Anthropic IPO Filing Reveals $450B Compute Commitments, $80.7B Paper Loss

Anthropic's draft IPO prospectus, as reported by the Wall Street Journal, shows $16.3 billion in first-half revenue alongside an $80.7 billion paper loss and nearly $450 billion in total compute commitments. Fixed cloud payments of $252 billion are owed to Google ($111 billion), AWS ($110 billion), and Microsoft ($31 billion) regardless of whether the capacity is used, with contracts running to 2033-2034. Compute spend alone reached nearly $9 billion in the first half, more than the $7.3 billion total for all of 2025. Two unnamed customers account for roughly 20% of first-half sales, and Anthropic's risk factors note that major cloud providers now treat it as a competitor and would not supply all the capacity it requested. Separately, Anthropic signed a 20-year data center lease at EverWind's Point Tupper, Nova Scotia campus, with a 95 MW first phase targeted for late 2027 and a potential expansion to 420 MW. EverWind values the full project, including wind farms, at more than C$10 billion. Anthropic committed to covering grid upgrade costs so local electricity rates would not rise. The company is also negotiating a second $45 billion deal with Nscale for another 460 MW building at the Monarch Compute Campus in West Virginia, which would double its reservation there to 920 MW. That building would run Nvidia Vera Rubin chips, with delivery expected in late 2027. Nscale's first Anthropic contract, signed in August 2025, was a 6-year, 460 MW lease averaging $7.5 billion per year. Anthropic also holds a right of first refusal on the campus's expected third building, meaning it could control all 1.35 GW of the initial development. The Financial Times separately reported $16.8 billion in Q3 revenue, up 46% from $11.5 billion in Q2, with the company profitable on an adjusted basis and cash flow positive during the quarter.