Cash reserves far exceed almost all U.S. companies! Anthropic (ANT.US) holds $131.7 billion, accelerating towards IPO; cash may surpass $230 billion after fundraising

Zhitong Finance APP has learned that, according to the latest documents, Anthropic (ANT.US)'s cash reserves have surpassed those of almost every company in the United States.

This artificial intelligence (AI) lab, established nearly six years ago, disclosed in an S-1 filing submitted to the U.S. Securities and Exchange Commission on Monday that as of June 30, it held $112.4 billion in cash, along with $19.3 billion in short-term investments.

According to compiled data, Anthropic’s total cash and short-term investment scale of $131.7 billion is second only to Berkshire Hathaway (BRK.A.US) and Alphabet (GOOGL.US) among U.S. non-bank companies.

By mid-year, Anthropic’s cash holdings exceeded those of Amazon (AMZN.US), SpaceX (SPCX.US), Meta (META.US), and Microsoft (MSFT.US), and even surpassed the combined total of Nvidia (NVDA.US) and Apple (AAPL.US).

Market reports indicate that the scale of funds raised in Anthropic’s current IPO is expected to surpass $100 billion. If successfully completed, Anthropic’s cash reserves may further climb to above $230 billion.

To date, Anthropic has not disclosed specific details of the offering size and has stated in documents that existing investors will also sell shares in the IPO—meaning the company itself will not receive all of the raised funds. Relevant details are expected to be disclosed in about two weeks.

It is understood that no company has ever gone public with such a huge cash reserve before.

Anthropic's massive cash reserves highlight its strong fundraising ability, enabling it to secure a total of $141 billion in private financing within just six years of its founding. However, in light of the company’s future commitments in computing power, which have not yet been included in its expenditures, Anthropic will have to continue raising funds or generate profits to accumulate cash in order to meet its obligations.

In the first half of the year, Anthropic’s spending on computing power and infrastructure totaled $8.95 billion. The company stated that it typically purchases computing power 12 to 18 months in advance and recognizes expenses only when the relevant capacity is physically delivered. This means the midyear spending figure does not fully reflect the scope of its future commitments.

As of June 30, Anthropic disclosed that its estimated undiscounted future lease obligations stood at $321.4 billion, with expected future fixed payments or minimum guaranteed commitments of $265.6 billion—totaling more than $500 billion. These obligations will begin to be fulfilled over the coming years, with terms ranging from one to twenty years.

Additionally, the company stated that after June 30, it entered into new and amended agreements with minimum future payment obligations of approximately $245 billion.

The company has not yet updated the latest figure for the total amount of its commitments.

If cash is Anthropic’s “throne capital,” then computing power is the heaviest shackle on its throne.