Anthropic's $518 billion spending plan leaves pre-IPO perps flat
Summary
Anthropic’s IPO prospectus reportedly outlines $518 billion in planned spending on cloud, computing and infrastructure. The AI company lost $42 billion in 2025, including a $34 billion non-cash financing-related accounting charge, while revenue grew twelvefold to nearly $4.6 billion. It held $20.28 billion in cash and warned that revenue is concentrated among a few customers. Anthropic’s prospective valuation is reported at more than $2 trillion. Pre-IPO perpetual futures across 12 exchanges imply a valuation near $2 trillion, with more than $100 million in open interest. These cash-settled synthetic derivatives provide no equity rights and remain much smaller and less liquid than major crypto perpetual markets.
