Anthropic's IPO Filing Reveals an $895 Billion Computing Bill, Nearly Seven Times the Cash It Holds

Anthropic has finally put a number on what it owes for the machines that run Claude, and it is enormous. The company's amended IPO filing on Monday lists about $895 billion of commitments, nearly all of it for computing and data centers.

About $70 billion of that comes due within a year, and nearly $450 billion by the end of 2030. At the end of September, Anthropic held roughly $132 billion in cash and short-term investments. The bill is almost seven times bigger.

One profitable quarter, then back to losses

Revenue kept climbing. Anthropic brought in about $17 billion in the third quarter, up from $11.6 billion in the second. But it posted an operating loss of $567 million, just one quarter after its first operating profit of $974 million.

Part of the swing came from running out of room. Anthropic books most of its computing 12 to 18 months ahead, and when demand outran capacity it bought $5 billion of short-term computing that "currently costs significantly more" than its long-term deals. A $2 billion non-cash charge tied to a donation-matching program added to the loss, and price cuts tied to new models, plus discounts, shaved about $600 million off revenue.

Seaport Research Partners analyst Jay Goldberg saw it coming. Three days before the filing, he said Anthropic would "be profitable probably in the next quarter or two. But then they're going to start going back into losses."

Who Anthropic owes

Purchase commitments alone jumped to about $314 billion, from $55 billion at the end of 2025. Broadcom is the biggest counterparty at about $161 billion in equipment leases. Google follows at about $121 billion, up from $114.5 billion in the first filing, which showed an $80.7 billion first half net loss. SpaceX's AI unit accounts for up to $120.5 billion and Amazon for $110 billion.

The total still leaves things out. Plans for another $125 billion to $150 billion of Google chips and more than $20 billion with AMD are not counted, because they carry no fixed dollar commitment.

The tangle of relationships is hard to miss. "For the hyperscalers, Anthropic is at once a customer, competitor, sales channel and investment," Evercore ISI's Mark Mahaney said.

Revenue from rule breakers

The filing also contains an awkward admission. Anthropic estimates that 5% to 7% of its revenue in the first nine months of the year came from customers breaking its usage policy or commercial terms. It stepped up enforcement in August and September, and warned the crackdown "may reduce our overall revenue and growth rates in future periods."

Ordinary investors will get a shot at the shares. Some will be offered through Charles Schwab, Fidelity, Robinhood, SoFi and Morgan Stanley's E*Trade. The price range and share count are still blank, and dilution is already visible: 1.77 billion stock options are outstanding, and up to 2.95 billion shares are set aside for a new equity plan.

"Certainly it's a pretty challenging setup for their IPO," Goldberg said.

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