Anthropic Holds $131.7 Billion in Cash

Anthropic filed documents with the Securities and Exchange Commission on Monday, revealing a cash balance that outpaces nearly every non-bank company in the United States. The nearly six-year-old artificial intelligence laboratory reported holding $112.4 billion in cash and $19.3 billion in short-term investments as of June 30.

This total of $131.7 billion places the company ahead of Amazon, Meta, Microsoft, and SpaceX. According to data from S&P Capital IQ, only Berkshire Hathaway and Alphabet hold more liquidity among U.S. non-bank firms. Anthropic's current stash also exceeds the combined cash reserves of Nvidia and Apple.

The company has not yet confirmed the size of its initial public offering. Reports indicate the raise could exceed $100 billion, which would push its total cash holdings above $230 billion. Existing investors will also sell shares during the offering, so Anthropic will not keep the entire amount raised. Specific figures for the deal are expected to be released in approximately two weeks.

No company has previously gone public with such a large cash reserve. This accumulation reflects $141 billion in private financing raised since the company was founded. However, the cash must cover substantial future costs for computing power that have not yet appeared on the income statement.

Anthropic spent $8.95 billion on compute and infrastructure in the first half of the year. The company typically purchases computing capacity 12 to 18 months in advance and recognizes expenses only when the capacity becomes available. This timing means current expenses do not reflect the full scope of its financial obligations.

As of June 30, the firm disclosed $321.4 billion in future lease obligations and $265.6 billion in fixed commitments. These amounts total more than $500 billion and will come due over terms ranging from one to 20 years. Since then, Anthropic has signed new and amended agreements with a minimum future payment obligation of about $245 billion. The company has not yet provided a total for its updated commitments.