Tech & AI
Anthropic's draft IPO prospectus shows $16.3 billion in first-half revenue and more than $600 billion of compute commitments
A draft filing reviewed by The Wall Street Journal shows sales up roughly 15-fold from a year earlier, alongside an $80.7 billion net loss driven mostly by accounting charges.
HedgeWeekly Tech & AI Desk ·
Anthropic, the developer of the Claude AI models, generated about $16.3 billion of revenue in the six months to June 30, up from about $1.1 billion a year earlier, according to a draft initial public offering prospectus reviewed by The Wall Street Journal and reported on October 20. Anthropic declined to comment on the report. The document is still a draft, so figures could change before any public filing.
The draft shows a first-half net loss of $80.7 billion, against about $13 billion a year earlier. About $72 billion of that came from non-cash accounting charges linked to changes in the value of convertible notes and other financing instruments, leaving roughly $8.7 billion. Spending on computing capacity and infrastructure, the processing power used to train and run AI models, rose to nearly $9 billion from $2.3 billion a year earlier, more than the roughly $7.3 billion spent in all of 2025.
Anthropic's infrastructure commitments exceed $600 billion, according to reports on the draft. They include about $450 billion of mostly non-cancellable cloud payments over seven to 10 years, among them roughly $111 billion with Google, $110 billion with Amazon Web Services and $31 billion with Microsoft. They also include up to $86 billion to rent Nvidia-based capacity from Nscale and Lambda, and more than $160 billion in lease obligations for Google chips through Broadcom. Deals still under negotiation could add up to $150 billion. Two unnamed customers accounted for about a fifth of first-half revenue.
Why it matters: the draft gives investors a first detailed look at the economics of a leading AI lab, and at how much of the cloud and chip industry's future demand rests on a single buyer. Those commitments underpin AI spending forecasts at Alphabet, Amazon, Microsoft, Broadcom and Nvidia. Customer concentration and the size of non-cancellable obligations are likely to be the focus as the filing moves towards a public prospectus. Anthropic separately told investors that third-quarter revenue reached $16.8 billion, according to earlier reports, but that figure has not been reconciled with standard accounting results.