TLDR
- Anthropic plans to spend $518 billion on cloud, computing, and AI infrastructure in the coming years.
- Reuters reported that Anthropic’s IPO could value the company above $2 trillion.
- The company posted a $42 billion net loss in 2025, including a large accounting charge.
- Anthropic’s revenue grew 12-fold to nearly $4.6 billion last year.
- Crypto traders showed limited reaction, with Anthropic pre-IPO futures pricing the firm near $2 trillion.
Anthropic plans to spend $518 billion on cloud, computing, and infrastructure in the coming years, according to an IPO prospectus seen by Reuters. The document presents the spending plan as a long-term bet on artificial intelligence and its role in the global economy. The figure covers future training, service delivery, and data center access.
The Claude AI developer expects its public listing after the November U.S. midterm elections, Reuters reported. The IPO could value Anthropic above $2 trillion, more than double its $965 billion valuation from a May funding round.
Losses Remain Large As Revenue Grows
The prospectus also shows the scale of Anthropic’s losses. The company posted a $42 billion net loss in 2025, including a $34 billion accounting charge linked to financing that could later convert into shares.
Excluding those write-downs, Anthropic lost more than $8 billion from operations. Revenue still rose 12-fold to nearly $4.6 billion, while nearly a quarter came from two customers. It also warned that many big clients lack long-term contracts. Recent AI model pricing pressure also shows how cloud costs remain central to the sector.
Crypto Perpetual Futures Stay Calm
Crypto traders showed little movement after the report. Anthropic pre-IPO perpetual futures traded near $1,998 on Tuesday, down about 2% over 24 hours, CoinMarketCap data showed.
That price points to an expected valuation near $2 trillion under Binance’s contract design. Interest in AI-linked markets has also grown as firms seek more data center capacity, shown by a recent AI infrastructure push tied to compute assets.
Synthetic Contracts Track IPO Expectations
Twelve exchanges now list Anthropic pre-IPO perpetuals, according to Coin Metrics. Open interest stood above $100 million, while Binance held over 30% of activity. On Hyperliquid, the Entropy-run Anthropic market had $36 million in open interest.
These products do not give buyers equity in Anthropic. They are synthetic derivatives that settle in cash and track the company’s implied valuation. Similar private-market AI access has also drawn attention as investors watch firms that remain private.
The market remains much smaller than bitcoin and ether futures markets. Open interest in leading crypto assets often reaches billions of dollars, while Anthropic contracts remain thinner and less liquid ahead of any IPO. That gap may remain until listing terms become clearer.
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