Why does Anthropic urgently need an IPO? Private fundraising can't cover the 750 billion computing power bill

According to Woofun AI, Anthropic's upcoming IPO process is pushing the highly-strung Wall Street to a critical stress test, with investors pointing out that the core logic behind this AI giant’s urgency to access public markets is a harsh arithmetic reality: its scale has swollen to a point where the private funding system can no longer accommodate it. As the AI arms race enters deep waters, the hundreds of billions of dollars in spending commitments accumulated by leading companies are pushing the financial system’s supply capacity to the brink, with this wave of infrastructure frenzy rivaling the scale of the U.S. railroad or interstate highway construction eras. Given the soaring cost of private lending, tapping into the vast liquidity of the public market has become the optimal solution to fuel the next phase of the AI race.

From a financial perspective, the tension between massive computing power commitments and explosive revenue growth constitutes the fundamental motivation for going public. According to the prospectus disclosed on October 26, Anthropic’s computing power commitments could reach $750 billion in the coming years, with more than $600 billion already in future infrastructure costs, and potential deals to add another $150 billion.

Woofun AI’s compiled data shows Anthropic’s revenue surged to $16.3 billion in the first half of 2026, compared to $1.1 billion in the same period last year; however, its disclosed net loss during the same period reached as much as $80.7 billion, with most attributable to financing-related accounting expenses.

Such balance sheet losses obscure the underlying business reality, but the massive demand for capital expenditures forces the company to seek deeper funding pools to support its exponentially growing infrastructure investments.

The contrast in financing challenges further emphasizes the necessity of the public market. Although OpenAI’s latest funding round set records, it took months to secure over $120 billion and would be hard to replicate in the current market climate. Demand for Anthropic stock remains extremely high—Storm Duncan, founder of investment bank Ignatious, even offered a residence valued at $4.8 million plus an adjacent lot totaling about $8 million in exchange for shares, but the deal is yet to close; the difficulty of obtaining private funding is increasing. As part of a record-breaking $60 billion chip financing package (internally codenamed Project North Star, including approximately $42 billion in Broadcom-guaranteed senior debt and about $18 billion in junior debt), Anthropic allocated $9 billion in junior debt to Blackstone (BX.US), with yields exceeding 10%—higher than the 8.5% of a $4.4 billion financing just four months prior. The remaining $9 billion in junior debt is expected to be distributed in coming months, indicating that private investors are demanding higher compensation for AI risk.

Meanwhile, concerns over AI infrastructure debt are intensifying in the market: Australian data center company Firmus, backed by Nvidia (NVDA.US), abandoned its IPO due to market volatility; Korean AI cloud service provider Elice’s stock plummeted 32% on its first trading day; part of CoreWeave’s (CRWV.US) bonds are yielding close to 15%. These cases reflect a private market under heavy strain, urgently needing the public market to share some of the risks.

While the IPO timeline has shifted, the direction is clear. The market had originally expected Anthropic to launch the offering in October, but it was postponed to the week of November 16. According to the Wall Street Journal, the decision to delay was made even before the AI safety debate triggered by researcher departures; advisors believed the postponement would allow the company to disclose third-quarter results first, and the subsequent safety controversies amplified scrutiny on the company.

Despite safety controversies, Anthropic investors still describe its latest financial performance as “astonishing,” countering concerns of slowing revenue growth. Given the company’s scale and maturity, going public is a natural progression. This IPO occurs after widespread anxiety on Wall Street regarding AI deals, especially as compute leasing and data center construction companies face market skepticism. Anthropic may be forced to list under less than perfect conditions, but investors see it as the best way for the market to ultimately test the AI boom. As its valuation approaches $2 trillion and annual revenue hits $16.3 billion, Anthropic’s IPO is not just about its own fate—it will redefine the boundary between AI bubbles and value perception for the entire industry.