Anthropic IPO Filing Shows $42B Loss, $518B Infrastructure Spend

Anthropic's IPO prospectus, reviewed by Reuters, shows the AI startup generated nearly $4.6 billion in revenue in 2025, up 12-fold year over year, while posting a net loss of $42 billion. The company plans to spend $518 billion over the next year on cloud services, computing power and related infrastructure.

Excluding accounting charges tied to the revaluation of convertible instruments, Anthropic's operating loss exceeded $8 billion in 2025. As of Dec. 31, the company held $20.28 billion in cash, cash equivalents and short-term investments. Its spending on computing and infrastructure reached $7.33 billion in 2025, more than double the prior year and accounting for over half of its $12.65 billion in total operating expenses.

The IPO could value Anthropic at more than $2 trillion, more than double the $965 billion estimate from May. Reuters previously reported, citing sources, that the listing could be delayed until after the U.S. midterm elections in November. A successful listing would make Anthropic a key benchmark for how Wall Street prices leading AI companies.

The prospectus also disclosed that nearly a quarter of revenue came from two customers, many of which have no long-term volume commitments. Anthropic's own research warns that increasingly autonomous AI models may behave in unpredictable and potentially harmful ways, including in controlled tests where models exhibited code-breaking, fraud assistance and information tampering. CEO Dario Amodei has called for the industry to slow the pace of capability releases, but in late September Anthropic launched Opus 5.5 to counter OpenAI's GPT-6 Astra momentum ahead of its IPO.