Anthropic is preparing for an enormous investment in AI infrastructure, with plans to spend $518 billion on cloud capacity, computing and related infrastructure in the coming years, according to the company’s IPO prospectus reviewed by Reuters. Despite the scale of the plan and the company’s large losses, crypto markets showed little reaction to the news.
The prospectus describes the spending as a long-term bet that artificial intelligence will have a greater impact on the global economy than earlier transformations driven by industrialization, electricity and the internet.
The U.S. AI company develops the Claude series of models. Reuters reported that Anthropic could go public after the November U.S. midterm elections, potentially reaching a valuation above $2 trillion. That would be more than twice the $965 billion valuation it received in its May funding round.
Anthropic Reports Billions in Losses
The planned infrastructure spending comes as Anthropic continues to operate at a substantial loss.
Anthropic reported a $42 billion net loss for 2025, although roughly $34 billion of that amount was an accounting charge related to financing that could eventually convert into shares. The charge did not represent cash spent on operating the company.
On an operating basis, excluding write-downs associated with earlier fundraising, Anthropic lost more than $8 billion.
At the same time, revenue expanded 12-fold last year to nearly $4.6 billion. Nearly 25% of that revenue came from only two customers, while Anthropic warned that many of its largest clients do not have long-term agreements in place.
The company finished 2025 holding $20.28 billion in cash and short-term investments.
Pre-IPO Perps Show Limited Movement
Crypto traders showed little immediate response to the scale of Anthropic’s plans. Its pre-IPO perpetual futures, which allow traders to speculate on the company’s valuation before a stock-market listing, were priced at about $1,998 on Tuesday across major exchanges, according to CoinMarketCap.
The contracts had fallen roughly 2% over 24 hours and were still about 10% below their Sept. 9 peak of $2,211.
The contracts are designed to track Anthropic’s implied valuation in trillions of dollars. At a price of $1,998, Binance’s pricing therefore indicates an implied company valuation of around $2 trillion, broadly in line with the figure reported by Reuters.
Coin Metrics data shows that Anthropic pre-IPO perpetuals are available on 12 exchanges. Total open interest exceeded $100 million at the time of writing, while Binance represented more than 30% of trading activity.
On Hyperliquid, the major decentralized exchange, Entropy’s Anthropic market had approximately $36 million in open interest.
The derivatives do not give holders an ownership interest in Anthropic. Instead, they are cash-settled synthetic contracts that track the company’s implied valuation rather than its actual equity ownership.
Trading in the Anthropic contracts also remains relatively small and illiquid compared with bitcoin, ether and other major crypto perpetual markets, where open interest regularly reaches billions of dollars.
