Anthropic IPO filing flags $750B compute bill, WSJ says

Anthropic has signaled it could spend as much as $750 billion over the coming years to secure more computing capacity, a figure that includes deals still under negotiation. The Wall Street Journal News Corp ↘ 0.53% reported the number on Tuesday, citing a new draft of the company's IPO prospectus. The same filing showed the Claude maker posted an $80.7 billion net loss in the first half of 2026, according to Bloomberg. The numbers show how much the AI race costs. They also arrive as Anthropic prepares for what could be one of the largest stock market debuts on record.bloomberg.com+1

Compute Commitments Balloon

The prospectus describes computing agreements worth around $450 billion over the next seven to 10 years, and most of them can't be canceled, Bloomberg reported, citing the Journal. Those deals include $111 billion in contracts with Alphabet's ↘ 1.08% Google Cloud, $110 billion with Amazon's Amazon.com, Inc. ↘ 0.95% Amazon Web Services and $31 billion with Microsoft ↗ 0.66%. Commentators tracking the filings noted that an earlier draft put potential compute spending at about $518 billion.finance.yahoo.com+1

Spending on computing power and infrastructure reached nearly $9 billion in the six months ended June 30, up from $2.3 billion a year earlier. That already tops the $7.3 billion Anthropic spent in all of 2025, according to Bloomberg. Even so, the filing suggests capacity remains tight. Anthropic is struggling to get enough from cloud providers that increasingly see it as a competitor rather than a customer, and it worries that the third-party data-center operators it also uses have a "limited operating history," TechCrunch reported.techcrunch.com+1

Losses and Growth

Most of the first-half loss, about $72 billion, came from accounting charges tied to changes in the value of financial instruments Anthropic issued to raise money, Reuters reported. The loss a year earlier was $13 billion. Revenue rose to $16.3 billion from $1.1 billion. Reuters said Anthropic did not respond to a request for comment and that it could not independently verify the report.reuters.com

The filing also points to customer concentration: two customers made up about one-fifth of sales, TechCrunch noted. Other risk factors include political pushback against data-center construction in the US and the chance that its models show "self-preserving" behavior, according to Bloomberg's Japanese-language report.newsdig.tbs.co.jp+1

IPO Valuation in Question

Anthropic is targeting a November share sale. Some investors who attended its investor day last week have discussed a valuation of around $1.5 trillion, down from the roughly $2 trillion previously expected, Reuters reported. At that meeting, the company said third-quarter revenue rose 45% from the prior quarter to $16.8 billion and that it was profitable on an adjusted basis. Reuters noted that a cooler reception could weigh on the wider AI market ahead of rival OpenAI's possible listing next year.reuters.com