Anthropic spending plan keeps pre-IPO derivatives near $2 trillion valuation

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Anthropic pre-IPO valuation

Highlights

Anthropic's prospectus details a planned $518 billion spend on cloud computing and infrastructure, targeting a post-November IPO with a potential $2 trillion valuation.
In 2025, Anthropic reported a net loss of $42 billion—driven by a $34 billion non-cash charge—with operating losses exceeding $8 billion and revenues reaching nearly $4.6 billion.
Anthropic pre-IPO perpetual futures traded at $1,998 across twelve exchanges on Tuesday, about 10% below their Sept. 9 peak but reflecting implied $2 trillion valuations, according to CoinMarketCap and Binance.

Prospectus outlines spending and financial profile

As reported by CoinDesk, citing Reuters, Anthropic plans to spend $518 billion on cloud computing and infrastructure as it prepares for a potential public listing, framing the outlay as a long-term bet on artificial intelligence's economic impact. The U.S.-based developer of the Claude family of AI models is expected to pursue a listing after the November U.S. midterm elections, and the company could be valued at more than $2 trillion.

The prospectus shows Anthropic posted a net loss of $42 billion in 2025, including a $34 billion non-cash accounting charge tied to financing that could later convert into shares. On an operating basis, excluding write-downs linked to past fundraising, the company lost more than $8 billion.

Revenue rose twelvefold in 2025 to nearly $4.6 billion, although almost a quarter of that total came from just two customers. Anthropic also says many of its largest clients are not locked into long-term contracts, while cash and short-term investments stood at $20.28 billion at the end of 2025.

Crypto market response stays subdued

Trading in Anthropic pre-IPO perpetual futures shows little sign of sharp repricing despite the scale of the spending plan and the company's losses. According to CoinMarketCap, the contracts trade at $1,998 on Tuesday across major exchanges, down about 2% over 24 hours and about 10% below their Sept. 9 record of $2,211.

Under Binance's pricing model, each contract tracks Anthropic's expected valuation in trillions, meaning a price of $1,998 implies a valuation of about $2 trillion. That level broadly matches the valuation figure cited for a potential listing and remains more than double the $965 billion valuation from Anthropic's May funding round.

Twelve exchanges list Anthropic pre-IPO perpetuals, according to Coin Metrics, with open interest at more than $100 million as of this writing. Binance accounts for more than 30% of activity, but the contracts do not provide any equity stake in Anthropic because they are synthetic cash-settled derivatives tied to implied valuation rather than ownership.

In our earlier article on Anthropic’s IPO prospectus, we outlined how the filing pairs a $518 billion spending plan with unusually explicit risk disclosures around advanced AI safety and oversight. We also highlighted concerns flagged in the prospectus about heavy cash needs and business concentration, with a significant share of revenue tied to just two customers.

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