Anthropic Plans $518 Billion in AI Infrastructure Obligations
Anthropic-linked pre-IPO perpetual futures traded around $1,998, down roughly 2% over 24 hours, despite the scale of the planned spending.
Anthropic’s $518 billion infrastructure plan has drawn limited reaction in crypto-linked markets, with the company’s pre-IPO perpetual futures down roughly 2% over 24 hours.
The contracts traded around $1,998 at 1:31 a.m. ET (0531 UTC) Sept. 29. Binance’s reference framework uses an estimated one billion shares, implying a valuation near $2 trillion at that contract price.
A confidential IPO prospectus describes Anthropic’s planned cloud, computing and infrastructure obligations. The company also recorded a $42 billion net loss in 2025, including about $34 billion in a noncash accounting charge tied to financing that could convert into shares.
Anthropic generated nearly $4.6 billion in revenue last year, roughly 12 times the prior year’s figure. Cash, cash equivalents and short-term investments totaled $20.28 billion as of Dec. 31, 2025.
The perpetual futures are cash-settled derivatives that track an implied valuation rather than ownership or an IPO allocation. Anthropic confidentially submitted a draft Form S-1 to the Securities and Exchange Commission on June 1, giving it the option to pursue a public listing after the agency’s review.
