Anthropic filed its IPO prospectus (S-1), detailing massive multi-year infrastructure commitments and compute payment obligations approaching $808 billion while leaving recent quarterly revenue growth figures blank.
Specifically, the company did not include revenue figures for the quarter ended September 2026 in the prospectus. Michael Dabra, a professor at the University at Buffalo, notes that for a company of this size, closing the books takes time, and there is a need to scrutinize the numbers. U.S. Securities and Exchange Commission rules require Anthropic to update its third-quarter financials in its filing if it goes public after mid-November.
For her part, Erica Neumann, a professor at Youngstown State University, points out that it is not uncommon for confidential details to be removed from contract annexes, such as leases. In the same document, the company acknowledges that the cost of securing computing power is its largest operating expense and a serious business risk. Anthropic views the chips as a single, interchangeable pool of resources from partners that include Amazon, Google, Nvidia and AMD.
The huge financial obligations for infrastructure
The company has entered into contracts with total committed costs exceeding an amount that is not fully disclosed, primarily for computing power and infrastructure, based on contracts that extend through 2045. Specifically, as of December 31, 2025, Anthropic records future minimum payment obligations for computing power and infrastructure leases of approximately $417 billion, to which another $245 billion in infrastructure obligations has been added since June.
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Additionally, the company increased its uncommitted trade commitments by $125 billion to $150 billion, while short-term deals with minimum commitments that cannot be canceled added another $21 billion. In total, the company's estimated minimum commitments reach about $808 billion.
Professor Michael Dabra notes that companies that display gaps and omissions in their official documents are more likely to set a lower price for their shares when entering the stock market, in order to address potential investor distrust.
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