Anthropic's compute took 58% of revenue in Q3 2026, down from 251% in Q1 2025; in dollars it rose 10.4 times
Revenue grew 45.1 times over the same quarters · the operating result was $974M in Q2 2026 and -$567M in Q3 2026 · revenue growth on the quarter before was +46.7% against +144.2% (derived) · Revenue growing faster than the compute bill reads as operating leverage, growth slowing while committed compute keeps arriving as the bill catching up: the compute share and the growth rate in the next filed quarters separate the two
Markets · IPO Watch · SEC EDGAR (Anthropic S-1/A) · 29 Sep 2026