Anthropic Plans $269B Spending With Big Tech

Anthropic filed its S-1 with the SEC this week, setting up a Nasdaq listing under the ticker "ANT" and putting hard numbers on a business that's been running mostly on private funding rounds and speculation. The company confidentially filed back in June, but the public document now spells out just how much cash Claude's maker is burning, and how much it expects to need going forward. In the first half of 2025 alone, Anthropic posted an $80.7 billion net loss against $16.3 billion in revenue, a gap the company attributes largely to accounting charges tied to notes it issued for funding rather than operating costs alone.

The filing also details the compute contracts underpinning Anthropic's growth, including roughly $3.1 billion a month to SpaceX for Nvidia GPU access once full capacity arrives, a commitment that could hit $120.5 billion by 2029. There's also $44.9 billion earmarked for Microsoft through 2033. Together, the disclosures sketch a company betting enormous sums on infrastructure before it has anything close to matching revenue, a wager Anthropic frames in sweeping terms about what its technology is meant to accomplish.