Anthropic’s IPO filing exposes a $450 billion cloud bill owed to its own rivals
On October 24, 2026, Anthropic’s draft S-1 — reviewed by The Wall Street Journal and Reuters — details $16.3 billion in first-half 2026 revenue, an $80.7 billion net loss, and roughly $450 billion in future cloud commitments. The numbers describe less a company than a compute supply chain locked in a decade ahead.