Anthropic’s IPO is all about ignoring the future
Anthropic’s IPO filing showed a $81 billion net loss for the six months through June, but computing-server spending fell to 55% of revenue and operating income turned positive in the second quarter. The company faces about $97 billion in contracted computing payments in 2027, which would require revenue of $177 billion to maintain that cost ratio.
1. Improved costs, large loss
Anthropic’s IPO filing showed an $81 billion net loss for the six months through June, largely due to changes in the value of convertible bonds. Spending on data-crunching servers fell to 55% of revenue from 200% a year earlier, and operating income turned positive in the second quarter.
2. Computing commitments mount
The company has about $800 billion in computing-power leases and purchase commitments, including a $114 billion contract with Google Cloud and deals with Amazon.com, Microsoft and Broadcom. Many commitments are non-cancellable. Anthropic may owe roughly $97 billion in 2027 when the payments are spread across their commitment periods, the article calculates.
3. Growth hurdle ahead
To keep computing costs at 55% of revenue, Anthropic would need $177 billion in 2027 revenue. It generated around $16 billion in sales in the six months through June, ten times the same period in 2025, while quarterly growth slowed to 45% through September. The filing warns of substantial capital expenditures, while business customers can cut usage or terminate contracts with little or no notice.
