Anthropic Files IPO Registration, Compute Commitments Exceed $518 Billion and Warns Revenue Growth May Not Be Sustainable
Anthropic has publicly filed its IPO registration statement with the SEC and plans to list on the Nasdaq Global Select Market under the ticker symbol ANT. The prospectus shows revenue of $16.29 billion and a net loss of $80.75 billion for the first half of 2026, and it expects to commit at least $518 billion in spending on cloud services and infrastructure over the next decade, about 80% of which is non-cancelable. The company also cautioned that its recent revenue growth rate may not be sustainable.
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The $518 billion in compute commitments and the revenue growth warning disclosed in the prospectus illustrate the tension between long-term investment and profitability for AI companies.
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On October 26 local time, large-model developer Anthropic publicly submitted IPO registration documents to the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq Global Select Market under the ticker symbol "ANT."
The prospectus discloses that Anthropic's revenue in the first half of 2026 reached $16.29 billion, with a net loss of as much as $80.75 billion. Of that, about $72.4 billion came from changes in the fair value of financial instruments such as convertible bonds, mainly related to the company's rising valuation. Adjusted operating profit for the same period was about $1.6 billion.
Greater pressure comes from computing power investment. The prospectus shows that Anthropic expects to commit at least $518 billion in spending on cloud services, computing capacity and infrastructure over the next decade, of which about 80% is non-cancelable or must be paid regardless of actual usage.
Previously, Anthropic had signed large long-term infrastructure agreements with Google, Amazon and Microsoft. Among them, the Google-related commitment is about $111.1 billion, Amazon about $110 billion, and Microsoft about $31.4 billion. In the first half of 2026, Anthropic's spending on computing capacity and infrastructure was close to $9 billion, already exceeding the full-year 2025 level of about $7.3 billion.
This means the company must continue to expand revenue in order to absorb its long-term computing power obligations. More notably, computing contracts are usually more rigid than customer revenue commitments; if demand for the models slows, or newly added computing capacity fails to translate into revenue in time, fixed spending could squeeze profits.
In addition, the company's enterprise customer growth currently coexists with channel dependence. Anthropic mainly provides services through the Claude series of models, with revenue including enterprise APIs billed by model usage and Claude subscription products. Programming tools such as Claude Code have become an important driver of business growth.
As of September 30, 2026, more than 1,900 customers had contributed at least $1 million in revenue to the company over the past 12 months, and about 250 customers had contributed at least $10 million.
However, the company also warns in the prospectus that its recent revenue growth rate may not be sustainable, and that computing and infrastructure expenses will remain its largest operating expense for the foreseeable future.
At present, Anthropic has not yet disclosed the number of shares to be issued or the price range, and the valuation discussed by market investors is about $1.5 trillion to $2 trillion, but this is not the company's formally determined offering price. This IPO will not only test the capital market's judgment of Anthropic's growth prospects, but also test investors' tolerance for AI companies' long-term computing power investment, profitability and risk governance.