Anthropic IPO Draft Details $450 Billion in Cloud Agreements

Anthropic’s updated confidential IPO draft lists about $450 billion in agreements for cloud computing services over seven to 10 years. This gives a clearer picture of the computing costs behind the company’s planned stock market launch.

The draft lists more than $600 billion in total future computing commitments. This amount could reach $750 billion if it includes deals that are still being negotiated. The higher figure does not mean all the deals have been signed or that Anthropic already owes all that money.

Anthropic spent nearly $9 billion on computing power and infrastructure in the first six months of 2026, compared with $2.3 billion in the same period a year earlier. These numbers show money actually spent during those periods, unlike the figures for future agreements and possible deals.

For the six months ending June 30, the company reported a net loss of $80.7 billion and revenue of $16.3 billion. About $72 billion of the loss came from an accounting charge that did not involve cash being paid. The charge happened because the value of financial instruments used in convertible financing changed. So, the full reported loss does not mean Anthropic spent that much cash running its business.

Revenue was $1.1 billion in the same period in 2025. Revenue grew sharply, but computing costs also rose greatly. Most of the reported loss came from the accounting charge linked to financing.

The updated draft also warns that the cost of damages from a serious AI-related incident could be higher than the insurance coverage Anthropic has. This is a warning about a possible future cost, not a loss that has already happened.

Anthropic submitted a confidential draft registration statement, called Form S-1, to the U.S. Securities and Exchange Commission (SEC) on June 1. The company has not yet decided how many shares it will sell or what price it will set for them.