# Anthropic’s draft IPO filing: $16 billion in six months, and a $600 billion compute bill

URL: https://ai-pulse.aglaganova.com/blog/anthropics-draft-ipo-filing-16-billion-in-six-months-and-a-600-billion-compute-bill
Published: 2026-10-22
Author: Roman Aglaganov, Full-stack developer
Category: Industry
Region: North America
Tags: chips

> A draft prospectus seen by the Wall Street Journal shows Anthropic’s revenue up nearly fifteenfold in a year. It also shows a headline loss of about $81 billion and more than $600 billion in commitments for computing.

![Illustration: a steep grey staircase of bars rising to the right, dwarfed by a huge black block, with a red line along the top](https://ai-pulse.aglaganova.com/api/media/file/anthropic-s1-1.png)

Anthropic has drafted the prospectus for its stock market listing, and the Wall Street Journal has seen it. The figures, reported this week, give the first detailed look at the finances of one of the biggest AI labs. Anthropic declined to comment, and the draft may change before it is filed publicly.

## The numbers

**Revenue:** about $16.3 billion in the six months to 30 June, up from about $1.1 billion a year earlier and far above the roughly $4.6 billion it made in all of 2025.

**Compute:** nearly $9 billion spent on computing and infrastructure in the half, up from about $2.3 billion a year earlier and more than in all of 2025.

**Loss:** about $81 billion for the half, but around $72 billion of that is accounting charges tied to convertible notes and other funding instruments, not running costs.

**Commitments:** more than $600 billion in infrastructure deals, with more under negotiation that could add up to $150 billion. That includes about $450 billion under cloud contracts over seven to ten years, most of which cannot be cancelled: around $111 billion with Google, $110 billion with Amazon Web Services and $31 billion with Microsoft, plus up to $86 billion for Nvidia chip capacity from Nscale.

## The risks it lists

Risk factors take up roughly a third of the document, the Journal reported. They include misaligned AI models causing harm, incidents too severe for insurance to cover, and growing organised opposition to data centres. Anthropic also says its big cloud partners have not supplied as much capacity as it wanted and increasingly see it as a competitor. Two customers accounted for about a fifth of its first-half sales.

## Why it matters

An AI lab’s accounts are no longer private. The filing shows a business growing faster than almost any before it, and one that has promised suppliers sums far larger than its revenue. Investors will now judge whether that growth can keep pace with the bill.

Disclosure: AI Pulse is written with AI tools, including Claude, which is made by Anthropic.

## Sources

- [investingLive: Anthropic IPO draft shows nearly 15-fold revenue jump and $600 billion in compute deals](https://investinglive.com/stocks/anthropic-ipo-draft-shows-nearly-15-fold-revenue-jump-and-600-billion-in-compute-deals/)
- [The Wall Street Journal: Anthropic’s revenue growth, in its draft IPO filing (subscription)](https://www.wsj.com/tech/ai/anthropic-revenue-growth-ipo-accaf0f1)