Anthropic's IPO Prospectus Shows $518 Billion in Compute and Infrastructure Obligations Ahead of Potential $2...
Anthropic wants investors to value the company at more than $2 trillion, but its IPO prospectus shows how costly it could be to become one of the world's dominant AI companies, according to TheStreet. Anthropic said in June that it confidentially filed a draft S-1 with the SEC. Reuters, which reviewed the prospectus, reported that the company expects to commit $518 billion to cloud, computing, and infrastructure obligations in the coming years.
Key figures from the prospectus:
- Revenue was roughly $4.6 billion in 2025, about 12 times the prior year.
- Compute and infrastructure spending was $7.33 billion, about three times 2024 spending and larger than 2025 revenue.
- Total operating expenses reached $12.65 billion.
- Operating loss widened to $8.06 billion from $2.98 billion in 2024.
- Net loss was nearly $42 billion, of which almost $34 billion was an accounting charge tied to a rise in the projected value of financing instruments that may convert into Anthropic shares.
Anthropic said in April that its annualized revenue run rate had risen to $30 billion, up from nearly $9 billion at the end of 2025, and that more than 1,000 commercial clients spend at least $1 million a year, twice as many as two months earlier.
On capacity, Google and Broadcom reached deals to reserve about 5 gigawatts of next-generation TPU capacity starting in 2027. Anthropic also uses Amazon Trainium chips and Nvidia GPUs, and Amazon says its Project Rainier cluster includes more than 500,000 Trainium2 chips. In May, Anthropic signed a deal with SpaceX for more than 300 megawatts of capacity and more than 220,000 Nvidia GPUs at the Colossus 1 data center.
In May, Anthropic raised $65 billion at a $965 billion valuation. A public valuation above $2 trillion would more than double that figure. TheStreet noted that investors would also be underwriting significant customer concentration and hundreds of billions of dollars in future infrastructure liabilities.
