$518 billion. That's what Anthropic plans to spend on cloud computing and infrastructure in the coming years — a number that didn't surface in an investor pitch deck, but in the IPO prospectus the company filed ahead of its stock market debut.
The maker of Claude posted a $42 billion net loss for 2025, though $34 billion of that was a non-cash accounting charge, likely tied to revaluing options and warrants handed to staff and partners. Strip that out, and the operating loss looks more modest — just over $8 billion. Revenue, meanwhile, grew twelvefold to nearly $4.6 billion.
The growth comes with a catch: almost a quarter of that revenue comes from just two customers, and many of Anthropic's biggest clients have no long-term contracts at all — they could walk to OpenAI or Google tomorrow. The company holds $20.3 billion in cash and short-term investments, which, together with future revenue, is supposed to cover roughly half a trillion dollars in chips and data centers.
Anthropic isn't planning to list before December, after the US midterm elections in November. The expected valuation tops $2 trillion — more than double the $965 billion it fetched in its May 2025 funding round.
The pre-IPO derivatives market barely flinched. Contracts tied to Anthropic's future shares, already trading on a dozen exchanges including Binance and Hyperliquid, slipped about 2% to roughly $1,998 — some 10% below their early-September peak. Traders, it seems, had already priced in both the losses and the ambition. The open question is whether a bet this size actually pays off.
