Anthropic plans to spend $518 billion on cloud and computing infrastructure, its IPO prospectus reportedly shows, yet crypto derivatives tracking its valuation barely moved after the disclosure.
Key Points:
- Anthropic's prospectus lists $518 billion in future cloud, computing and infrastructure obligations after a $42 billion net loss in 2025.
- Pre-IPO perpetual futures traded near $1,998 on Tuesday, implying a valuation of about $2 trillion.
- The contracts carry no equity and trade in a market far thinner than major crypto derivatives.
Anthropic Spending Plan
Anthropic's initial public offering prospectus, seen by journalists this week, lists $518 billion in cloud, computing and infrastructure obligations for the coming years.
The document frames the outlay as a bet that artificial intelligence will reshape the global economy more deeply than industrialization, electricity and the internet. The company declined to comment.
Anthropic posted a $42 billion net loss in 2025, though about $34 billion of it was an accounting charge tied to financing that could later convert into shares. Revenue jumped twelvefold to nearly $4.6 billion.
Pre-IPO perpetual futures tied to Anthropic traded at $1,998 on Tuesday, down about 2% over 24 hours, according to CoinMarketCap. Each contract tracks the company's expected valuation in trillions, so that price implies roughly $2 trillion under Binance's pricing. It still sits about 10% below the Sept. 9 record of $2,211.
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Dan Ives Reacts
Dan Ives, a partner and senior managing director at Yorkville Ives, said Anthropic has to keep its "foot on the pedal," warning that China would accelerate and win if Anthropic and OpenAI slowed down.
He called CEO Dario Amodei's recent push to slow AI development a "head scratcher" for the sector. The filing also shows a narrow customer base, with two clients generating nearly a quarter of last year's revenue and many large buyers not locked into long-term contracts. Still, bettors on Polymarket price a 69% chance that Anthropic lists by Nov. 30, up from 59% a day earlier.
Anthropic Perps History
Twelve exchanges now offer Anthropic perpetuals, and open interest reportedly tops $100 million, including $36 million on an Entropy-run market on Hyperliquid. None of the contracts confer equity, and the market remains far thinner than those for Bitcoin (BTC) and Ether (ETH), where open interest runs into billions.
Binance listed its contract on Jun. 2, and by late August it implied a valuation of $1.6 trillion to $1.84 trillion, well above the $965 billion set in Anthropic's May funding round. The Entropy market briefly printed above $2 trillion around Aug. 28. Binance says it will rescale the contract if the final share count misses its estimate by 3% or more.
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