Anthropic's IPO ties billions of spend to Alphabet, Nvidia, Microsoft and Amazon

Anthropic submitted its initial public offering paperwork on Monday, planning to list on the exchange under the symbol "ANT". The filing reports a six-month revenue run-rate of $16.3 billion, a 1,300% jump from a year earlier, alongside a net loss of $80.7 billion. Crucially, the company has signed multiyear, non-cancelable agreements that obligate it to spend billions on services from Alphabet, Nvidia, Microsoft and Amazon, even if it does not use them.

Alphabet's deal is the only one with a disclosed floor, committing Anthropic to at least $114.5 billion in spend from April 2026 through July 2033. The other three firms have similar contracts, though the exact amounts and periods are not public. These arrangements give the four giants indirect financial exposure to Anthropic ahead of the listing, and the new capital from the IPO would help Anthropic meet its payment obligations. The filing appears amid a mixed tech market, with the PHLX Semiconductor Index down 3% over the past week while the broader S&P 500 remained flat.