Leaked filings from an initial public offering for Anthropic reveal a 2025 revenue forecast of $4.6 billion and a projected annual run rate of roughly $70 billion. The company is targeting a market valuation of about $2 trillion despite reporting a $42 billion net loss, which includes a large accounting charge, as detailed in the disclosed prospectus.

The filing also describes $518 billion in total compute infrastructure spending over the next decade, 80% of which is non-cancelable. This commitment includes paying SpaceX up to $84.5 billion for Nvidia-based computing capacity through 2029, almost double the $45 billion SpaceX had previously disclosed. These contracts expand a May deal that required payments of $1.25 billion per month for three years, although most are cancelable with 90 days' notice.