Anthropic's Reserves Before IPO Exceed Nvidia and Apple Assets

As of June 30, Anthropic's cash and short-term investments reached $131.7 billion—more than Nvidia and Apple combined, CNBC reports. Meanwhile, the company has committed to $587 billion in leasing and other expenses. The S-1 filing submitted to the SEC on Monday precedes the initial public offering.

The document lists $112.4 billion in cash and equivalents and another $19.3 billion in short-term investments. According to CNBC and S&P Capital IQ, among non-bank U.S. companies, only Berkshire Hathaway and Alphabet hold a larger amount of funds.

Liabilities

The documents reflect $321.4 billion in lease obligations that have not yet commenced, plus mandatory minimum expenditures of $265.6 billion. Cash covers about 22% of the total $587 billion, and contract terms extend up to 20 years, so payments are spread over time. Contracts signed or amended after June 30 provide for additional minimum payments of approximately $245 billion; the company has not disclosed the final amount.

The agreements for computing power include take-or-pay conditions, obligating payment for resources even if unused. Anthropic typically orders most of its capacity 12–18 months in advance and uses chips from Nvidia, Amazon, Google, and AMD—shareholders of these companies may be affected by the bill payments.

For the first half of the year, Anthropic's revenue was $16.3 billion, with an operating loss of $693 million and adjusted operating income of $1.6 billion.

What the Offering Will Provide

According to CNBC, if the offering amount exceeds $100 billion, the total funds could reach $230 billion. The shares are being sold by existing investors, so Anthropic will not receive the entire amount: the company plans to allocate its own IPO proceeds for general purposes, including computing power. Anthropic has filed for listing on the Nasdaq Global Select Market under the ticker ANT; details of the offering will be known in about two weeks.

The filing notes as a risk factor that some cloud providers are developing their own AI models. Anthropic's liabilities exceed its cash reserves by more than four times, and to cover the gap until 2045, revenue growth, raising new capital, or both will be required.