Anthropic's $518 billion infrastructure plan equals five years at the revenue rate it projects for December

The obligations come to about 113 times Anthropic's 2025 revenue ^[1], according to the prospectus details Reuters reported on Monday ^[5][8]. Each dollar of that revenue came with about $1.75 of operating loss ^[2]. The top line grew twelvefold, from roughly $380 million the year before ^[8]. The nearly $42 billion net loss is the headline loss figure, and most of it is accounting. Strip out the roughly $34 billion of charges tied largely to earlier financing and about $8 billion remains, close to the operating loss ^[7][3].

What a shareholder takes on is the $518 billion of cloud, computing and infrastructure obligations ^[8], or rather the schedule on which it falls due. The Wall Street Journal has reported that Anthropic could raise up to $100 billion in the offering ^[10]. Even that sum would cover about a fifth of the commitments ^[4]. The remainder has to come from revenue Anthropic does not yet earn, or from capital raised later. The reported figures do not say over how many years the $518 billion is owed.

Oura's deal was due to price the day after that report ^[1][5]. The company cited "market uncertainty" ^[1] and said it was delaying despite strong demand ^[3]. Chief executive Tom Hale said Oura has "the luxury of choosing our moment" ^[4].

There are a few ways to read the pause. The uncertainty may be general, with nothing to do with AI supply. The strong demand is the company's own description, and it may have held only at a price Oura did not want. Or Oura may be stepping clear of a fourth-quarter calendar that could include Anthropic at up to $100 billion and Switch, which Reuters reported in July had hired banks, at up to $10 billion ^[10][14]. Those two deals together would be about 50 times the size of Oura's ^[9].

I think the calendar is the likeliest of the three. A company that reports strong demand and still waits is choosing a date, though Oura's own explanation stops at market uncertainty ^[1]. Waiting costs it $2.0 billion to $2.2 billion of offering proceeds it could have raised this week ^[5]. A return at the top of its $40 to $44 range while Anthropic is still unlisted would count against the calendar reading ^[2].

Nscale, another AI issuer in the queue, reports about $7.25 of first-half net loss per dollar of revenue ^[13][6]. Anthropic's own date is disputed. Reuters has reported a listing is likely after the November midterm elections ^[9]; the Journal says it could come as soon as October ^[10]; Crunchbase's predictive tools put it six to 12 months away ^[12]. OpenAI, which Reuters says filed confidentially in June, is reportedly now looking toward early 2027 ^[11].