Anthropic Files for IPO, Plans Nearly $900 Billion in Future Debt

Anthropic has filed IPO documents with the U.S. Securities and Exchange Commission, and it could become the largest IPO in history. The filing shows the U.S. AI company plans to take on nearly $900 billion in debt for servers, buildings, and power. It now has $117.5 billion in liabilities and $112 billion in cash.

The notes also reveal off-balance-sheet obligations, including future leases and purchase deals for data centers, power, and GPUs. These are financial commitments not shown directly on the balance sheet.

Rivals Alphabet and Meta have also built up hundreds of billions in future AI debt. Amazon, Alphabet, and Microsoft stocks fell this week as investors grow cautious about heavy AI spending. Anthropic plans to pay for these costs through higher revenue and new funding.