Anthropic could spend $750 billion on computing power in the coming years, Tech in Asia reported on October 21, citing a draft prospectus (the filing a company prepares before listing shares). The draft shows an $80.7 billion net loss for the first half of 2026. Tech in Asia said most of it stems from accounting charges tied to shifts in the value of convertible notes and similar instruments. Actual spending on capacity and infrastructure was nearly $9 billion. About $450 billion is in mostly non-cancellable deals lasting seven to 10 years. Anthropic reportedly told investors it became profitable on an adjusted basis in the third quarter. IPO marketing could begin the week of November 9.
A convertible note is a loan that can turn into shares. When its value moves, the books show a gain or loss, often with no cash leaving. A non-cancellable contract means the buyer must pay even if it later needs less capacity. The report does not say how adjusted profit is defined, how large the offering is, or how the $750 billion is spread over time.
The loss looks huge, but most of it is on paper. The lasting exposure is the fixed commitment, which dwarfs current spending. Buyers should ask how those obligations shape pricing, service continuity and contract exit terms.