[Anthropic Revised IPO Prospectus: Q3 Revenue Reaches $17 Billion, Nine-Month Revenue Reaches $33.2 Billion, Huge Accounting Losses Remain] BlockBeats reported on November 2nd that artificial intelligence company Anthropic (developer of Claude's large-scale models) filed a revised IPO prospectus (S-1/A) with the SEC. The document shows that the company's commercialization process is extremely rapid: revenue reached $17 billion in the third quarter of 2026, and total revenue for the first nine months reached $33.242 billion; at the same time, net loss soared to $104.039 billion due to changes in the fair value of convertible notes, but operating losses have narrowed significantly. The prospectus discloses that Anthropic's revenue grew from almost zero in the early stages of commercialization in 2023, to approximately $4.585 billion for the full year of 2025, and then to $33.2 billion in the first nine months of 2026. The company achieved $17 billion in revenue in the third quarter alone, continuing the strong momentum of approximately $16.3 billion in the first half of the year. The net revenue retention rate (NRR) was approximately 900%, indicating rapid expansion in spending by existing customers. The company emphasized the positive feedback loop between its "improvement cycle" (customer feedback accelerating model iteration) and "investment cycle" (revenue supporting computing power and research). Operating performance improved significantly: operating losses narrowed to approximately $1.26 billion in the first nine months (major costs included approximately $18.8 billion in computing power and infrastructure, and approximately $4.86 billion in personnel). Cash and short-term investments totaled approximately $131.9 billion (as of September 30), demonstrating strong financing capabilities. However, the company also disclosed approximately $895.4 billion in commitments related to computing power and infrastructure (approximately $69.8 billion due in the next 12 months), highlighting the capital-intensive nature and long-term lock-up risks. Of the $104.039 billion net loss for the nine months, the vast majority (approximately $94.3 billion) came from changes in the fair value of convertible notes, derivative liabilities, and other items—these are non-cash accounting expenses resulting from valuation increases, rather than actual cash burn. The revised report continues and updates this logic, given the approximately $80.7 billion net loss recorded in the first half of the year (ending June 30).