Anthropic Plans to Spend $518 Billion on Cloud and Computing Power

Anthropic plans to spend more than $518 billion on cloud and computing infrastructure over the next decade, a commitment that arrives as the company prepares an IPO targeting a $2 trillion valuation.

The revenue picture supports the ambition. Anthropic's revenue grew 12-fold to $4.6 billion in 2025, and its annualized run rate reached $65 billion by July 2026.

The risk side is just as concrete. About 80% of the planned spending is non-cancellable, meaning the company is locked into obligations regardless of how demand develops. Customer concentration compounds that exposure: nearly a quarter of revenue comes from just two customers, and long-term contracts are limited.

Interpretation: the mismatch between fixed, multi-year cost commitments and revenue that is concentrated and lightly contracted is the central tension in the IPO story. A $2 trillion valuation target leaves little room if either of those two customers pulls back.

For public-market exposure, this is a read-through story for the tickers tied to AI infrastructure demand, including AMZN, GOOG, GOOGL, GOOGM, GOOGN, and AVGO. The source ties no specific contract to any of them, so any link is interpretation, not confirmed revenue.