Anthropic PBC has signed up for more than $600 billion in long-term computing capacity. Its draft IPO prospectus, however, says the company still cannot secure as much compute as it wants.
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Related news
- Making sense of Anthropic's $750 billion compute bet
A Wall Street Journal report on a new draft IPO prospectus says Anthropic's revenue for the first half of 2026 reached $16.3 billion, up from $1.1 billion a year earlier, while compute and infrastructure spending rose to nearly $9 billion from $2.3 billion. The company posted a net loss of $80.7 billion, mostly from accounting for convertible shares and notes. Its compute commitments could reach $750 billion, including non-cancelable contracts of $111 billion with Google, $110 billion with Amazon Web Services and $31 billion with Microsoft, regardless of actual usage. The discussion noted that about $600 billion is essentially committed, with talks on another $150 billion, and that two customers make up roughly a fifth of first-half revenue, so any pullback in hyperscaler spending could significantly hit revenue.
- Anthropic Has Committed $450 Billion to Cloud Computing, Its Draft IPO Filing Shows
Anthropic's updated confidential draft IPO filing describes about $450 billion in cloud compute agreements over the next decade, which the Wall Street Journal reported after reviewing it, calling them 'massive, noncancelable' commitments. Amazon, Alphabet and Microsoft are each renting computing power to Anthropic and hold equity stakes in it, while also building AI products that compete with Claude. The draft also points to up to $750 billion of potential compute spending, though that figure includes deals still under negotiation. Anthropic's first-half 2026 revenue reached $16.3 billion, up from $1.1 billion a year earlier, while its $80.7 billion net loss includes about $72 billion of non-cash adjustments. Two customers accounted for about 20% of first-half revenue, and the draft says the IPO could value Anthropic at $2 trillion, a preliminary estimate.
- This Nvidia-Backed Cloud Computing Firm Is Reportedly In Talks To Sign A $45B Compute Deal With Anthropic
According to Bloomberg, Anthropic is in advanced talks to acquire about $45 billion of computing power from Nvidia-backed Nscale, centered on a second building at Nscale's Monarch campus in West Virginia that is slated to deliver 460 megawatts using Nvidia's Vera Rubin chips. Final terms are not set, and an agreement could come within days; both companies declined to comment. The site was first intended for Microsoft, which withdrew after signing a preliminary letter of intent. Anthropic already has infrastructure commitments with Nscale worth about $44.6 billion, according to filings tied to Nscale's upcoming public offering. Nscale closed a $3.36 billion pre-IPO round led by Third Point and is targeting a $30 billion valuation for its debut.
- Anthropic's leaked IPO filing raises more questions than answers
Yahoo Finance's Market Hang panel breaks down the reportedly leaked S-1 filing of Anthropic (ANTH.PVT) ahead of a potential IPO, focusing on its revenue, costs and business model. According to the discussion, the company spent $9 billion on compute to generate $16 billion in revenue, 20% of its revenue comes from two customers, and it has $450 billion in compute commitments, about half non-cancelable. Roughly $750 billion more in deals is still under negotiation. Panelists question whether Anthropic can become profitable and generate cash flow, comparing it to WeWork's above-market leases, and say the $2 trillion target valuation mostly reflects market sentiment.
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Eric Schmidt was vetted by Sergey Brin and Larry Page and hired as Google's CEO after an unconventional interview process, with Brin citing Schmidt as the only CEO finalist who had gone to Burning Man. In 2011, Schmidt began dating Camilla Clark for three years; she later married Anthropic CEO Dario Amodei. In 2018, that connection led Schmidt to meet with her and her then-partner to discuss Anthropic, and he invested early and now owns about 1% of the company. According to the Financial Times, Anthropic could be valued at as much as $2 trillion in an IPO, which could make Schmidt's stake worth $20 billion, more than half his current net worth per Forbes, compared with the roughly $461 million valuation when he invested.
- Eric Schmidt Wrote a Check to Anthropic Before the AI Boom: Here’s How Big the Payoff Could Get
According to Bloomberg, former Google CEO Eric Schmidt holds about 1% of Anthropic through a Series A investment of 'tens of millions of dollars', though it is unclear whether he has sold any stake. Anthropic was valued at $461 million when Schmidt invested in 2021, per PitchBook, while investors recently indicated a fair valuation of about $1.8 trillion to $2 trillion. At $2 trillion, the stake would lift his net worth by about one-third to nearly $80 billion. Alphabet owns about 14% of Anthropic and Amazon has invested an estimated $8 billion, while early investor Brad Gerstner expects an IPO in 'weeks, not months'. Per Reuters, Anthropic told investors that third-quarter revenue rose 45% from the previous quarter to $16.8 billion and that it was profitable on an adjusted basis.
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