Anthropic IPO filing: First-half revenue of $16.3 billion, future compute commitments could reach $750 billion

October 21 - According to IPO documents obtained by The Wall Street Journal, Anthropic's revenue in the first half of the year was $16.3 billion, compared to $1.1 billion in the same period last year; net loss for the first half was $80.7 billion, compared to $13 billion in the same period last year. Approximately $72 billion of the loss came from accounting expenses generated by fair value changes in financing instruments such as convertible notes.

Anthropic's computing power and infrastructure spending in the first half of the year was nearly $9 billion, while full-year 2025 related spending was $7.3 billion. Anthropic's cloud computing agreement spending over the next 7 to 10 years is approximately $450 billion; additionally, the company has committed to paying over $160 billion for leasing Google chips. Anthropic's future infrastructure spending commitments have exceeded $600 billion, and if agreements still under negotiation are included, this could increase by up to an additional $150 billion. Approximately 20% of its first-half revenue came from two customers, and the company expects future revenue to remain heavily dependent on a small number of customers.

On the risk side, Anthropic warned that AI models could cause real-world harm, and losses from catastrophic accidents may not even be coverable by insurance; data center construction also faces increasingly organized political resistance.