A new draft of Anthropic's S-1, the registration document a company files before going public, puts its possible computing spend at $750 billion over the coming years.
The Wall Street Journal's Anissa Gardizy reported the figure after seeing the draft. Reuters' Echo Wang also reviewed it and reported on the company's loss. The $750 billion includes deals Anthropic is still negotiating, so it is not a tally of signed contracts.
That distinction carries most of the weight. A single $750 billion number reads like a bill, but the description points to something closer to a plan, with firm commitments and intentions grouped together. The reporting does not say how much is locked in, or how many years the spend covers beyond "the coming years". Both details matter to anyone deciding whether to buy shares.
Why list unsigned deals at all? A prospectus is meant to show investors what the business expects to need. For an AI lab, the dominant cost is compute: the chips and data center capacity used to train and run models. Laying out its full scale next to a reported loss is part of what an IPO demands.
It is also a draft, and figures in drafts can change before a filing goes public.
The open question is the pairing. A company reporting a loss while sketching three-quarters of a trillion dollars in spending is betting that revenue grows fast enough to meet the bill. The final S-1 will have to show how much of that bet is contractual and how much is aspiration.