An updated draft prospectus reviewed by the Wall Street Journal and Reuters showed a first half net loss of $80.7 billion, up from $13 billion a year earlier and nearly double its $42 billion full year 2025 deficit. About $72 billion of the first half loss stemmed from noncash accounting adjustments on convertible notes and other financing instruments sold to suppliers such as Amazon and Alphabet, leaving an $8.7 billion loss excluding those charges. First half revenue jumped nearly 15-fold to $16.3 billion from $1.1 billion a year earlier, with two unnamed customers generating about 20% of sales, while compute and infrastructure spending nearly quadrupled to almost $9 billion from $2.3 billion, topping the $7.3 billion spent in all of 2025.
The filing details more than $600 billion in future infrastructure obligations and signals total computing spend could reach $750 billion if another $150 billion in deals under negotiation are completed. Existing commitments include roughly $450 billion in mostly noncancelable cloud contracts over seven to 10 years, featuring $252 billion in fixed payments due regardless of usage across Google ($111 billion), Amazon Web Services ($110 billion) and Microsoft ($31 billion), alongside more than $160 billion to lease Google chips through Broadcom and up to $86 billion to rent Nvidia GPUs from Nscale and Lambda. Risk factors make up about a third of the prospectus, noting that cloud partners have hit capacity limits and increasingly treat Anthropic as a rival, while warning of organized political opposition to data centers and potentially uninsurable liabilities from catastrophic AI incidents.