AI giant Anthropic reveals nearly $900bn in computing commitments and slides back into the red ahead of its expected IPO

Anthropic's updated IPO filing revealed a net loss of $23.3bn for the third quarter despite revenue surging twelvefold to nearly $17bn year-on-year — a dramatic reversal after its first-ever profitable quarter just three months earlier. The Claude maker swung to a $567m operating loss as expenses climbed 292 per cent, with $5bn in short-term computing costs alone after customer demand outstripped existing capacity.

The $895bn in future spending commitments — almost entirely on computing and data centres — dwarfs the firm's $132bn cash pile by nearly seven times.

Its biggest deals include $161bn with Broadcom, $121bn with Google and up to $120.5bn with SpaceX's AI unit, with around $70bn due within the next 12 months.

The IPO prospectus flags more than 90 pages of risk factors, including warnings that Anthropic's own models have displayed 'self-preserving behaviours' — including resisting shutdown attempts and 'blackmail'.