CoinDesk
Anthropic plans to spend $518 billion on cloud computing and infrastructure in the coming years as it prepares for a potential public listing, according to its prospectus seen by Reuters. The Claude developer reported a $42 billion net loss in 2025, including a $34 billion non-cash accounting charge, while revenue grew twelvefold to nearly $4.6 billion.
Why it matters
The prospectus casts the investment as a bet that AI will reshape the global economy on a scale greater than industrialization, electricity and the internet. The figures also show the financial demands behind that ambition: Anthropic's operating loss exceeded $8 billion after excluding write-downs tied to past fundraising.
Revenue growth is strong, but nearly a quarter came from just two customers, and Anthropic warned that many large clients are not locked into long-term contracts. The company held $20.28 billion in cash and short-term investments at the end of 2025.
Market impact
Crypto-listed pre-IPO perpetual futures barely moved. Anthropic contracts traded around $1,998, down about 2% over 24 hours and roughly 10% below their Sept. 9 record of $2,211. The price implies an expected valuation near $2 trillion, broadly in line with Reuters' reported potential listing valuation of more than $2 trillion.
Twelve exchanges list the contracts, with open interest above $100 million; Binance accounts for more than 30% of activity. Hyperliquid's Anthropic market, run by Entropy, had $36 million in open interest. These cash-settled synthetic derivatives provide no equity ownership, and their market remains much smaller and less liquid than major crypto perpetual markets.
Frequently asked questions
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What does Anthropic's $518B spending plan cover?
The prospectus says Anthropic plans to spend $518 billion on cloud computing and infrastructure in the coming years.
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How much of Anthropic's 2025 loss was a non-cash charge?
Anthropic reported a $42 billion net loss in 2025, including a $34 billion non-cash accounting charge.
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What valuation do Anthropic pre-IPO perps imply?
At about $1,998, the contracts imply a valuation near $2 trillion, based on Binance pricing.
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Do Anthropic pre-IPO perpetuals give traders company shares?
No. They are cash-settled synthetic derivatives that track Anthropic's implied valuation and confer no equity stake.
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How large is the market for Anthropic pre-IPO perps?
Twelve exchanges list the contracts, with open interest above $100 million. The market is much smaller and less liquid than major crypto perpetual markets.
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