Anthropic’s potential $1.5 trillion IPO valuation could be weakened by its long-term AI infrastructure commitments. In the first half of 2026, the company generated $16.3 billion in revenue and reported $131.7 billion in cash and short-term investments as of June 30, while fixed or minimum infrastructure commitments totaled approximately $265.6 billion. According to Chan Ahn, a former Goldman Sachs and JPMorgan executive, a slowdown in demand for Claude models could leave Anthropic unable to cover its obligations as payments fall due. Amazon, Google, Microsoft and Broadcom are also exposed through their financial ties to Anthropic’s computing expansion, although Ahn sees no evidence of an industry-wide financial unwind.
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