Anthropic's updated S-1 filing shows the company generated roughly $17 billion in revenue in the third quarter, up about 1,127% from the same quarter a year earlier — but the quarter-over-quarter trajectory is what has investors talking.

Sequential sales growth fell to 47% in Q3, a steep drop from 144% in Q2 and 132% in Q1, according to CNBC via the filing coverage.

The filing also disclosed a net loss of $23.29 billion for the quarter and an operating loss of $567 million, a sharp swing from the $974 million operating profit Anthropic reported in Q2.

The most striking number in the amended filing is the spending commitment total: $895.4 billion, stretching as far as 2045 — above the roughly $800 billion analysts had gathered from the initial draft prospectus, The Wall Street Journal reported.

Anthropic said it is due to spend nearly half of that amount by December 2030, including about $69.8 billion in the 12 months following September 30. The company said it holds $146.6 billion in cash and other liquid assets.

Stock Titan's reading of the November 2 amendment shows the nine-month net loss at $104.0 billion, most of it a $94.3 billion paper charge tied to the rising value of convertible notes.

According to The Wall Street Journal, some institutional investors are advising Anthropic to value the company at $1.5 trillion to $1.6 trillion — well below the $2 trillion figures floated in recent months — citing choppy markets, overexposure to AI bets, political backlash to data centers, and uncertainty about when hyperscalers like Amazon and Meta will show AI-related profits.

Per AFP via 24/7 Wall St., three major investors told the Journal the valuation would likely need to come down, with one saying it could land closer to $1 trillion and another raising the idea of postponing the listing entirely. Anthropic has yet to set a price range or announce any delay.

The stakes are enormous for the largest IPO ever attempted — Anthropic had been expected to raise up to $100 billion, ahead of the $86 billion AFP says SpaceX raised in June. Amazon, Alphabet, and Nvidia are major Anthropic investors and stand to reap a windfall.

Per Stocktwits, the company plans to kick off its investor roadshow, and retail sentiment on the platform was 'bearish.' A trader cited by Stocktwits argued Anthropic could start trading as early as November 12, since the S-1's June 30 financials must be no more than 134 days old at effectiveness.

Stock Titan's reading of the amendment shows the price range, share count, and raise amount still blank.