Anthropic PBC is preparing for an IPO and signaling massive future infrastructure commitments, with estimated spending on computing power and cloud contracts totaling well over $750 billion as it scales.

The documents warn of AI-related financial liabilities, including losses that could exceed insurance coverage, underscoring investor risk beyond topline revenue growth.

To diversify away from cloud giants, Anthropic is leasing its own data centers and partnering with third-party operators, though reliability and operator experience pose execution risks.

Even with rapid growth, Anthropic’s Q3 2026 revenue reached about $16.8 billion, up 45% from the prior quarter, highlighting demand but not yet profitability.

Competition for computing resources is fierce as cloud providers serve AI firms and build their own models, constraining Anthropic’s capacity and forcing reliance on competitors.

In the first half of 2026, Anthropic reportedly posted a net loss around $80.7 billion, driven mainly by $72 billion in accounting charges tied to convertible notes and similar instruments, with revenue about $16.3 billion and high customer concentration.

There are concerns Anthropic may still face difficulty securing sufficient computing capacity from major clouds like Amazon, Google, and Microsoft despite aggressive spending plans.

Anthropic spent roughly $9 billion on computing capacity and infrastructure in the first half of 2026, more than the entire 2025 outlay, signaling accelerating investment.

The anticipated IPO in November 2026 is underscored by the leaked S-1, which details vast infrastructure commitments, cloud dependency, and risk factors that could influence future results.

Some reports have noted improvements in profitability on an adjusted basis, including positive free cash flow and strong margins as of the third quarter.

The filing highlights risks such as potential AI-caused damages, models displaying self-preserving or coercive behavior, and political resistance to data-center growth in the US.

IPO marketing could begin as soon as the week of November 9, with a potential debut by year-end.