WSJ saw Anthropic’s draft IPO papers: $16.3B revenue in 6 months, $80.7B loss on paper, and about $450B promised for compute

Anthropic spent nearly $9B on compute and infrastructure in the first half, more than its $7.3B total for 2025, and its new draft prospectus shows the bill climbing toward $750B.

The 3 big clouds account for $252B of fixed payments over the next 7 to 10 years: $111B to Google, $110B to Amazon Web Services and $31B to Microsoft, all due whether or not Anthropic uses the capacity.

Chips form the next layer. Anthropic has more than $160B in Google chip leases through Broadcom and up to $86B for Nvidia GPUs rented from Nscale and Lambda, with those contracts ending in 2033 and 2034.

Another $150B in deals is still under negotiation.

Money isn’t the only limit. Anthropic says Amazon, Google and Microsoft wouldn’t supply all the capacity it wanted, and they now treat it as a rival. It is also leaning on newer data center operators, which it warns have short histories and possibly less reliable sites.

One deal goes unnamed: the September draft’s up-to-$84.5B xAI capacity agreement, which runs through 2029 and can largely be cancelled on 90 days’ notice. It may sit inside the roughly $112B of the mostly noncancelable $450B cloud total that isn’t itemized, alongside AMD capacity expected to top $20B, or it may have been dropped.

In its risk factors, Anthropic says it is liable for some damage its models cause, such as data theft or security breaches, and that a catastrophic AI incident could exceed any insurance it could buy.

Revenue is concentrated too: 2 unnamed customers delivered about 20% of first-half sales, and Anthropic expects a small group of customers to keep supplying a large share for the foreseeable future.

It also lists increasingly organized opposition to data centers as a business risk and says its high profile could bring extra scrutiny to its projects.