Anthropic is preparing to spend $518 billion on cloud services, computing resources and infrastructure in the years ahead, according to an IPO prospectus reviewed by Reuters. The scale of the planned investment comes despite significant losses, while the company’s pre-IPO perpetual futures showed only a limited response on crypto exchanges.

The prospectus describes the spending as a major bet on artificial intelligence, arguing that AI could transform the global economy on a scale greater than industrialization, the spread of electricity or the arrival of the internet.

Anthropic, the U.S. company behind the Claude AI model family, is expected to pursue a public listing after the November U.S. midterm elections, Reuters reported. The IPO could put the company’s valuation above $2 trillion, more than twice the $965 billion valuation assigned during its May funding round.

Large Infrastructure Plans Despite Losses

Anthropic’s ambitious spending plans come after a year of significant losses.

The company reported a $42 billion net loss in 2025. About $34 billion of that amount came from an accounting charge related to financing that could later be converted into shares, rather than money spent on day-to-day operations.

Excluding write-downs tied to previous fundraising, Anthropic’s operating loss was more than $8 billion.

Revenue increased 12-fold last year to nearly $4.6 billion. Nearly a quarter of that total came from two customers, and Anthropic warned that many of its largest clients are not tied to the company through long-term contracts.

Anthropic had $20.28 billion in cash and short-term investments at the end of 2025.

Anthropic Perpetuals Remain Relatively Stable

The company’s pre-IPO perpetual contracts were trading at around $1,998 on Tuesday, down about 2% over the previous 24 hours, according to CoinMarketCap. The price was roughly 10% below the Sept. 9 record of $2,211.

These contracts allow traders to speculate on Anthropic’s potential valuation before a public listing. Their prices correspond to the company’s implied valuation in trillions of dollars. At $1,998, Binance’s pricing mechanism points to an implied valuation of about $2 trillion, broadly matching the figure cited by Reuters.

Coin Metrics data shows that 12 exchanges currently list Anthropic pre-IPO perpetuals. Open interest had surpassed $100 million, with Binance responsible for more than 30% of trading activity.

On Hyperliquid, Entropy’s Anthropic market held approximately $36 million in open interest.

The derivatives do not provide holders with Anthropic shares or any direct equity interest in the company. Instead, they are cash-settled synthetic instruments designed to track Anthropic’s implied valuation.

Trading activity in these contracts remains relatively small compared with perpetual markets for bitcoin, ether and other major cryptocurrencies, where open interest frequently reaches billions of dollars.