Anthropic does not own the data centers it runs on

Anthropic's IPO prospectus landed on Monday morning, mid-show, and Julie Hyman, Jake Conley and Pras Subramanian read it live. It will list on the Nasdaq as ANT. Compute and infrastructure expense was $7.3 billion for all of 2025 and $8.9 billion for the first six months of 2026, against $482 million spent on its own property and equipment. The $80.7 billion net loss is mostly a $72.4 billion non-cash charge on convertible notes, which is why a company reporting a loss that size also reported positive operating cash flow. Featuring Julie Hyman, Host, Yahoo Finance Jake Conley, Breaking Busines