Anthropic could spend $750bn on compute, The Wall Street Journal reports
A new draft of Anthropic’s S-1, a document that explains a company’s business and finances before it sells shares to the public for the first time, says the company could spend $750bn on computing over the coming years. This amount includes deals that Anthropic is still discussing. Anissa Gardizy reported these figures for The Wall Street Journal, which reviewed the draft. Echo Wang of Reuters also reviewed the draft and reported the losses and spending figures. The draft has not been made public, and TNW has not seen it.
Last month, Reuters reported that Anthropic had agreed to spend at least $518bn over ten years. The new draft shows that the company lost $80.7bn in the first half of 2026. In the same period a year earlier, its loss was $13bn.
Reuters reported that most of this loss exists only in the company’s accounts, rather than representing money it actually spent. An accounting charge of $72bn reflects an increase in the value of bonds that could be exchanged for Anthropic shares. This is not a cash cost of running the business.
Where the computing money goes
Anthropic spent nearly $9bn on computing power and the systems needed to support it in the six months ending 30 June, The Wall Street Journal reported. In the same period a year earlier, it spent $2.3bn. This new figure is also higher than the $7.3bn it spent during all of 2025, David Morris and Abhishek Vishnoi reported for Bloomberg, citing the Journal.
According to the Journal, the draft also lists about $450bn in cloud computing deals over the next seven to ten years. Most of these deals cannot be cancelled. They include $111bn with Google Cloud, $110bn with Amazon Web Services and $31bn with Microsoft.
Anthropic already faces more than $600bn in future costs for computing systems and infrastructure, Axios reported, citing the Journal. Deals still being discussed could add about $150bn more. Earlier this month, Reuters reported that Broadcom had agreed to lend Anthropic up to $42bn for its chips.
Revenue and risks
Anthropic’s revenue rose to $16.3bn in the first half of 2026, up from $1.1bn in the same period a year earlier. The company made $4.6bn in revenue during all of 2025. Last week, it told investors that its revenue in the third quarter alone had reached $16.8bn.
The Journal reported that Anthropic’s list of risks includes depending on a small number of customers and not knowing whether it will have enough computing power when it needs it. Bloomberg reported that the list also warns that some AI models may show “self-preserving” behavior, trying to avoid being turned off. Another risk is that models may give responses that resemble “blackmail”. Anthropic also warns that people and politicians in the US may oppose data centres. Most of the company’s computing capacity is in the US.
The IPO
Bloomberg reported that Anthropic could start promoting its IPO to investors as early as the week of 9 November. This could allow its shares to start trading before the US Thanksgiving holiday. Jim Edwards wrote for Fortune that Anthropic will seek a company valuation of $2tn, citing the Journal. Reuters reported last week that some investors are considering a lower valuation of about $1.5tn.
Bloomberg also asked analysts what they thought about the planned spending.
“The additional spending plans are positive for the semiconductor supply chain but whether they materialize is highly uncertain,” Vey-Sern Ling, managing director at Union Bancaire Privée, told Bloomberg.
Anna Wu, the founder of Floodlines Research, said the plans sent mixed signals to the markets.
“$750 billion will mean more demand for all-things AI in the medium to long term,” Wu told Bloomberg.
An investor in Anthropic told Axios that the company’s latest results were “spectacular”.