Anthropic's IPO Becomes Financial Necessity as Private Market Funding Tightens

Anthropic's impending IPO is no longer optional, as the AI giant has outgrown private fundraising and must tap public markets to fund computing commitments that could reach $750 billion in coming years, according to a draft prospectus seen by The Wall Street Journal. The company already faces more than $600 billion in future infrastructure costs and is negotiating additional deals that could add another $150 billion. Anthropic generated $16.3 billion in revenue in the first half of 2026, up from $1.1 billion a year earlier, but disclosed an $80.7 billion net loss over the same period, mostly tied to accounting charges related to fundraising. Private borrowing costs are spiking, with Anthropic offering Blackstone a yield exceeding 10% on $9 billion in junior debt as part of a record $60 billion chip-financing package, up from 8.5% on an earlier deal. The IPO is now expected before Thanksgiving, following market skepticism that saw South Korean AI cloud provider Elice plunge 32% in its trading debut and Nvidia-backed Firmus scrap its planned listing.