Anthropic IPO prospectus carries a $518B compute bet

Anthropic’s confidential IPO prospectus pairs nearly $4.6 billion in 2025 revenue with $518 billion in planned cloud, compute and infrastructure obligations, according to Reuters’ report on the filing. The disclosure also shows $7.33 billion in 2025 compute and infrastructure spending—more than half of $12.65 billion in operating expenses—and says nearly a quarter of revenue came from two customers without long-term contracts. Operators tracking whether model demand can finance capacity should pair that scale with Anthropic’s Akamai capacity ramp: a huge commitment is a balance-sheet fact, not proof of delivered infrastructure.