Anthropic’s subscriptionrevenue was about $3.7 billion in the third quarter of 2026, up from about $240 million a year earlier, or about 15.5 times, by our arithmetic from the amended Form S-1 it filed with the SEC on Monday, 2 November, and the original Form S-1 of 26 October.
Consumption-based revenue, which customers pay for by usage, was about $13.2 billion in the quarter, up about 11.6 times. Revenue from customers billed outside the United States grew about 13.4 times, against about 11.8 times for the US.
The key insight: Anthropic’s two filings imply about $3.7 billion of subscriptionrevenue in the third quarter of 2026, about 15.5 times a year earlier, against about 11.6 times growth in consumption-based revenue, by our arithmetic.
The amended filing says consumption-based revenue reached “$26.3 billion, or 79% of total revenue, for the nine months ended September 30, 2026”, and that subscription-based revenue reached “$6.9 billion, or 21% of total revenue” over the same period.
It adds that “Consumption-based and subscription-based revenue increased by $24.2 billion and $6.5 billion, respectively, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025”.
Anthropic’s third-quarter revenue by model and by customer billing region, 2025 and 2026, in millions of dollars. Quarterly figures are our arithmetic: nine-month amounts minus six-month amounts. Source: Anthropic PBC, Form S-1/A (2 November 2026) and Form S-1 (26 October 2026).
The Third Quarter, by Subtraction
The nine-month tables in the amended filing give $26,306 million of consumption-based revenue and $6,936 million of subscription-based revenue. The 26 October filing’s six-month tables give $13,064 million and $3,222 million. The difference is about $13,242 million and $3,714 million for the third quarter, by our arithmetic.
The same subtraction for 2025, using the prior-year columns of both filings, gives about $1,142 million of consumption-based revenue and $240 million of subscription-based revenue in the third quarter of 2025. Subscriptions were about 21.9% of third-quarter revenue, against 19.8% in the first half, by our arithmetic.
Where the Customers Are Billed
By billing address, the amended filing reports $23,470 million of US revenue and $9,772 million of international revenue for the nine months. With the six-month figures from 26 October, that gives about $11,707 million from the US and $5,249 million from international customers in the third quarter, by our arithmetic.
As we read the two revenue tables, consumption-based revenue is still most of the business, $26.3 billion of $33.2 billion over nine months, but subscriptions grew faster in the third quarter.
As we read the regional tables, customers billed outside the United States grew faster than US customers in the quarter, taking the US share to about 69.0% from 72.2% in the first half, by our arithmetic.
Anthropic’s amended Form S-1
“We expect consumption-based revenue to continue to represent the substantial majority of total revenue for the foreseeable future”
Three Implications
FOR IPO INVESTORS The amended filing reports $26.3 billion of consumption-based revenue and $6.9 billion of subscription-based revenue for the nine months.
FOR AI SUBSCRIBERS The two filings imply about $3,714 million of subscriptionrevenue in the third quarter, against about $240 million a year earlier, by our arithmetic.
FOR RIVALS OUTSIDE THE US The two filings imply about $5,249 million of revenue from customers billed outside the United States in the third quarter, about 13.4 times a year earlier, by our arithmetic.
The framework says: “The subscription is a call option on token deflation.”
As we read it, Anthropic’s filings now show the size of that option on its own books: about $3.7 billion of subscriptionrevenue in the third quarter, by our arithmetic. The framework is the owner’s argument and does not discuss this filing.
The third-quarter figures are our arithmetic from two filings; Anthropic does not report them separately. The filing does not split subscriptionrevenue between consumer and business plans, and regions are by billing address, not where usage happens. Quarterly figures are unaudited.
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Anthropic’s two filings imply about $3.7 billion of subscription revenue in the third quarter of 2026, about 15.5 times a year earlier, and about $13.2 billion of consumption-based revenue, about 11.6 times. For the nine months, consumption-based revenue was $26.3 billion, or 79% of the total, the amended filing says.
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A note on sourcing. Figures and quotations are from Anthropic’s amended Form S-1 filed with the SEC on 2 November 2026 and its Form S-1 filed on 26 October 2026; interim figures are unaudited. All third-quarter figures, growth multiples and shares are our arithmetic from the nine-month and six-month tables.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
