The draft filing details more than $600 billion in future infrastructure obligations, alongside negotiations for up to $150 billion in additional computing deals. That total includes about $450 billion in mostly noncancelable cloud agreements over the next seven to 10 years—comprising $111 billion with Google, $110 billion with Amazon Web Services and $31 billion with Microsoft—as well as more than $160 billion to lease Google chips through Broadcom and up to $86 billion to rent Nvidia chips from Nscale and Lambda through 2033 and 2034. In the prospectus, Anthropic warned that major cloud providers are unwilling to supply all the capacity it wants and increasingly view the firm as a competitor, while flagging organized political opposition to data centers and potentially uninsurable liabilities from catastrophic AI incidents as key risks.
A public S-1 filing on Friday would set up a November market debut that is poised to generate multibillion-dollar gains for venture backers including Iconiq, Spark Capital, GIC and Menlo. However, some existing and prospective investors have discussed an IPO valuation of around $1.5 trillion, down 25% from earlier expectations of $2 trillion, Reuters reported, after Anthropic disclosed last week that third-quarter revenue growth slowed to 45% quarter-over-quarter at $16.8 billion from roughly 145% in the second quarter.