derivative liabilities and SAFEs, not an operating expense.
Operating lossChange in fair value of convertible notes, derivative liabilities and SAFEsOther items, net ($8,455 million): other expense of $10,397 million and taxes of $417 million, less interest income of $2,359 million
Nine months ended Sept. 30, 2026. Same scale.
For the nine months ended Sept. 30, 2026, Anthropic reported an operating loss of $1,260 million and a net loss of $104,039 million ($104.0 billion). Most of the difference is a $94,324 million charge for the change in fair value of convertible notes, derivative liabilities and SAFEs. The filing says that change came mainly from a rise in the value of its convertible notes as the company's valuation went up.
What the filing leaves blank
The amended filing does not yet give an offering price or the number of shares for sale, so it states no value for the offering. This page does not estimate one.
Each bar is total operating expenses divided by revenue for the period, both as reported in the filing in millions of dollars. Ratios let full years and quarters sit side by side. 2023 to 2025 full-year figures are audited; 2026 figures and all quarters are unaudited. Personnel includes stock-based compensation. Operating expenses leave out interest income and the fair value changes covered in “The bigger loss”. Bartz is a copyright infringement class action the company agreed in September 2025 to settle for $1,500 million; the court approved it in July 2026.
Sources
Anthropic, PBC, Form S-1/A (Amendment No. 1), filed with the SEC Nov. 2, 2026: “Summary Consolidated Financial and Other Data” and “Quarterly Consolidated Statements of Operations”. Retrieved Nov. 9, 2026.