According to new disclosure documents, Anthropic is preparing for a large-scale IPO. Its revenue is growing rapidly, but it faces a long list of risks, including a narrow customer base and uncertainty about the supply of much-needed computing power. The company indicated that it could spend $750 billion in the next few years to obtain more computing power, including a deal still under negotiation. According to the draft IPO, Anthropic achieved revenue of about US$16.3 billion in the first half of this year, compared to US$1.1 billion in the same period last year. Anthropic spent nearly $9 billion on computing power and infrastructure over the same period, compared to $2.3 billion in infrastructure over the same six months in 2025. Anthropic recorded a net loss of US$80.7 billion in the first half of this year, far exceeding the total loss of US$42 billion in 2025. Of this, $72 billion in losses came from accounting accruals relating to changes in the value of convertible notes and other instruments issued by the company for financing purposes. The company will have to pay approximately $450 billion in cloud computing agreements over the next seven to ten years. Most of these deals are non-cancellable. Anthropic has delayed its planned IPO until November and is expected to value it at $2 trillion.

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