Anthropic plans to allocate $518 billion to cloud, computing and infrastructure obligations in 2027 as it seeks capacity through agreements with Amazon, Google and Microsoft. The spending plan follows a recent $65 billion Series H funding round that valued the company at $965 billion, according to the new report. An IPO prospectus seen by Reuters said Anthropic recorded a $42 billion net loss in 2025, including a roughly $34 billion accounting charge, while revenue rose 12-fold to nearly $4.6 billion. The company spent $7.33 billion on compute and infrastructure in 2025 and is pursuing a public offering that could value it above $2 trillion. The plans highlight Anthropic’s push to expand its AI business, while concentration among customers, limited long-term commitments and risks from increasingly autonomous models remain key investor concerns. Market observers will watch execution of the infrastructure agreements, additional financing and announcements from major cloud partners for signals about Anthropic’s growth trajectory.