Anthropic made its IPO filing public today, so investors can finally check the figures reported from its confidential draft. The figure analysts wanted first still isn’t there, though. Where the filing should give the total of Anthropic’s compute and infrastructure commitments, it reads ‘approximately $ ,’ with the amount left for a later amendment. What the filing does include settles an argument from last week, when OpenAI accused Anthropic of inflating its revenue. It also shows how closely Anthropic’s finances are tied to Amazon, Google and Broadcom, which sell it computing power and have agreed to lend it billions.
How Anthropic’s S-1 Answers OpenAI’s Revenue Accusation
When a company buys Claude through the Amazon, Google or Microsoft cloud marketplace, the cloud provider bills the customer, keeps a fee and passes the rest to Anthropic. OpenAI argued that Anthropic counts the full sale as revenue, including the fee it never receives.
The S-1 confirms that Anthropic counts the full sale as revenue. Its reasoning is that Anthropic signs the contract with each customer, provides the service and sets the price, so the cloud provider acts as a billing channel. Nearly half of Anthropic’s revenue is counted this way, since cloud marketplaces brought in 48% of it in the first half of 2026.
Anthropic counts the fees it pays the cloud providers and its other channel partners as a sales and marketing expense. Those fees grew by $2.7 billion in the first half of 2026 compared with the same months of 2025. If you’re comparing Anthropic’s revenue with OpenAI’s, adjust Anthropic’s figure for those fees first so you’re comparing like with like.
The same filing confirms the loss first reported from Anthropic’s confidential draft. Of the $80.7 billion Anthropic lost in the first half of 2026, $72.4 billion came from fair-value charges on convertible debt as its valuation rose. Those charges don’t reflect how its operations are doing. From April through June 2026, Anthropic earned $1.0 billion in operating income. Every earlier quarter in the filing’s quarterly results, which start in January 2025, shows an operating loss.
The debt behind those charges is small by comparison. Anthropic’s only debt at June 30 was $6.2 billion of convertible debt owed to Amazon. Amazon is also one of three suppliers that have agreed to lend Anthropic more. Google, Amazon and Broadcom have agreed to buy up to $77 billion of new convertible debt from Anthropic, as long as it meets conditions tied to revenue targets and compute deliveries. All three also sell Anthropic the computing power it’s borrowing.
Amazon’s profit in the first half of 2026 included gains on its Anthropic stake. Anthropic’s $80.7 Billion Loss Is Amazon’s Gain works out how much. When Amazon reports this week, you’ll know where to look to see whether its new results include more.
SpaceX Leases $40 Billion of Nvidia GPUs From Apollo
SpaceX, which sells computing power to Anthropic through its AI unit, SpaceXAI, announced its own financing deal today. It agreed to lease about $40 billion of Nvidia GPUs from an entity managed by Apollo Global Management, the private credit firm. SpaceX will pay for each GPU batch in quarterly installments over about five years. SpaceX’s chief financial officer, Bret Johnsen, says its AI infrastructure investments are paying back their cost in less than a year. The lenders behind the lease, led by Apollo and Goldman Sachs, with BlackRock and KKR also committing, will collect their payments from SpaceX whether or not that payback comes true.
SpaceX says the new GPUs will power Grok and serve its cloud customers. Anthropic is one of those customers. Its contracts with SpaceXAI are worth up to $120.5 billion through 2029. Once SpaceXAI delivers all the Nvidia GPU computing capacity Anthropic has contracted for, which Anthropic expects this December, Anthropic will pay about $3.1 billion a month.
Meta Plans $95 Billion of Stock Sales to Fund AI Capex
While SpaceX is leasing its GPUs, Meta is turning to the stock market to fund its AI spending. Yesterday it launched $35 billion of stock offerings, including $22.5 billion of common stock and $12.5 billion of preferred stock that converts into common stock in August 2029. Meta also plans an at-the-market (ATM) equity program of up to $60 billion in Class C stock. It expects to launch the program in the first quarter of 2027, once those shares begin trading.
Meta’s third-quarter results help explain the timing, since its $34.91 billion of capex that quarter was $2.12 billion more than its operations brought in.
Three of Meta’s chip suppliers may become shareholders. Nvidia, AMD and Broadcom have said they’re interested in buying up to $5 billion of common stock, though none of them has committed. If they buy, Meta would be raising capital partly from the companies it pays for chips. Broadcom is doing something similar with Anthropic, which can borrow up to $42 billion from it.
If you’re following the debt behind AI data centers, last week’s deep dive is worth a look. AI Data Center Bonds Face a 2031 Maturity Wall explains why bonds backed by a tenant worth more than $3 trillion still got a speculative-grade rating. Twelve other AI data center bond deals use the same kind of terms. All 13 come due between October 2030 and October 2031. If you’ve invested in any of them or in the companies behind them, you’ll want to know which deals still cover their debt if borrowing costs rise before then.
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