How much money does Anthropic make, and is it profitable?

Is Anthropic profitable?

No. Anthropic’s amended S-1, filed on 2 November 2026, reports net losses of $42.0 billion in 2025 and $104.0 billion in the first nine months of 2026.

Most of that loss is an accounting charge. Of the 2026 loss, $94.3 billion comes from changes in the value of convertible notes and similar securities that Anthropic sold to investors, mainly because the company itself became worth more. Anthropic also reports an “adjusted operating income” of $4.1 billion for the same nine months. That is a measure it defines itself, and it leaves out such charges.

The filing also says Anthropic’s business needs very large sums for computing power, and that it may not become profitable.

Revenue by year

The S-1 gives these figures:

• 2023: $41 million.
• 2024: $386 million.
• 2025: $4.6 billion.
• First nine months of 2026: $33.2 billion, of which $17.0 billion in the third quarter.

Where to look in the S-1

An S-1 is long. These parts answer most questions about money:

• The summary of financial data near the start, with revenue and net loss or profit.
• The management discussion, where the company explains why the numbers changed.
• The risk factors, which say what could hurt the business.

Read revenue numbers carefully

Before the filing, most numbers came from interviews and press reports, and many were “annualized”: one month of revenue multiplied by twelve. The audited figures in the S-1 can look quite different.

Revenue is not profit. AI labs spend large sums on chips, data centres and staff, so revenue can grow fast while the company still loses money.

Follow it at the source

Anthropic can update the S-1 before its shares are sold. Newstake shows new filings and Anthropic’s own posts, with a link to each original.