Anthropic's IPO draft: compute spend tripled
A leaked draft shows Anthropic spent $7.33 billion on compute and infrastructure last year. The IPO could value it above $2 trillion.
The numbers
The draft prospectus shows 2025 compute and infrastructure spending of $7.33 billion, three times 2024 and more than half of $12.65 billion in operating expenses. About a quarter of revenue came from two customers.
Risk language
A large share of the filing is devoted to risk factors. Anthropic argues AI will reshape the economy more deeply than industrialisation, electricity and the internet, and warns investors its own models can behave unpredictably.
Timing
Anthropic filed confidentially in June. The public prospectus is still outstanding, and trading is expected to start after the November US midterms.
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