Reuters has read Anthropic's confidential IPO prospectus. The listing targets more than $2 trillion, against $965 billion in May, on Nasdaq this autumn. The filing commits at least $518 billion to infrastructure over a decade, across six partners. About 80% of that is payable whether or not it is used. The biggest lines are $111.1 billion with Google, $110 billion with Amazon and $161.2 billion of Broadcom equipment leases. Revenue grew twelvefold to nearly $4.6 billion last year. The headline $42 billion loss is mostly a $34 billion accounting charge, not cash. Two customers account for nearly a quarter of revenue, and most large customers have no long-term contract.