Anthropic disclosed in an S-1 filing with the Securities and Exchange Commission that it held $112.4 billion in cash and cash equivalents plus $19.3 billion in short-term investments as of June 30, bringing its total liquid position to $131.7 billion — a figure that exceeds every non-bank U.S. company except Berkshire Hathaway and Alphabet, according to data compiled by S&P Capital IQ.
The filing, submitted Monday, confirmed that the nearly six-year-old AI lab had accumulated more cash than Amazon, SpaceX, Meta, and Microsoft at midyear. It also held more than Nvidia and Apple combined.
The disclosure renewed enthusiasm across AI-related equities, which rallied for a second straight session Tuesday. Part of the lift came from a separate announcement that a group of banks and Blackstone had arranged $63 billion in financing for Anthropic to purchase computing hardware from Broadcom.
Depending on the final terms of its initial public offering — reports suggest the raise could top $100 billion — Anthropic's cash position could climb past $230 billion. The company has not yet disclosed its target offering size, and the filing noted that existing investors would also sell shares into the IPO, meaning Anthropic itself would not collect the full proceeds. Those details are expected within roughly two weeks.
The cash trove reflects the company's ability to attract an aggregate $141 billion in private financing since its founding. But the figures in the S-1 also illuminate the scale of obligations ahead.
Anthropic's compute and infrastructure expenses totaled $8.95 billion in the first half of the year. The company noted, however, that it typically purchases computing capacity 12 to 18 months in advance and only recognizes those costs as capacity becomes available — meaning the reported expense figure understates its forward commitments.
As of June 30, the company disclosed $321.4 billion in estimated future undiscounted lease obligations and $265.6 billion in expected future fixed or minimum-guaranteed commitments, totaling more than half a trillion dollars. Those obligations carry terms ranging from one year to 20 years and are set to commence within the next few years. Subsequent to June 30, the company said it entered into new and amended agreements carrying a minimum future payment obligation of approximately $245 billion.
Not all observers interpreted the cash disclosures and the Broadcom financing deal as unambiguously positive signals. On his Tuesday evening program, CNBC's Jim Cramer cautioned that AI-related stocks rallying on the news does not mean the sector's underlying financing pressures have resolved.
Cramer identified three areas of concern. First, he said smaller AI infrastructure companies — so-called neoclouds — are carrying heavy debt loads at a time when rising interest rates are compressing their ability to service those borrowings. He singled out CoreWeave, whose bonds have yielded as much as 15%, along with Nebius and Iren. CoreWeave shares rebounded nearly 8% Tuesday, but Cramer expressed doubt the recovery would hold.
Second, Cramer questioned the nature of the Broadcom-Anthropic financing arrangement itself. "People don't seem to grasp that [Anthropic] got the money in the Broadcom-arranged financing deal to purchase equipment from Broadcom," he said, raising the point that the transaction involves borrowed funds rather than operating profit.
Third, he flagged that Tuesday's relative calm in the bond market — where the 10-year Treasury yield fell below 5% and oil prices declined — could prove temporary, particularly ahead of the Federal Reserve's interest rate decision Wednesday and Chairman Kevin Warsh's subsequent press conference. He also cited the midterm elections the following week and potential Middle East volatility as additional sources of risk.
"With the exception of Nvidia, these data center companies don't have a lot of money. So they have to borrow the money," Cramer said. "The rates are getting so high that the return is getting uncertain. That hasn't changed at all."
Cramer described himself as "an unabashed believer in the AI build-out," while stopping short of declaring the sector's financing challenges resolved. How Anthropic prices its IPO — and how bond markets behave in the weeks surrounding it — will be among the clearest tests of whether investor confidence in the AI infrastructure trade holds.
Disclaimer