Anthropic's prospectus reveals that despite steep losses, the company still intends to undertake massive spending. Even so, pre-IPO perpetual contracts on cryptocurrency exchanges have barely moved.

According to the AI company's IPO prospectus, Anthropic plans to invest $518 billion over the coming years in cloud computing, compute power, and infrastructure. The prospectus frames this spending as a wager that artificial intelligence will transform the global economy more profoundly than industrialization, electricity, and the internet did.

Anthropic is a U.S.-headquartered artificial intelligence company that develops the Claude series of AI models. Reports indicate that the company's public listing will likely take place after the U.S. midterm elections in November, with a valuation that could exceed $2 trillion. That figure is more than double the $965 billion valuation from its May funding round.

Despite heavy losses, the company has still put forward this spending plan. Anthropic recorded a net loss of $42 billion in 2025. Roughly $34 billion of that is an accounting charge tied to financing that could convert into shares in the future, and does not represent cash actually spent in the course of operations. On an operating basis, excluding impairments related to past financing, the company's loss exceeded $8 billion.

The company's revenue grew 12-fold last year to nearly $4.6 billion. Nearly a quarter of that came from just two customers, and the company has also warned that many of its largest customers have not signed long-term contracts. As of the end of 2025, Anthropic held $20.28 billion in cash and short-term investments.

Crypto Traders Show Muted Response

According to CoinMarketCap data, on Tuesday, pre-IPO perpetual futures that allow traders to bet on Anthropic's valuation before its listing were priced at $1,998 on major exchanges, down about 2% over 24 hours. That price is still roughly 10% below the record $2,211 set on September 9.

The price of each contract tracks Anthropic's expected trillion-dollar valuation. Therefore, based on Binance pricing, $1,998 implies that traders are assigning the company a valuation of roughly $2 trillion. That is consistent with the reported figure.

According to Coin Metrics data, a total of 12 exchanges have listed Anthropic pre-IPO perpetual contracts. As of the time of writing, open interest, meaning the dollar value of unsettled contracts, exceeds $100 million. Binance accounts for more than 30% of total trading activity. On the major decentralized exchange Hyperliquid, the Anthropic market operated by Entropy has open interest of $36 million.

None of these contracts give holders any equity in Anthropic. They are cash-settled synthetic derivatives that track the company's implied valuation rather than its shareholder register. This market is also far smaller and much less liquid than the perpetual contract markets tied to Bitcoin, Ethereum, and other major cryptocurrencies, where open interest typically reaches billions of dollars.