WSJ saw Anthropic’s draft IPO papers: $16.3B revenue in 6 months, $80.7B loss on paper, and about $450B promised for compute

> Anthropic spent nearly $9B on compute and infrastructure in the first half, more than its $7.3B total for 2025, and its new draft prospectus shows the bill climbing toward $750B.

> The 3 big clouds account for $252B of fixed payments over the next 7 to 10 years: $111B to Google, $110B to Amazon Web Services and $31B to Microsoft, all due whether or not Anthropic uses the capacity.

> Chips form the next layer. Anthropic has more than $160B in Google chip leases through Broadcom and up to $86B for Nvidia GPUs rented from Nscale and Lambda, with those contracts ending in 2033 and 2034.

Another $150B in deals is still under negotiation.

> Money isn’t the only limit. Anthropic says Amazon, Google and Microsoft wouldn’t supply all the capacity it wanted, and they now treat it as a rival. It is also leaning on newer data center operators, which it warns have short histories and possibly less reliable sites.

> One deal goes unnamed: the September draft’s up-to-$84.5B xAI capacity agreement, which runs through 2029 and can largely be cancelled on 90 days’ notice. It may sit inside the roughly $112B of the mostly noncancelable $450B cloud total that isn’t itemized, alongside AMD capacity expected to top $20B, or it may have been dropped.

> In its risk factors, Anthropic says it is liable for some damage its models cause, such as data theft or security breaches, and that a catastrophic AI incident could exceed any insurance it could buy.

> Revenue is concentrated too: 2 unnamed customers delivered about 20% of first-half sales, and Anthropic expects a small group of customers to keep supplying a large share for the foreseeable future.

> It also lists increasingly organized opposition to data centers as a business risk and says its high profile could bring extra scrutiny to its projects.