Anthropic’s quarterly revenue growth slowed to 47% as expensive short-term computing capacity cut its adjusted operating margin, according to its November 2 IPO-filing update. Revenue reached $16.96 billion in the third quarter, after growing 144% in the second.
The company sells Claude subscriptions and usage-priced access to its AI models. Its Claude Code tool helps developers write and test software; Anthropic warns that longer, multistep agent tasks need substantially more computing capacity per interaction than chat.
Anthropic took delivery of $5 billion of short-term compute during the quarter, at higher prices than comparable capacity under multiyear contracts. Its adjusted operating margin fell to 15% from 19%, although adjusted operating income rose to $2.5 billion from $2.2 billion.
Anthropic disclosed approximately $895.4 billion in purchase and lease commitments, largely for computing and infrastructure, with $69.8 billion due in the 12 months after September 30. Some suppliers need outside financing to deliver contracted capacity; the filing warns that funding problems could delay deliveries or raise prices.