Anthropic IPO draws scrutiny over $895.4 billion commitments

Anthropic’s proposed Nasdaq initial public offering is drawing attention to both its rapid revenue growth and the scale of its long-term infrastructure commitments, which total about $895.4 billion, according to its amended prospectus filed November 2. The company has not announced final IPO pricing or a definitive valuation, and the listing remains planned rather than completed. The prospectus figure covers commitments, mostly for computing and infrastructure. Of that total, $451.2 billion is for signed leases that have not started, while $69.8 billion is due within 12 months after September 30. The filing says $213.8 billion of commitments are cancellable or conditional. Agreements without fixed dollar amounts are excluded from the total. Anthropic reported first-half 2026 revenue of $16.3 billion, up from $1.2 billion in the first half of 2025. A GlobalData analyst said usage-based billing accounted for 80% of first-half revenue, and nearly 12,000 customers spent more than $100,000 annually. The analyst also said revenue growth slowed to about 50% in the September quarter after more than doubling in each of the previous two quarters. The company’s financial disclosures also...