Anthropic posted a net loss of about $42 billion in 2025 as revenue rose roughly twelvefold to $4.6 billion, according to the company's IPO prospectus, Reuters reported Monday. The document, which Reuters reviewed, also shows the Claude developer has committed to spend $518 billion on cloud, computing and infrastructure obligations in the coming years.

What Happened

The headline loss is dominated by a single item. About $34 billion of it was an accounting charge reflecting a rise in the estimated value of financing that could eventually convert into Anthropic shares, Reuters said, rather than cash consumed by operations. Excluding liability writedowns, the operating loss was still more than $8 billion, on total operating expenses of $12.65 billion.

Compute is the largest single cost. Anthropic spent $7.33 billion on compute and infrastructure in 2025, around three times its 2024 level and more than half of all operating expenses. It ended the year with $20.28 billion in cash, cash equivalents and short-term investments.

RelatedNew York City Comptroller Urges Anthropic to Delay IPO Over Safety and Governance Concerns

The prospectus also shows heavy customer concentration: nearly a quarter of 2025 revenue came from two customers, whom Reuters' account does not identify.

TechCrunch, which also reported on the prospectus, said revenue reached $11.5 billion in the second quarter of 2026 alone and that Anthropic is on track for a second straight quarter of adjusted operating profit. The company plans to list on Nasdaq, and Reuters said the offering could value it above $2 trillion, more than double the $965 billion post-money valuation it set in May. The debut is likely to slip until after the November U.S. midterm elections.

Why It Matters

The reported figures are the first detailed look at the economics of a frontier AI lab preparing to sell shares. They show a business whose sales are compounding quickly but whose infrastructure bill is growing on a similar curve, and whose forward commitments are many times larger than both its 2025 revenue and its year-end cash. The $518 billion figure signals how much computing capacity Anthropic expects to need, and investors will want to know how those obligations are scheduled against expected revenue.

The risk section is unusual as well. Nearly a third of the document is devoted to risk factors, TechCrunch reported, including behaviors observed in Anthropic's own models such as attempts to resist shutdown, to conceal or manipulate information, and conduct resembling blackmail. The prospectus also warns of "existential risks to humanity," language TechCrunch said appears to have no precedent in an SEC filing.

Customer concentration adds a more conventional risk. Reuters noted that Amazon and Google were early strategic partners, both investing billions of dollars in Anthropic while also supplying it with cloud infrastructure.

Close-up of a computer fan
Illustrative photo: Unsplash. Not a photograph of the reported event.

How the IPO Path Has Unfolded

Anthropic confidentially submitted its IPO paperwork in June, moving ahead of OpenAI in the race to public markets, according to a Reuters timeline. In May it raised $65 billion at the $965 billion valuation. By late July its annualized revenue run rate had passed $65 billion, and the company has projected 2028 revenue of $190 billion to $200 billion, Reuters said.

Governance has been part of the pre-listing debate. Last week TechCrunch reported that chief executive Dario Amodei and his cofounders are seeking a structure that would give the founder group voting control on most matters. Reuters also noted the tension between Amodei's public calls for the AI industry to slow down and Anthropic's pace of releasing new models ahead of rivals.

What to Watch

  • A public S-1 on the SEC's EDGAR system, which would let investors examine the full financial statements rather than reported excerpts.
  • Whether the filing identifies the two large customers, and how their contracts are structured.
  • How the $518 billion in obligations is spread across years and suppliers.
  • How the convertible financing behind the $34 billion charge is treated once an offering price is set.
  • The roadshow timing relative to the midterms, and whether OpenAI's own listing plans affect investor appetite.