Anthropic Discloses $8.945 Billion in Computing Spending and $63 Billion in Financing
Key Facts
Anthropic filed its initial public offering registration with the U.S. Securities and Exchange Commission on October 26, 2026, disclosing a major expansion in spending on computing and infrastructure. These expenses reached $8.945 billion in the first half of 2026, up 283% from the same period. They represented 55% of revenue during the period, according to the filing. On the same day, Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion financing structure to provide computing capacity to the company using Broadcom technology. Taken together, the disclosures put the scale of investment needed to expand computing capacity and the related financing sources at the center of the company's preparations for its offering.
Anthropic said the increase in computing and infrastructure expenses stemmed from taking delivery of contracted computing capacity during the first half of 2026. The company added in its filing that these expenses rise as capacity grows. This comes alongside rapid growth in its base of large customers: the number of customers generating at least $100,000 in revenue over the preceding twelve months rose from more than 600 as of June 30, 2025, to more than 6,000 as of June 30, 2026. This growth reflects expanding commercial demand alongside the increase in computing resources the company needs. Anthropic said expanding computing capacity would result in high capital expenditures and “change the cash flow profile of our business.”
On financing, Apollo announced an initial $35 billion capital solution in June for Broadcom's AI XPV platform, in partnership with Blackstone and global banks. The aim was to support Anthropic's expansion of computing capacity by more than one gigawatt starting in mid-2026. In a report published in October, Reuters reported that Anthropic was offering Blackstone a return of more than 10% to finance a chip deal, and that Blackstone funds would invest $9 billion in debt backed by five years of chip lease payments. These arrangements show the expansion's reliance on long-term financing tied to computing infrastructure. Anthropic's credit agreement also includes a provision to release collateral and security interests after it receives an investment-grade rating from at least two of Moody’s, S&P and Fitch.
The original report attributed with warning that Blackstone sees a possibility Anthropic may not receive an investment-grade rating after its offering could not be verified, so that claim is not established by the available information. As for market moves on Friday, October 30, the Associated Press attributed them to broader concerns about AI valuations and corporate outlooks. By 1:20 p.m. Eastern time, the S&P 500 was down 1.9% and the Nasdaq Composite had fallen 3.1%. The AP said Intel led the decline after its shares fell 30% in Friday's session. The agency linked the drop to the company's forecast of fourth-quarter earnings below analysts' expectations, amid continued pressure on the personal computer market, despite stronger-than-expected earnings in the latest quarter.
EL7 data shows Intel shares closed at $92.07 on October 29, compared with $86.96 on October 23, while Blackstone shares closed at $120.6 on October 29. Closing prices alone do not establish a selloff in either stock, and Intel's October 29 close preceded the Friday decline reported by the AP. The stock's move in the following session remains tied, according to the agency's coverage, to the company's earnings outlook and pressure on the personal computer market. For Anthropic, the offering filing makes the credit-rating condition part of the collateral and security-interest provisions in the credit agreement, alongside a computing expansion plan that requires heavy spending. Disclosures covering the first half of 2026 provide part of the financial picture investors will assess as the offering process advances.