Anthropic S-1 Shows Red-Hot Growth, Risks and Computing Costs

Anthropic is generating breakneck revenue growth but faces a long list of risks that include a narrow customer base and uncertain access to much-needed computing power as it prepares for a mega-IPO, according to new disclosures.

The company has signaled that it could potentially spend $750 billion in the coming years on obtaining more computing capacity, including deals it is still negotiating.

The disclosures, many of which have not previously been reported, are part of a draft initial public offering prospectus viewed by The Wall Street Journal that revealed the firm’s financials for the first half of the year. Anthropic declined to comment.

The artificial intelligence giant said in the draft prospectus it recorded a net loss of more than $80 billion in the first half of this year, a total that largely reflects an accounting adjustment related to financing agreements.

That compares to a net loss of $13 billion during the same period a year earlier.

Anthropic laid out a sprawling list of risk factors, including uncertainty over how it will prevent its AI models from causing harm and protect itself from those liabilities, from sophisticated cyberattacks to possible blackmail by uncontrolled models.

The San Francisco company is preparing for a blockbuster IPO that could help it reach a valuation of $2 trillion. The filing reveals a company growing at a red-hot pace that requires hundreds of billions of dollars in capital to acquire computing power for training and serving its AI models.

Anthropic’s revenue growth is closely tied to a few big customers. The firm said around one-fifth of its $16.3 billion in revenue in the first half of 2026 came from just two customers. The company expects a “significant portion” of its revenue will come from a “limited number of customers for the foreseeable future,” according to the draft prospectus.

Here are some of the biggest takeaways from the S-1.

Anthropic generated around $16.3 billion in revenue in the six months ended June 30, up from $1.1 billion in the year-earlier period, according to the draft prospectus. During that period, Anthropic spent nearly $9 billion on computing capacity and infrastructure, up from $2.3 billion spent on infrastructure during the same six months in 2025.

Anthropic spent more on computing capacity in the first half of this year than it did in all of 2025, when it spent $7.3 billion and generated $4.6 billion in revenue.

The company is on the hook to pay around $450 billion in cloud computing agreements over the next seven to ten years. The bulk of these deals are noncancelable.

Anthropic plans to spend $111 billion on Google cloud computing contracts, $110 billion with Amazon Web Services, and $31 billion on Microsoft, “regardless of actual usage.” The firm also agreed to spend up to $86 billion renting Nvidia chips from smaller AI cloud providers Nscale and Lambda through 2033 and 2034, respectively, in addition to other cloud deals.

Including its more than $160 billion obligation to lease Google chips in a deal with Broadcom, Anthropic’s future infrastructure costs top $600 billion. The firm is negotiating additional computing deals that could see its commitments rise by as much as $150 billion, the materials show.

While most of its capacity comes from large cloud providers—including Amazon Web Services, Google and Microsoft—Anthropic is hitting limits. The company said it has sought access to more capacity than “those partners were willing to provide” and they increasingly see it as a competitor, according to the prospectus.

Anthropic is developing its own data centers through long-term leases and working with third-party providers that operate facilities on its behalf. However, Anthropic said some of these operators have “limited operating history” and that their facilities may be less reliable than what large cloud providers operate.

The company recorded a net loss of $80.7 billion in the six months ending June 30, far more than the $42 billion it lost in all of 2025 and one of the largest half-year losses ever reported.

The vast majority of that loss, $72 billion, resulted from accounting charges tied to changes in the value of convertible notes and other instruments the company issued to raise funding.

Roughly a third of the draft prospectus was dedicated to risk factors, including the possibility of misaligned models causing real-world harms. Anthropic said AI models can show “self-preserving” qualities to avoid being shut down and can generate responses that resemble “blackmail” in an effort to convince humans to allow them to continue operating.

In some cases, Anthropic said it bears liability for certain harmful model behaviors, meaning it would be on the hook to pay for damages, such as stolen data or security incidents, caused by its models. But the company warned that “harm that could result from a catastrophic AI-related incident” might be so large that it would be unable to obtain insurance to cover the potential damages.

The company cited as a risk the growing political resistance to building data centers. Most of Anthropic’s data center capacity is now in the U.S., according to the draft prospectus, and it is looking to build more data centers outside the U.S., signing some letters of intent to do so.

The company warned that resistance to data centers has “become more organized and coordinated across jurisdictions.” Anthropic said its public profile “may draw particular attention to projects associated with us.”

The brother and sister who serve as Anthropic’s chief executive and president, respectively, draw compensation that puts them roughly on par with the median top executive of an S&P 500 company and somewhat behind their tech-company peers, according to pay data from MyLogIQ.

Each earned a base salary of about $655,000 in 2025. Most of their compensation is tied to their equity—Dario’s stock and option awards got him to about $18 million in total compensation, while Daniela came in at about $16.5 million.

They both stand to gain additional equity in the future tied to certain milestones, according to the documents.

According to the prospectus, each of Anthropic’s co-founders pledged to dedicate 80% of their personal Anthropic equity to philanthropy. On Sunday, Anthropic also announced that it plans to commit 5% of its shares to a new “public benefit fund” with the flexibility to make charitable donations or direct money to “specific populations.”