Anthropic IPO Draft Details $450 Billion in Cloud Agreements

Anthropic’s updated confidential IPO draft lists about $450 billion in cloud agreements spanning seven to 10 years, giving a clearer view of the computing costs behind its proposed public offering.

The draft places broader compute commitments above $600 billion. Potential future spending could reach $750 billion if deals still under negotiation are included. That upper figure does not represent contracts that have all been signed or a bill already due.

Anthropic spent nearly $9 billion on compute and infrastructure in the first six months of 2026, compared with $2.3 billion in the same period a year earlier. Unlike the figures for future agreements and potential deals, those amounts describe spending during the reporting periods.

The company recorded a net loss of $80.7 billion on $16.3 billion in revenue for the six months ended June 30. About $72 billion of the loss came from a noncash accounting charge tied to changes in the value of convertible financing instruments. The full net loss therefore does not represent cash spent on operations.

Revenue was $1.1 billion in the comparable 2025 period. The growth came alongside sharply higher computing costs and a reported loss dominated by the financing-related charge.

The updated draft also warns that damages from a severe AI-related incident could exceed Anthropic’s available insurance. The warning describes a possible future liability.

Anthropic submitted its confidential draft registration statement on Form S-1 to the SEC on June 1. The company has not set the number of shares it would offer or an offering price.