[Anthropic IPO Files Reveal Nearly $900 Billion in "Hidden Debt"] According to Jinse Finance, Anthropic PBC pledged in its IPO filing that it will spend nearly $900 billion through future obligations related to servers, construction, and electricity as its infrastructure expands rapidly. This figure far exceeds the liabilities listed on its balance sheet that investors can directly see. Investors need to delve into the notes to Anthropic's financial statements to see the details of its planned spending—these off-balance-sheet obligations include future lease contracts and procurement agreements for data centers, electricity, and GPUs. David Trainer, CEO of investment research firm New Constructs, stated that Anthropic's pledged spending, known as "hidden debt," is enormous. He said, "They have to invest huge sums in training, inference, and energy." (Bloomberg)