Anthropic's leaked S-1 shows 80% of its compute commitments cannot be canceled
The filing shows hypergrowth alongside deep losses; 80% of the $518B decade compute commitment is non-cancelable, so payment continues even if demand falls.
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Anthropic's IPO filing shows revenue grew more than tenfold last year, but 80% of its decade-long compute commitments cannot be canceled.
Per SiliconANGLE, Reuters and the Financial Times published details of Anthropic's confidential S-1 filing late Monday, September 28; the document was prepared in June and has not been made public. Revenue rose from $400 million in 2024 to $4.6 billion in 2025, and per the Financial Times, sales reached $11.5 billion in the second quarter of this year alone.
The losses are equally large: a $42 billion net loss in 2025, including a $34 billion accounting charge tied to investor funding, and an $8 billion operating loss of which more than 91% went to computing infrastructure. The Financial Times reports the company is on track for an adjusted operating profit this quarter.
The bigger constraint lies ahead: Anthropic plans to spend $518 billion on computing infrastructure over the next decade, and per Reuters, 80% of that is tied to contracts that cannot be canceled or require payment even if the capacity goes unused, plus about $161.2 billion in equipment leases with Broadcom. The company reportedly aims to go public in November at a valuation of $2 trillion or more, raising up to $100 billion.