Anthropic does not own the data centers it runs on
Anthropic’s IPO prospectus landed on Monday morning, mid-show, and Julie Hyman, Jake Conley and Pras Subramanian read it live. It will list on the Nasdaq as ANT. Compute and infrastructure expense was $7.3 billion for all of 2025 and $8.9 billion for the first six months of 2026, against $482 million spent on its own property and equipment. The $80.7 billion net loss is mostly a $72.4 billion non-cash charge on convertible notes, which is why a company reporting a loss that size also reported positive operating cash flow.
Featuring
Julie Hyman, Host, Yahoo Finance
Jake Conley, Breaking Business News Reporter, Yahoo Finance
Pras Subramanian, Senior Autos Reporter, Yahoo Finance
Watch the full episode of The 8:30: https://www.youtube.com/watch?v=QK0eEOV8M2Q
Timestamps
0:00 Anthropic files, and the ticker is ANT
2:04 The compute risk factor, in their own words
3:23 Putting the S-1 into Claude to find the cash flow
5:05 It rents the compute, it does not own it
6:20 The $72 billion that was not cash
7:31 $7.3 billion for all of 2025, $8.9 billion for six months
#Anthropic #AnthropicIPO #AIStocks #The830 #YahooFinance
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