Anthropic plans to spend $518 billion on cloud computing and infrastructure over the coming years, according to the AI company's IPO prospectus seen by Reuters.

What the prospectus reveals

The filing frames the outlay as a wager that artificial intelligence will reshape the global economy more than industrialization, electricity or the internet did. Anthropic, the U.S. developer of the Claude family of AI models, is preparing for a public listing likely to follow the November U.S. midterm elections. Reuters reported the offering could value the company above $2 trillion, more than double the $965 billion mark set in its May funding round.

The capital plan sits against a $42 billion net loss in 2025. Roughly $34 billion of that figure represents a non-cash accounting charge tied to financing instruments that could later convert into shares. Stripping out write-downs linked to past fundraising, the company lost more than $8 billion on an operating basis.

Revenue grew twelvefold over the year to nearly $4.6 billion. Concentration risk dominates the income statement: nearly a quarter of that total came from just two customers, the prospectus disclosed. Anthropic also warned that many of its largest clients lack long-term contracts, leaving spend tied to shorter billing cycles. The mix exposes the company to churn at a small number of enterprise accounts.

The company held $20.28 billion in cash and short-term investments at year-end 2025. That cushion provides runway but does not match the announced infrastructure plan, signaling continued dependence on external capital even after a public listing lands.

How pre-IPO perps priced the news

Crypto traders did little with the disclosure. Anthropic pre-IPO perpetual futures traded at $1,998 on Tuesday across major venues, down roughly 2% over 24 hours, according to CoinMarketCap. That price sits about 10% beneath the Sept. 9 record of $2,211.

Each contract's price tracks Anthropic's implied valuation in trillions of dollars. The $1,998 quote implies traders value the company at approximately $2 trillion, matching the Reuters figure on Binance's pricing methodology.

Twelve exchanges list Anthropic pre-IPO perpetuals, per Coin Metrics data. Aggregate open interest stood above $100 million at publication time. Binance commanded more than 30% of activity. On Hyperliquid, the Anthropic market run by Entropy carried $36 million in open interest. Price action tracked broader weakness in major cryptocurrencies rather than a company-specific move. Volume across the twelve venues did not spike on the prospectus headlines.

What these contracts actually are

The instruments confer no equity rights in Anthropic. They are synthetic cash-settled derivatives that track implied valuation rather than share register entries. The market remains thin versus majors: bitcoin and ether perpetuals routinely carry open interest in the tens of billions of dollars. Exchanges list the contracts under existing derivatives categories, keeping them outside traditional equity oversight.

What to watch next

Anthropic's listing window opens after the November U.S. midterm elections, per Reuters' reading of the prospectus timetable. The gap between prospectus disclosure and a marketed offering will set the next liquidity test for the pre-IPO perp complex. Concentration on Binance and Hyperliquid's Entropy venue will also shape how synthetic exposure resolves once a real share price emerges.