The company reported third-quarter 2026 revenue of $17.0 billion, marking a more than 12-fold increase compared to the previous year alongside a positive 15 percent adjusted operating margin. Despite that rapid top-line scaling, it recorded a quarterly net loss of $23.3 billion due largely to non-cash fair value adjustments on financial instruments driven by a higher corporate valuation. Technological progress also supported operations, with documented compute efficiency gains exceeding fourfold since the first quarter of 2025. Following the final pricing on November 18th subject to regulatory clearance, public market trading is set to commence the next day.
Key points
Enterprise adoption accelerated substantially, resulting in over 11,900 customers generat…: Enterprise adoption accelerated substantially, resulting in over 11,900 customers generating at least $100,000 in trailing twelve-month revenue.
Underlying operational improvements were evidenced by a 15 percent adjusted operating mar…: Underlying operational improvements were evidenced by a 15 percent adjusted operating margin and a fourfold gain in compute efficiency since early 2025.
Investors are able to submit requests for share allocations through participating brokera…: Investors are able to submit requests for share allocations through participating brokerage platforms ahead of the public debut.
Sources checked by our analysis pipeline: 1
Anthropic’s Initial Public Offering
AI will have a vast impact on the world. Anthropic is a public benefit corporation dedicated to securing its benefits and mitigating its risks.
Read the Founders’ letter“We believe that AI is one of the most consequential technologies in human history. If managed well, it could rapidly accelerate scientific innovation, greatly increase economic growth rates, bring cures for major diseases within reach, and solve problems that have resisted generations of human effort.”
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Q3’26 Financial highlights
$17.0B
Revenue
>12x
YoY revenue
>11,900
Customers ≥ $100K TTM revenue1
>12x
YoY customers ≥ $100K TTM revenue1
>4x
Compute efficiency gain since Q1’252
15%
Adjusted Operating Margin3
$23.3B
Net Loss
(due to an increase in our valuation, net loss includes a $21.9 billion non-cash charge related to a change in the fair value of convertible notes, derivative liabilities, and SAFEs)
(3)%
Operating Margin
Customer stories
01
Scaling an agentic operating system for lawyers
Download case study- 1,500+
- 4.3
- 100%
- 14x
02
Bringing the most powerful tools in science to every team
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