Buried inside Anthropic’s updated IPO filing is a commitment that dwarfs almost every corporate infrastructure bet in history: roughly $895bn in future spending, almost entirely on computing power and data centres.
That figure is nearly seven times the company’s $132bn cash and short-term investment pile, raising pointed questions about how quickly its revenues can grow to cover the obligation.
Around $448bn of those commitments falls due by the end of 2030, with approximately $70bn owed within the next twelve months alone.
The Claude maker’s largest contracts include $161bn in equipment leases with Broadcom, a $121bn agreement with Google, and up to $120.5bn with SpaceX’s AI division.
Despite the scale of the build-out, Anthropic’s quarterly revenue growth has decelerated sharply, falling to 47 per cent in the three months to September from 144 per cent the previous quarter.
Revenue for the period reached nearly $17bn, up from $1.4bn a year earlier, representing a twelvefold annual surge that nonetheless disappointed against the prior quarter’s momentum.
Price reductions on newer models and customer discounts contributed to the slowdown, stripping around $600m from third-quarter revenue figures.
The company also swung back into the red, posting a $567m operating loss for the quarter after recording a $974m operating profit in the three months prior, its first-ever profitable quarter.
Operating expenses climbed 292 per cent year-on-year to $17.5bn, partly because a surge in demand forced Anthropic to spend $5bn on short-term computing capacity beyond what existing agreements could cover.
Adding to investor concerns, Anthropic disclosed that between five and seven per cent of revenue in the first nine months of 2026 came from customers breaching its usage policies or commercial terms, warning that stricter enforcement could dampen future growth.
The headline net loss for the quarter stood at $23.3bn, though the company said the vast majority reflects non-cash accounting adjustments tied to the rising value of convertible notes and other securities.
For the nine months to September, total revenue reached $33.2bn, representing growth of roughly 1,200 per cent compared with the equivalent period a year earlier.
Anthropic is pressing ahead with plans to list on the Nasdaq under the ticker ANT, with the offering potentially completing before the US Thanksgiving holiday later this month.
Investors have reportedly discussed a valuation range of $1.4tn to $1.5tn, though Bloomberg analysts suggested a figure closer to $1.75tn may be achievable given the company’s trajectory.
Goldman Sachs and Morgan Stanley are leading the listing, which could rival SpaceX’s record-setting $86.2bn flotation and rank among the largest public offerings ever seen.