Anthropic plans to spend $518 billion on cloud computing and infrastructure in the coming years, according to the company's IPO prospectus reviewed by Reuters. The AI firm frames the investment as a bet that artificial intelligence will reshape the global economy more significantly than industrialization, electricity, and the internet combined.
The spending plans accompany substantial financial losses. Anthropic posted a net loss of $42 billion in 2025, though approximately $34 billion of that was a non-cash accounting charge related to financing instruments that could convert into shares. On an operating basis, excluding such write-downs, the company lost more than $8 billion.
Revenue growth, however, accelerated significantly. The company saw revenue rise twelvefold to nearly $4.6 billion in 2025. The prospectus noted that roughly a quarter of revenue came from just two customers, and many of Anthropic's largest clients lack long-term contracts. Anthropic held $20.28 billion in cash and short-term investments at the end of 2025.
The Claude developer, based in the United States, is preparing for a public listing expected after the November U.S. midterm elections. Reuters reported the listing could value Anthropic at more than $2 trillion, more than double its $965 billion valuation from a May funding round.
Pre-IPO perpetual futures tracking Anthropic's valuation traded with minimal volatility on cryptocurrency exchanges. Contracts traded at approximately $1,998 across major exchanges, representing an implied $2 trillion company valuation. This reflected a 2% decline over 24 hours and remained about 10% below the contract's September 9 record of $2,211.
Twelve exchanges list Anthropic pre-IPO perpetuals, with total open interest exceeding $100 million. Binance accounted for over 30% of trading activity, while the Entropy market on decentralized exchange Hyperliquid held $36 million in open interest. These contracts are cash-settled synthetic derivatives that do not confer equity stakes in Anthropic and are significantly smaller and less liquid than perpetual futures for major cryptocurrencies.
