Anthropic’s IPO is all about ignoring the future
Anthropic’s IPO filing showed positive operating income in the second quarter, but the AI company faces about $800 billion in computing commitments and may owe roughly $97 billion in 2027. Maintaining its first-half computing-cost ratio would require $177 billion in 2027 revenue.
1. Improving operating figures
Anthropic’s IPO filing showed that spending on data-crunching servers fell to 55% of revenue in the first half of the year, from 200% a year earlier, and operating income turned positive in the second quarter. The company reported an $81 billion net loss in the six months to June, largely due to changes in the value of convertible bonds.
2. Large computing commitments
Anthropic has about $800 billion in leases and purchase commitments for computing power, including a $114 billion contract with Google Cloud and agreements with Amazon.com, Microsoft and Broadcom. Adding the contracted payments and dividing them across their commitment periods suggests Anthropic may owe roughly $97 billion in 2027, the article’s calculations show.
3. Growth needed to cover costs
To keep computing costs at 55% of revenue, Anthropic would need $177 billion in 2027 revenue. It generated about $16 billion in sales in the six months to June, up ten-fold from the same period in 2025, while quarter-over-quarter growth slowed to 45% through September. Anthropic’s filing warned of substantial capital expenditures, while customers can cut usage or terminate contracts with little or no notice.
