Anthropic could spend $750 billion on additional computing capacity in the coming years, including deals still under negotiation, as it prepares for an IPO, Anadolu reported on 20 October. The figure comes from a draft IPO prospectus reviewed by the Wall Street Journal, according to Anadolu. Anthropic develops the Claude AI assistant.
Key points
- The draft prospectus outlines around $450 billion in computing agreements over seven to 10 years, most of which cannot be cancelled.
- Planned spending includes $111 billion with Google Cloud, $110 billion with Amazon Web Services and $31 billion with Microsoft.
- Anthropic spent nearly $9 billion on computing capacity and infrastructure in the first half of 2026, up from $2.3 billion a year earlier.
- About $72 billion of its $80.7 billion first-half net loss arose from accounting charges tied to financial instruments.
Anthropic’s $450 billion in computing agreements
The draft prospectus describes computing agreements worth around $450 billion over the next seven to 10 years, most of which cannot be cancelled, Anadolu reported. That amount covers agreements, while the $750 billion potential spending figure also includes deals under negotiation.
The planned spending described in the prospectus includes $111 billion on Google Cloud contracts, $110 billion with Amazon Web Services and $31 billion with Microsoft. Those figures place three suppliers at the centre of Anthropic’s capacity plans as the company seeks funding for chips, data centres and staff to develop its models.
Anthropic had committed to spending at least $518 billion over a decade on cloud services, computing and infrastructure, International Finance reported on 20 October. Separately, AI Affairs reported Broadcom’s agreement to lend Anthropic up to $42 billion for chip infrastructure.
Compute spending reaches nearly $9 billion
Anthropic’s outlay for compute and infrastructure came to nearly $9 billion over the six months ending in June, against $2.3 billion for the corresponding period in 2025. Its first-half spending also exceeded the $7.3 billion recorded for all of 2025.
The company recorded a net loss of $80.7 billion in the first half of 2026, against $13 billion a year earlier. About $72 billion of that loss reflected accounting charges from changes in the value of Anthropic’s convertible notes and other financial instruments it issued.
Anthropic reported $4.6 billion in revenue and a $42 billion net loss for 2025, as covered in AI Affairs’ earlier report on the prospectus. The first-half figures put the subsequent growth in infrastructure spending alongside another net loss dominated by accounting charges.
Investors weigh Anthropic’s IPO valuation
Some existing and prospective investors were considering a valuation of around $1.5 trillion for Anthropic’s planned November share sale, below the roughly $2 trillion previously expected, International Finance reported. At a meeting with prospective shareholders in San Francisco, the company said third-quarter revenue had risen 45% from the previous quarter to $16.8 billion. Revenue was $11.6 billion in the second quarter and $4.7 billion in the first, according to people who attended the meeting.
Anthropic also reported an adjusted profit for the third quarter at that meeting. The adjusted result and the $80.7 billion first-half net loss measure different things: the latter includes the charges associated with the company’s financial instruments.
Corporate customers account for about 80% of Anthropic’s revenue, compared with roughly half of OpenAI’s sales, Fortune reported. An unnamed longtime Anthropic investor told the publication that he expected AI prices to fall as open models gained ground, even as usage grew.
Nscale talks add another potential commitment
Anthropic is in talks to expand a deal with British computing provider Nscale by roughly $45 billion, potentially bringing its total commitment to about $90 billion, The Motley Fool reported on 20 October. The proposed expansion concerns a second building at Nscale’s Monarch data centre campus in West Virginia, with an additional 460 megawatts of computing capacity using Nvidia’s Vera Rubin chips.
The proposed agreement would also give Anthropic a right of first refusal on a planned third Monarch building. Microsoft and Anthropic account for roughly 85% of Nscale’s contract value, The Motley Fool reported.
