Anthropic S-1 Disclosure: Explosive Revenue Growth, Proliferating Risks, Astronomical Compute Spending

According to newly disclosed documents, Anthropic is preparing for a mega IPO, with revenue growing rapidly but facing a long list of risks, including a narrow customer base and uncertainty over the urgently needed computing power supply. The company signaled it may spend $750 billion over the next few years to secure more computing power, including deals still under negotiation. The IPO draft shows that in the first half of this year, Anthropic generated revenue of about $16.3 billion, compared with $1.1 billion in the same period last year. Over the same period, Anthropic spent nearly $9 billion on computing power and infrastructure, compared with $2.3 billion in infrastructure spending in the six months of 2025. In the first half of this year, Anthropic recorded a net loss of $80.7 billion, far exceeding the full-year 2025 loss of $42 billion. Of that, $72 billion came from accounting accruals related to changes in the value of convertible notes and other instruments the company issued to raise financing. The company will need to pay about $450 billion under cloud computing agreements over the next seven to ten years. Most of these deals are non-cancelable. Anthropic's IPO draft shows it will spend $111 billion on a Google Cloud computing agreement, $110 billion on an AWS cloud computing agreement, and $31 billion on a Microsoft cloud computing agreement. It will also spend up to $86 billion to rent Nvidia chips. The draft shows Anthropic has delayed its planned IPO to November, which could value it at $2 trillion.