Bitcoin treasury firm Empery invests $65 million to build out AI data centers, targeting 15-year long-term cash flow.

Anthropic disclosed its equity and governance arrangements: Class A common shares carry one vote per share, Class N common shares have no voting rights, and the company will establish Class T special shares held by Class T directors. On the client front, Anthropic noted that as of September 30, its clients contributing $100,000 or more in revenue over the past 12 months include over 50% of the Fortune Global 500, more than 30% of the Global 2000, and all of the top 10 companies on the Fortune Global 500 list. Additionally, in October 2025, Anthropic repurchased approximately 4.5 million Class B round shares in the U.S.

Anthropic has officially embarked on its initial public offering (IPO) journey, with Goldman Sachs and Morgan Stanley leading the company’s IPO. Founded just five years ago and at the core of the generative AI boom, the firm’s upcoming IPO is expected to set a new record. In a filing with the U.S. Securities and Exchange Commission (SEC), Anthropic disclosed plans to list on the Nasdaq exchange under the stock ticker “ANT”. The company behind the Claude large language model had already submitted a confidential IPO application to the SEC back in June, allowing regulators to review its financial materials in advance before making them public to the general public and potential investors. In its prospectus, the company reported $16.3 billion in revenue for the first half of the year, compared to $1.2 billion in the same period last year; its net loss stood at $80.7 billion. Anthropic noted that it may not achieve or sustain profitability in the future and will not pay any dividends in the foreseeable future. Under its agreement with SpaceX AI, the company has agreed to cumulative spending of up to $120.5 billion through 2029. For the nine months ending September 30, no single client accounted for more than 10% of the company’s revenue. Anthropic’s pre-market shares briefly rose more than 4% before pulling back, and are currently trading at $1,864.43.

Anthropic stated that its revenue growth may not be sustainable, and the company is not expected to pay any dividends in the foreseeable future. Under relevant arrangements with SpaceXAI, Anthropic has agreed to a total maximum expenditure of up to $120.5 billion over a term extending to 2029. There are concerns that without proper regulation, advanced artificial intelligence systems could pose catastrophic or existential risks to humanity. The company’s co-founders have each committed to donating 80% of their personal equity in Anthropic to charitable causes.

Anthropic disclosed that it expects to pay up to roughly $114.5 billion to Google by 2033, and will pay around $161.2 billion in rent (excluding interest) over the lease term under its arrangement with Broadcom. The company stated that computing and infrastructure costs are projected to continue rising in absolute terms, and will become its largest operating expenditure for the foreseeable future. Anthropic believes its existing available cash and cash equivalents are sufficient to cover at least its working capital and other needs for the next 12 months, but warned it may need to seek additional financing earlier than currently expected. On the security front, Anthropic said it recently delayed the pre-training of its new generation of cutting-edge foundational models by more than a month to tighten security measures and prevent the leakage of model weights. The company also noted that as AI systems gradually automate AI research and development, associated risks will increase accordingly.

Anthropic said it may issue convertible notes with a total value of up to $42 billion. Earlier, the company warned it might need to seek additional financing sooner than currently expected. It projects it will pay up to roughly $114.5 billion to Google by 2033, and under its lease arrangement with Broadcom, will pay about $161.2 billion in rent (excluding interest) over the lease term. Anthropic noted that its computing and infrastructure costs are expected to keep rising in absolute terms, and will become its largest operating expense in the foreseeable future. The company added that its existing available cash and cash equivalents are sufficient to meet its working capital and other needs for at least the next 12 months.

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