Artificial intelligence giant Anthropic has disclosed nearly $900 billion in long-term infrastructure and computing commitments in an updated regulatory filing.

The Claude maker submitted an amended Form S-1 filing with the Securities and Exchange Commission on Nov. 2, giving investors more insight into the AI giant’s operations ahead of its highly anticipated initial public offering (IPO).

For the nine months ending on Sept. 30, Anthropic reported $33.24 billion in revenue, up by about 1,200 percent from a year earlier. The company posted a $104 billion net loss, driven primarily by non-cash accounting charges tied to its fundraising activities.

Anthropic indicated $895.4 billion in aggregate spending commitments under purchase agreements and leases, “substantially all of which is related to compute and infrastructure.”

Approximately $448 billion is projected to be incurred by the end of 2030, and almost $448 billion is expected between 2031 and 2045. About $70 billion is due within 12 months following Sept. 30, 2026.

Its cash holdings and short-term investments totaled nearly $132 billion as of Sept. 30.

The five-year-old company released its prospectus on Oct. 26, inching closer to a potential historic Wall Street debut, rivaling that of SpaceX this past summer. That filing included Anthropic’s financials only for the first half of 2026.

The updated paperwork showed Anthropic generated about $17 billion in revenue during the third quarter. Revenue was up 11-fold from a year earlier. Revenue rose by 47 percent from the previous quarter, down from 144 percent growth in the second quarter and 132 percent in the first.

Overall, Anthropic’s valuation could top $1 trillion. Its most recent fundraising round this past spring valued the company at $965 billion. If so, it would instantly become one of the world’s most valuable public companies.

By comparison, SpaceX went public on June 12, with trading opening at $150 per share and finishing the session up by nearly 20 percent. The stock then dipped after the IPO and is down by almost 7 percent from its debut price.

Spending Concerns

Anthropic’s spending comes as global financial markets have been spooked by Big Tech’s AI-driven cash burn.

So far this earnings season, scores of tech companies have committed to maintaining or increasing their capital expenditures, also known as capex. The AI spending spree has also left many companies—from Alphabet to Amazon—posting negative free cash flow, turning to debt or equity issuance to fund the infrastructure buildout.

As financial markets search for returns on these investments, Anthropic going public will test investors’ appetite for another company with massive spending commitments on the books.

“The IPO question comes down to two things: how explosive and durable will AI growth be over the next three to five years, and will Anthropic capture a meaningful share?” Willy Lee, capital principal at Neostellar, said in a note emailed to The Epoch Times.

The IPO market has been challenging in recent months, as more companies have canceled or postponed their public debuts. OpenAI and Oura are among the big names to delay their IPOs.

Anthropic going public could revive activity, according to Macrae Sykes, portfolio manager at Gabelli Funds.

“It will provide confidence in the IPO process to kick off again,” Sykes said in an emailed note to The Epoch Times.

Heading into 2027, Anthropic will likely become the bellwether for raising capital. “It’s going to be very important to see how it trades,” he said.

The tech trade has fluctuated in recent weeks, with investors rotating into blue-chip stocks and high-yielding U.S. Treasury bonds.

The tech-heavy Nasdaq Composite Index posted its worst month since March 2025. The S&P 500 also experienced a losing October. The blue-chip Dow Jones Industrial Average, however, ticked up by 2 percent as investors bought defensive stocks.

The same trend continued into November. The Dow climbed by about 400 points, while the S&P 500 and Nasdaq were little changed.

Correction: A previous version of this article mischaracterized Anthropic’s revenue growth. The Epoch Times regrets the error.