Anthropic’s IPO filing shows 1H revenue of $16.3 bln versus $1.1 bln a year
earlier and a 1H net loss of $80.7 bln, about $72 bln of which stems from
fair‑value changes on convertible notes and other financing instruments. 1H
compute and infrastructure spend was nearly $9.0 bln; the company expects
related 2025 full‑year spending of $7.3 bln. Anthropic disclosed roughly $450
bln of cloud‑contract commitments over 7–10 years and has pledged to pay Google
more than $160 bln for leased chips; total infrastructure commitments exceed
$600 bln and could rise by up to $150 bln if still‑negotiating deals close.
About 20% of 1H revenue came from two customers and the company says future
revenue will remain highly concentrated. The filing flags risks that AI models
could cause real‑world harms that may be uninsured and that data‑center
construction faces growing organized political resistance.
