Footnotes put the sum near $900 billion

At 11:25 Beijing time on 31 October 2026, ITHome published a retelling. The page clock is 2026/10/31 11:25:09. The article says Anthropic recently filed IPO papers. The lead calls the offering a candidate for the largest IPO in history. No other offerings are sized in the article. That sentence is the lead's wording, not a comparison table.

ITHome attributes the account to a Bloomberg report from the same day. The filing, as relayed here, shows Anthropic planning nearly $900 billion of future spending on servers, buildings, and power. The article calls that spending debt, and says it far exceeds current liabilities reported on the balance sheet. Two other figures from the filing sit in the same piece: $117.5 billion of liabilities and $112 billion of cash. ITHome adds yuan conversions beside the dollar figures. Those conversions are not repeated here.

The article then points to the fine print. Planned spending includes future leases and purchase agreements for data centers, power, and graphics processors. ITHome calls these off-balance-sheet obligations, and glosses that phrase as commitments or potential liabilities that do not appear directly on the balance sheet. The nearly $900 billion and the $117.5 billion of on-book liabilities are therefore not the same measure. The article does not say how much of the commitment has been drawn, and it does not give maturity dates.

The report also says Alphabet and Meta have been accumulating hundreds of billions of dollars of future obligations that are not yet recognized on their balance sheets. Shares of Amazon, Alphabet, and Microsoft were hit this week, and the article gives investor caution about AI spending as part of the reason. No percentages appear. Anthropic declined to comment on the scale of the capital commitments. The IPO application, as described here, says the company plans to meet those investment liabilities by increasing revenue and by raising funds.

Bloomberg's own article and the filing sent to the U.S. Securities and Exchange Commission are not the link. 11:25 is ITHome's publication time. The picture is the wordmark on Anthropic's S-1 news page, not a page of the filing and not an ITHome photograph.