Anthropic IPO draft puts possible computing spending at US$750 billion
The unpublished prospectus also shows a US$80.7 billion half-year net loss, largely driven by a noncash accounting charge, Reuters reported.
Anthropic could spend US$750 billion on computing over the coming years, including agreements still being negotiated, according to an unpublished draft IPO prospectus reviewed by The Wall Street Journal. Reuters also reviewed the document and reported its spending and loss figures.
The draft records a net loss of US$80.7 billion during the first half of 2026, compared with US$13 billion a year earlier. Reuters reported that a US$72 billion accounting charge accounted for most of the loss, reflecting increased valuations of bonds convertible into Anthropic shares rather than cash operating expenses.
Computing capacity and infrastructure spending approached US$9 billion during the six months ending June 30, against US$2.3 billion a year earlier, the Journal reported. The prospectus lists approximately US$450 billion in cloud agreements spanning seven to ten years, most of which cannot be canceled. Those include US$111 billion with Google Cloud, US$110 billion with Amazon Web Services and US$31 billion with Microsoft.
Revenue for the first half reached US$16.3 billion, up from US$1.1 billion a year earlier. Anthropic separately told investors that third-quarter revenue was US$16.8 billion.
The draft identifies customer concentration and uncertain computing access as risks, according to the Journal. Bloomberg reported warnings about models exhibiting behavior intended to prevent shutdown and responses resembling blackmail. Anthropic also flagged political opposition to US data centers, where most of its capacity is located.
Bloomberg reported that Anthropic could begin marketing the IPO as early as the week beginning November 9, potentially allowing trading to start before the US Thanksgiving holiday.
