Anthropic Plans $518 Billion AI Infrastructure Spend Ahead of Possible IPO

Anthropic’s IPO prospectus shows the AI company plans to spend $518 billion on cloud, computing and infrastructure in the coming years, even as pre-IPO crypto derivatives on its valuation barely moved.

Anthropic IPO Prospectus: Spending and Valuation

The prospectus, seen by Reuters, frames the spending as a bet that AI will reshape the global economy more than industrialization, electricity or the internet did. Anthropic’s public listing is expected after the November US midterm elections and could value the company at more than $2 trillion, more than double its $965 billion valuation from a May funding round.

Anthropic’s Losses and Revenue Growth

The company posted a $42 billion net loss in 2025, though about $34 billion of that came from an accounting charge tied to financing that could convert into shares rather than actual cash spent. Excluding write-downs linked to past fundraising, the operating loss was more than $8 billion. Revenue grew twelvefold to nearly $4.6 billion, though almost a quarter came from just two customers, and many top clients are not on long-term contracts. Anthropic held $20.28 billion in cash and short-term investments at the end of 2025.

Anthropic Pre-IPO Perpetual Futures Barely React

Pre-IPO perpetual futures tracking Anthropic’s expected valuation traded at $1,998 on Tuesday, down about 2% over 24 hours and roughly 10% below their Sept. 9 record of $2,211. The price corresponds to a valuation near $2 trillion, matching the Reuters figure. Twelve exchanges list these contracts, with open interest above $100 million and Binance accounting for over 30% of activity. On Hyperliquid, the market run by Entropy showed $36 million in open interest.

What These Contracts Actually Track

The perpetuals carry no equity stake in Anthropic. They are cash-settled synthetic derivatives tracking the company’s implied valuation, and the market remains far smaller and more illiquid than perpetuals tied to bitcoin or ether.