Business and economy·September 30, 2026, 17:58

Leaked document: Anthropic committed to $518 billion for AI computing power

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Confidential IPO papers from the AI company Anthropic have leaked and show that the company has committed to at least $518 billion in spending on computing power in the coming years. At the same time, revenue has grown dramatically, but the losses are also enormous.

A confidential draft of Anthropic's upcoming IPO filing has leaked to media outlets, including the news agency Reuters and CNN. The document offers a rare look into the finances behind one of the world's largest AI companies, the company behind the chatbot Claude.

An IPO means that a company sells shares to ordinary investors on the stock exchange for the first time. Before that happens, the company normally has to publish detailed financial statements, which in this case came out before Anthropic itself was ready.

Huge growth, but also huge losses

Anthropic's revenue grew by a full 1,088 percent in 2025, ending at $4.59 billion, according to the documents. According to several media outlets, the company's revenue had grown by summer 2026 to a level equivalent to more than $65 billion a year.

But the growth comes at a price. In 2025, Anthropic had a total loss of just under $42 billion. However, around $34 billion of that figure is not money the company actually spent; it is an accounting item caused by the rising value of financing agreements with investors. The real operating loss, meaning what the company loses on the business itself, was about $8 billion.

$518 billion for computing power

The most striking information is that Anthropic has committed to at least $518 billion in agreements for computing power and server capacity, what is known as "compute," with six different partners. Around 80 percent of the amount must be paid regardless of whether Anthropic actually uses the capacity or not.

The enormous need for computing power reflects how expensive it is to develop and run advanced AI models like Claude. The amount is to be paid over several years and shows how large the sums are that the AI industry is betting on future growth.

According to the documents, Anthropic is aiming for a valuation of more than $2 trillion at the IPO, twice as much as previously estimated. Several media outlets write that the IPO itself is expected no earlier than after the US midterm elections in November.