Anthropic’s $1.5T IPO valuation faces risks from massive AI spending commitments, Tessera CEO warns

Former Goldman Sachs and JPMorgan executive Chan Ahn warns Anthropic's infrastructure commitments could strain finances if revenue slows, with risks extending to its key technology partners. Anthropic’s potential $1.5 trillion IPO valuation faces significant risks from its long term AI infrastructure commitments, which could become a financial burden if revenue growth fails to keep pace, according to Chan Ahn, founder and CEO of Tessera PE. In written comments to Crypto Briefing, Ahn, a former Goldman Sachs and JPMorgan executive, warned that the AI developer has committed to years of infrastructure spending despite generating most of its revenue from customer consumption rather than guaranteed future demand. The mismatch could expose Anthropic to substantial fixed costs even if demand for its Claude AI models slows. Anthropic’s IPO filing, made public October 26, showed $16.3 billion in revenue during the first half of 2026 and $131.7 billion in cash and short term investments as of June 30. The company also disclosed approximately $265.6 billion in fixed or minimum guaranteed infrastructure commitments as of June 30, with additional agreements potentially increasing future spendi...