Anthropic approached the stock exchange and asked how much investors are willing to pay for the promise of the artificial intelligence revolution. On October 26, the developer of Claude filed for an IPO. The discussed raising of about $100 billion at a valuation of up to $2 trillion will allow it to surpass SpaceX in terms of fundraising volume and approach OpenAI, which is expected to go public in 2027. The offering price has not yet been set. But supplier commitments have already been signed, and it is these that make the potential collapse of the AI bubble dangerous for major US tech companies. Claude's sales are truly growing: from $41 million in 2023 to $4.59 billion in 2025 and $16.29 billion in the first half of 2026. During this half of the year, the operating loss amounted to $693 million, and the second quarter alone brought in $974 million in operating profit. The massive net loss of $80.7 billion included $72.4 billion in non-cash financial liability repayments. At the end of June, the company held $131.7 billion in cash and short-term investments. This reserve provides time to test the payback of contracts. Agreements with Amazon, Google, and Microsoft set minimum costs of $110 billion, $114.5 billion, and $44.9 billion, respectively. Together - $269.4 billion for periods up to 2033–2036. The minimum must be paid even if capacity is not utilized. The agreement with Google directly stipulates an additional payment up to the agreed amount. Customers can reduce Claude consumption much faster than Anthropic can free itself from its obligations. A mistake in demand forecasting will remain on the payment schedule for years. The total scope of the agreements is even larger: Reuters calculated over $600 billion over about a decade. Contracts differ in terms of execution, and the total amount is not equal to the debt presented immediately. Spending on computing and infrastructure has already grown from $430 million in 2023 to $7.33 billion in 2025. The company orders the next amount of resources before receiving the corresponding revenues.

Anthropic approached the stock exchange and asked how much investors are willing to pay for the promise of the artificial intelligence revolution. On October 26, the developer of Claude filed for an IPO. The discussed raising of about $100 billion at a valuation of up to $2 trillion will allow it to surpass SpaceX in terms of fundraising volume and approach OpenAI, which is expected to go public in 2027. The offering price has not yet been set. But supplier commitments have already been signed, and it is these that make the potential collapse of the AI bubble dangerous for major US tech companies. Claude's sales are truly growing: from $41 million in 2023 to $4.59 billion in 2025 and $16.29 billion in the first half of 2026. During this half of the year, the operating loss amounted to $693 million, and the second quarter alone brought in $974 million in operating profit. The massive net loss of $80.7 billion included $72.4 billion in non-cash financial liability repayments. At the end of June, the company held $131.7 billion in cash and short-term investments. This reserve provides time to test the payback of contracts. Agreements with Amazon, Google, and Microsoft set minimum costs of $110 billion, $114.5 billion, and $44.9 billion, respectively. Together - $269.4 billion for periods up to 2033–2036. The minimum must be paid even if capacity is not utilized. The agreement with Google directly stipulates an additional payment up to the agreed amount. Customers can reduce Claude consumption much faster than Anthropic can free itself from its obligations. A mistake in demand forecasting will remain on the payment schedule for years. The total scope of the agreements is even larger: Reuters calculated over $600 billion over about a decade. Contracts differ in terms of execution, and the total amount is not equal to the debt presented immediately. Spending on computing and infrastructure has already grown from $430 million in 2023 to $7.33 billion in 2025. The company orders the next amount of resources before receiving the corresponding revenues.