Anthropic Plans Largest IPO in History with $900 Billion Debt
November 2, 2026 · 1 min read
On October 31, Anthropic submitted its initial public offering (IPO) filing, which is expected to become the largest IPO in history. The filing reveals that Anthropic plans to invest nearly $900 billion in areas such as servers, buildings, and electricity, significantly exceeding the current liabilities reported on its balance sheet.
According to documents submitted to the U.S. Securities and Exchange Commission, Anthropic's balance sheet shows a total debt of $117.5 billion and cash reserves of $112 billion. However, small print in the financial statements indicates that planned expenditures include off-balance-sheet obligations, such as future lease contracts and agreements for data centers, electricity, and graphics processing units (GPUs).
The report notes that Anthropic's peers, including Alphabet and Meta, have also accumulated hundreds of billions in future debts related to AI development, which have not yet been recognized on their balance sheets. This practice has raised concerns on Wall Street, leading to stock price impacts for Amazon, Alphabet, and Microsoft, partly due to investor caution regarding excessive AI spending.
Anthropic declined to comment on the scale of its capital commitments. According to its IPO application, the company intends to finance its investment liabilities through increased revenue and fundraising efforts.