Anthropic is preparing for a potential public listing with plans to spend $518 billion on cloud computing and other infrastructure, according to a prospectus seen by Reuters. The company’s ambitious expansion comes despite a $42 billion net loss in 2025, while cryptocurrency traders showed limited reaction to contracts tracking its implied valuation.
Massive spending plans meet heavy losses
The U.S. artificial-intelligence company behind the Claude family of models is considering an infrastructure commitment that would rank among the largest corporate spending plans associated with the AI industry. The prospectus says Anthropic intends to direct $518 billion toward cloud computing and infrastructure in the coming years.
The document presents the investment as a response to the potential economic impact of artificial intelligence, arguing that the technology could reshape the global economy on a scale exceeding earlier transformations associated with industrialization, electricity and the internet.
Anthropic’s potential initial public offering is expected to come after the November U.S. midterm elections, according to Reuters. The listing could value the company above $2 trillion, more than twice the $965 billion valuation assigned during its May funding round.
The proposed spending comes against a backdrop of substantial losses. Anthropic reported a net loss of $42 billion for 2025. Approximately $34 billion of that total was a non-cash accounting charge connected with financing that could eventually convert into shares. Excluding write-downs related to earlier fundraising, the company’s operating loss was more than $8 billion.
At the same time, revenue increased twelvefold during the year to nearly $4.6 billion. The company said almost one-quarter of that revenue came from two customers, and warned that many of its largest clients are not committed through long-term contracts. Anthropic held $20.28 billion in cash and short-term investments at the end of 2025.
Crypto contracts show limited reaction
Anthropic’s plans have also been reflected in a small market for pre-IPO perpetual futures. These instruments allow traders to take positions on a company’s anticipated valuation before its shares are publicly listed. They do not provide ownership in Anthropic; instead, they are synthetic, cash-settled derivatives linked to an implied valuation.
According to CoinDesk, the contracts traded at $1,998 on Tuesday across major exchanges, down about 2% over 24 hours. That decline was broadly consistent with weakness in the wider cryptocurrency market. The contracts were also about 10% below their September 9 record of $2,211.
The pricing convention means that a contract price of $1,998 implies an Anthropic valuation of roughly $2 trillion under Binance’s pricing system. That is broadly in line with the valuation reported by Reuters in connection with the potential listing.
Twelve exchanges offer Anthropic pre-IPO perpetuals, according to Coin Metrics. Their combined open interest—the value of outstanding positions—was above $100 million at the time of reporting, with Binance accounting for more than 30% of trading activity. On Hyperliquid, a leading decentralized exchange, the Anthropic market operated by Entropy had open interest of $36 million.
A small and separate market
The muted price response does not necessarily indicate broad investor approval of Anthropic’s plans. The pre-IPO market is considerably smaller and less liquid than perpetual-futures markets for bitcoin, ether and other major cryptocurrencies, where open interest regularly reaches billions of dollars.
That distinction matters because limited trading volume can reduce the significance of short-term price movements. In addition, the contracts track traders’ estimates of Anthropic’s future valuation rather than claims on the company’s assets, revenue or shares. Holders therefore would not receive equity if Anthropic proceeds with a public offering.
The market data points to an implied valuation near $2 trillion, but the final value of any public listing would depend on the terms and pricing of an offering. The source material does not provide a confirmed listing date or final valuation.
Moneyiar market picture
Moneyiar data as of September 25, 2026, shows gains across several of the listed crypto assets over the previous seven days:
- Chainlink (LINK): $13.7368398226, up 3.56% in 24 hours and 10.94% over seven days, as of 22:04 +03:30.
- Pharos (PROS): $0.6543639386, up 6.28% in 24 hours and 22.01% over seven days, as of 22:03 +03:30.
- Billions Network (BILL): $0.0139971939, down 0.59% in 24 hours and up 10.04% over seven days, as of September 21, 2026, at 01:39 +03:30.
- Astar (ASTR): $0.0073687288, up 2.79% in 24 hours and 10.24% over seven days, as of September 25, 2026, at 22:04 +03:30.
These figures describe selected crypto assets and are separate from the Anthropic derivatives market.
