The Wall Street Journal 2026-10-26-1
The Biggest Takeaways From Anthropic’s IPO Prospectus
The prospectus shows $131.7B of liquidity against more than $475B of compute agreements over 7-10 years, the bulk noncancelable regardless of usage. Revenue went from $1.2B to $16.3B in H1 while compute spend rose about 3.9x, so the structure works only if revenue keeps outrunning cost. A roughly $100B raise covers about a fifth of the commitments, which turns the listing window into a dependency for Google, Amazon and the rest of the supplier chain.