Anthropic's Form S-1 shows plans to spend at least $542 billion on compute and a loss of $80.7 billion in the first half of 2026. The company also reported $16.29 billion in revenue, and it faces risks tied to a Pentagon dispute.
Anthropic plans to list on the Nasdaq under the ticker "ANT", according to its Form S-1 filing with the Securities and Exchange Commission. The filing shows at least $542 billion in planned spending on data centers and cloud computing, and an $80.7 billion loss in the first half of the year.
Anthropic lists $417 billion in compute obligations
Anthropic has future obligations of approximately $417 billion to pay providers for compute. Those deals start between 2026 and 2027 and last from under one year to up to 20 years.
Additional capacity ordered for delivery between 2028 and 2031 is expected to add $125 billion to $150 billion to its payment obligations, with pricing not yet finalized. Separately, Anthropic committed to spend $110 billion on Amazon's Trainium chips through 2036 and $114.5 billion on Google TPUs through 2033.
Revenue climbs as costs rise
Anthropic booked $16.29 billion in revenue against a cost of revenue of $2.38 billion as of June 30, 2026. Those figures imply a gross margin of 85%, compared with an implied 12% a year earlier.
However, sales, marketing and partnership costs rose 2,540% to $3.17 billion in the first six months of the year, with $2.7 billion going to fees paid to channel partners. International revenue reached $4.5 billion, or 27.8% of the total.
Pentagon dispute and market jitters
Anthropic warned that issues with the Trump administration and the U.S. Department of Defense could cause material revenue losses or business disruptions. The department labeled the company a supply chain risk to national security. A federal court in California ruled in Anthropic's favor, while the D.C. Circuit ruled in favor of the DOD.
The offering arrives amid jitters on Wall Street over whether AI spending will justify expected infrastructure costs. CoreWeave and Nebius lost over 30% of their value in October.
Sources: CNBC, SEC Form S-1
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