Claude parent and Artificial intelligence (AI) startup Anthropic is stepping up investments in energy and computing infrastructure ahead of its much-anticipated stock market debut, striking a deal worth approximately USD 3.4 billion to secure gas-fired power generators for its expanding data centre operations.
However, the growing infrastructure commitments of the Dario Amodei-led company, along with its slowing revenue growth and dependence on external financing, are emerging as key concerns for investors who are preparing to assess its valuation.
According to a Financial Times report on Sunday, Anthropic purchased commitments for 1.7 gigawatts (GW) of heavy-duty power generators from OnePWR Solutions, a San Antonio, Texas-based equipment supplier, in late September.
The agreement includes engineering and construction capabilities required to install the generators, although Anthropic has not acquired OnePWR itself.
The supplier’s employees have also not transferred to the AI company, the report said, citing a person familiar with the transaction.
The news involving OnePWR Solutions comes amid Anthropic witnessing strong demand for its Claude family of AI models, which has accelerated the infrastructure needs of the Frontier AI lab.
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Reuters reported in September that the company expected to spend more than USD 500 billion over the next decade on building AI infrastructure.
Anthropic’s financial disclosures have added another dimension to the scrutiny surrounding its planned initial public offering (IPO).
In its latest S-1 filing with the United States SEC (Securities and Exchange Commission), the company reported that revenue increased by 47% quarter-on-quarter to USD 16.96 billion in the third quarter.
While the growth remained substantial, it represented a significant slowdown from the 144% increase recorded in the second quarter.
The company’s net loss narrowed to USD 23.29 billion from USD 66.3 billion in the preceding quarter.
However, its operating performance weakened, with Anthropic reporting an operating loss of USD 567 million in the third quarter, compared with operating income of USD 974 million in the second quarter.
While the operating losses reflect Anthropic’s expenses involved in running the business, including research and computing infrastructure, net losses, on the other hand, also incorporate non-operating items, including accounting effects associated with bonds convertible into company shares.
Anthropic incurred an additional USD 5 billion in computing costs during the quarter.
The expenditure weighed on improvements in operational efficiency and reduced the amount of revenue generated for every dollar spent on computing compared with the previous quarter.
Despite these costs, the company continues to report strong customer demand.
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As of September 30, Anthropic had more than 11,900 customers generating at least USD 100,000 in revenue over a trailing 12-month period.
This represented a substantial increase from more than 1,500 such customers at the end of 2025.
However, one of the greatest challenges facing Anthropic is the financial and operational complexity of securing enough computing infrastructure to support its expansion.
The company disclosed nearly USD 900 billion in computing commitments with infrastructure partners, including Amazon and Alphabet’s Google.
These arrangements underline the extent to which Anthropic’s growth depends on future computing capacity, some of which requires financing and credit support from third parties.
In its regulatory filing, Anthropic warned that difficulties in obtaining such financing could affect the delivery of infrastructure capacity.
The company said some computing providers and infrastructure partners depend on external financing or credit support to purchase chips and develop additional capacity.
If such support becomes unavailable or more expensive, contracted capacity could be delayed, repriced, reduced or not delivered.
Anthropic expects to incur nearly half of its USD 895.4 billion in AI infrastructure-related spending commitments before December 31, 2030. Approximately USD 69.8 billion is scheduled to fall due during the 12 months following September 30.
Despite the excitement surrounding Anthropic’s IPO, its latest S-1 disclosures could make Wall Street investors more cautious about debt-funded investments in AI infrastructure.Heavy borrowing to finance data centres, semiconductor purchases and other technology projects has widened spreads in technology bonds, forcing some companies to offer higher premiums to attract investors.
Alongside its infrastructure expansion, Anthropic is preparing to market its shares formally to prospective investors, with its IPO expected to take place before Thanksgiving.
The Claude developer is expected to list on the Nasdaq under the ticker symbol “ANT” once the offering closes.
Some existing and prospective investors are reportedly considering a valuation of approximately USD 1.5 trillion, down from around USD 2 trillion following the disclosure of financial details at a recent investor event.
While the proposed valuation will definitely test investors’ appetite in terms of assessing whether Anthropic’s expanding AI business can generate sufficient returns to support its infrastructure spending, the Claude parent is also preparing to attract retail investors in international markets as part of its US listing.
Commonwealth Securities (CommSec), the broking arm of Commonwealth Bank of Australia, said last week that it would act as the lead Australian retail broker for Anthropic’s proposed share offering, subject to the IPO proceeding.
The company is expected to include an Australian retail share offer in its prospectus, which will be filed with the country’s corporate regulator. However, Anthropic is not planning to seek a separate listing on the Australian Securities Exchange.
Japan is also expected to play a significant role in the international share offering.
According to a filing earlier this month, Anthropic plans to sell up to 552.9 billion yen (approximately USD 3.5 billion) worth of shares to Japanese investors as part of its US public listing.
“The proceeds from the Japanese share sale will be used for working capital, operating expenses and capital expenditure,” the filing said.
Mizuho Securities will manage the Japanese offering, while Goldman Sachs, Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities are among the firms handling subscription applications.
The planned offering follows strong Japanese investor participation in SpaceX’s June IPO, which raised USD 75 billion and became the world’s largest public listing. Japanese investors secured shares worth approximately USD 2.2 billion in that transaction.