Anthropic has disclosed a net loss of USD 80 billion for the first half of the year in a prospectus prepared ahead of a possible initial public offering (IPO). The document also outlines commitments worth hundreds of billions of dollars for computing capacity and contains more than 90 pages detailing risks.
The disclosure comes as investors grow cautious about the cost of building artificial intelligence infrastructure. Microsoft, Alphabet and Amazon recently reported capital expenditure figures or forecasts below analysts’ expectations.
Microsoft cut its annual capital expenditure forecast from USD 175 billion to USD 170 billion. Alphabet retained its target of up to USD 205 billion, while Amazon confirmed a forecast of about USD 220 billion.
The Nasdaq Composite fell 2.9% on Friday, recording its first three-week losing streak since March. Nvidia and other semiconductor stocks also declined after Intel issued a weak forecast.
Amazon reported negative free cash flow for a second consecutive quarter, with the outflow reaching USD 42.4 billion over the past 12 months. Google’s negative free cash flow stood at USD 9.1 billion. Microsoft remained positive at USD 18.6 billion, although the figure fell significantly for a second consecutive quarter. The company also announced plans to raise USD 25 billion through a bond issue.
Despite spending pressure, demand for cloud services remains strong. Microsoft, Google and Amazon reported cloud-division growth above analysts’ expectations.
Anthropic obtains a significant share of its computing capacity from Amazon, Google and SpaceX, while also using specialised cloud providers.
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The prospectus cited annual sales growth of 1,300%, net revenue retention of 900% and a projected gross margin of 85%. Investors are still waiting for the company’s third-quarter financial results.
The figures place Anthropic’s rapid expansion alongside the costs and infrastructure commitments required to support its AI business. Its potential IPO is emerging amid questions about whether heavy investment in computing capacity will translate into sustainable returns.
The prospectus’ risk disclosures underline the challenges facing the company as it prepares for a possible stock market debut for investors.