NBC News reported that Anthropic’s filing showed revenue for the three months ended June 30 grew 1,368% from a year earlier, while the cost of cloud services rose 300% over the same period. That is the kind of growth rate that keeps the story alive. It is also the kind of cost curve that explains why the story still needs so much capital.
Those commitments are not subtle. According to NBC, Anthropic said it plans to spend at least $110 billion with Amazon for cloud services through April 2036, another $120 billion with SpaceX through 2029, plus $115 billion with Google and $45 billion with Microsoft, both through 2033, for computing infrastructure. For years, AI has been pitched with the usual software fantasy: scale first, margins later, gravity optional. This filing reads like a reminder that somebody still has to pay for the machines.
The company’s net loss for the first six months of 2026 was $80.7 billion, NBC reported, after a $42 billion net loss for all of 2025. It also said current cash and sales should be sufficient for the next 12 months, while warning that future revenue growth depends in part on infrastructure costs and that it may need to seek additional financing sooner than anticipated. That sort of line is standard enough in public filings, but it lands differently when the spending totals are already this large.
Anthropic said it has raised about $141 billion through the end of June and was sitting on $112.4 billion in cash, according to NBC. It plans to list on Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading the offering. The filing does not yet include a share price, number of shares or overall valuation.
What it does include is a cleaner picture of what this phase of the AI race actually costs: vast growth, vaster infrastructure bills, and a company asking public investors to believe that the second number will not always outrun the first.
Harvey Jr. 
Gabriel Fenech 
Isla Camilleri