Rohan Paul

Anthropic published an updated IPO filing today with its third-quarter results for the first time. > Anthropic went from a $974M operating profit in the second quarter to a $567M operating loss in the third. The main causes were $5 B of short-term compute, which costs much more than its long-term contracts, and a $2 B noncash charge for matching employee charitable donations. > Anthropic swung from a $974M second-quarter operating profit to a $567M loss. Compute rose to 58% of revenue, including $5.0B of pricier short-term capacity, and donation matching added $2B of noncash charges. > Adjusted operating income still rose to $2.5B from $2.2B, but the adjusted margin fell to 15% from 19%. Anthropic expects to use more short-term compute in the near term, which will squeeze margins further. > The total compute commitment, left blank in the original, is now $895B. Of that, $447B is expected before the end of 2030, $70B is due within 12 months, and $214B carries termination rights or contingent conditions. > Leases signed but not yet started make up $451B of the $895B total, and $100B was signed after September 30. Another $150B to $175B in deals without fixed dollar amounts sits outside the total. > Google’s minimum commitment rose to $121B through July 2033, up from $115B in the October 26 filing, after amendments signed through October. > Operating cash flow was positive at $7B for the 9 months. Liquidity reached $147B on September 30: $96B cash, $36B short-term investments and $15B of available credit.