Anthropic May Spend $750 Billion on Computing Costs, Report Says

Anthropic PBC could spend $750 billion on additional computing power in the coming years, according to a Wall Street Journal report, as the company prepares for an initial public offering.

The artificial intelligence firm had a net loss of $80.7 billion in the first half of 2026, the media outlet reported, citing a draft IPO prospectus. That compares to a net loss of $13 billion in the corresponding period a year ago, WSJ said.

Read More: Anthropic Revenue Hits $16.8 Billion in Quarter Before IPO

The overwhelming majority of the net loss in the first half of this year, $72 billion, resulted from accounting charges linked to changes in the value of convertible notes and other instruments Anthropic has issued, according to the report.

Anthropic, one of the leading AI developers, is expected to publicly file paperwork for a Wall Street debut in the coming weeks, setting it up for what could be one of the largest IPOs ever. The listing will help the company raise additional capital to support its investments in chips, data centers and talent to build new and better AI models.

The company behind Claude spent close to $9 billion on computing capacity and infrastructure in the six months ended June 30, versus $2.3 billion in the same period in 2025, according to the Journal. Anthropic deployed more funds to secure computing power in the first half of 2026 than in all of 2025, when it spent $7.3 billion.

The prospectus shows Anthropic’s extensive web of computing power agreements — totaling around $450 billion in the next seven to 10 years — the majority of which can’t be canceled, according to the Journal. The company plans to spend $111 billion on contracts with Alphabet Inc.’s Google Cloud, $110 billion with Amazon.com Inc.’s Amazon Web Services and $31 billion with Microsoft Corp.

Anthropic’s prospectus flags the risk of damages caused by AI, including the potential for models to show “self-preserving” qualities to avoid being turned off, and responses that resemble “blackmail” to keep humans from preventing them from operating, the report shows. Anthropic could also face the risk of political resistance to building data centers in the US, where most of its capacity is, according to the Journal.

The company told investors it had achieved profitability in the third quarter on an adjusted basis, Bloomberg News has reported. Anthropic is generating positive free cash flow, had gross margin of 85% and an over 11% positive adjusted operating margin as of the third quarter, people familiar with the matter have said.

The company is set to begin formally marketing its initial public offering as soon as the week of Nov. 9, putting it in line to begin trading before the US Thanksgiving holiday, Bloomberg News has reported. It’s expected to make its debut no later than the end of the year.