An IPO that does not materially raise Anthropic’s value could widen a financing mismatch tied to its computing obligations, ParaFi Capital partner Jeff Park warned.
Anthropic’s Nov. 2 filing records $895.4 billion in committed spending across purchase and lease agreements; nearly all of it relates to computing and infrastructure. Of the total, $213.8 billion falls under termination provisions or prerequisites that apply before the associated contracts take effect. Anthropic reported third-quarter revenue of $16.956 billion.
Anthropic recorded $974 million in operating income for the second quarter and a $567 million operating loss in the third. Those results appear in the same filing as its purchase and lease commitments.
Park said equity backing helps Anthropic keep credit available for its computing commitments. He warned that a share offering that does not meaningfully lift the company’s value could make its funding and obligations harder to reconcile.
Park said an acquisition would be the preferable result if the company failed. He also raised the possibility of a rescue involving the U.S. government and sovereign funds from the United Arab Emirates and Saudi Arabia, which he said might restore confidence.
The filing presents those commitments alongside its revenue and operating results.
