Anthropic reported revenue of $17 billion for the quarter ending September 30, up from $11.5 billion in the previous quarter. But the company’s latest filing also shows that rising compute costs weighed on its operating performance as it works to meet growing demand.
Compute expenses accounted for 58% of revenue in the latest quarter, compared with 48% in the prior one. The filing’s figures show revenue per dollar of compute spending had risen steadily since the start of 2025, peaked at just over $2, then fell to $1.72.
Anthropic’s compute bill reached $10 billion for the quarter. The company said $5 billion of compute came through short-term commitments, which cost significantly more than comparable capacity secured under multi-year agreements. The filing links this higher-cost spending to the need to find capacity quickly as demand grew.
Anthropic has also entered into compute deals with SpaceX, Nscale, Akamai and Volta. It is working to build its own compute capacity through a project called Anthropic Direct, but the filing says compute and infrastructure expenses are expected to rise in absolute terms and remain the company’s largest operating expense for the foreseeable future.
The updated disclosure extends the financial information in Anthropic’s earlier S-1 filing through September 30. While revenue growth remains strong, the figures show that securing enough compute is putting pressure on margins as the company moves toward a potential IPO.
Sources: TechCrunch.