Anthropic IPO Leak: $2T Valuation vs $518B Compute Commitments

A leaked Anthropic IPO prospectus pitches a $2 trillion valuation on revenue that grew twelvefold to $4.6 billion in 2025 and hit $11.5 billion in Q2 2026. Yet the company carries $518 billion in non-cancelable compute commitments while its largest customers have no long-term contracts.

• Revenue grew 12x to $4.6B in 2025 and $11.5B in Q2 2026 alone
• $518B compute commitments: Google $111.1B, Amazon $110B, Broadcom $161.2B
• Two unnamed customers each generated 12% of 2025 revenue without long-term deals
• Compute cost 71 cents per dollar of revenue in Q1 2026