Anthropic's $518 billion spending plan leaves pre-IPO perps flat

Anthropic plans to spend $518 billion on cloud, computing and infrastructure in the coming years, according to its IPO prospectus seen by Reuters. Pre-IPO perpetual futures showed little volatility. They traded slightly weak in line with the broader crypto market. The prospectus frames the spending as a bet that AI will change the global economy more than industrialization, electricity and the internet did. Reuters reported that Anthropic's public listing is likely to come after the November U.S. midterm elections. The listing could value the company at more than $2 trillion. That potential valuation is more than double the $965 billion valuation from Anthropic's May funding round. Anthropic posted a net loss of $42 billion in 2025. About $34 billion of the loss was an accounting charge tied to financing that could later convert into shares. The charge was not cash spent running the business. Anthropic lost more than $8 billion on an operating basis, excluding write-downs linked to past fundraising.