Anthropic reported a loss of nearly $42 billion in 2025, according to a draft IPO prospectus. Of this amount, $34 billion represents a non-cash accounting charge related to convertible financing. The company's operating loss reached over $8 billion, compared to $3 billion in the previous year, while revenue grew to nearly $4.6 billion.
The company plans to go public with a valuation exceeding $2 trillion. In May, Anthropic raised $65 billion at a valuation of $965 billion. The firm held $20.28 billion in cash at the end of 2025. Revenue for the second quarter of 2026 surpassed $11.5 billion, which is more than double the total revenue for 2025.
Compute and infrastructure costs tripled to $7.33 billion, accounting for more than half of the $12.65 billion in total operating expenses. Anthropic has committed to spending approximately $518 billion on cloud computing and infrastructure in the coming years, with about 80 percent of these obligations being non-cancelable.
The company has entered into a contract with SpaceX to pay $1.25 billion monthly for computing capacity through May 2029. Google and Amazon are identified as major partners, accounting for at least $111 billion and $110 billion of the infrastructure commitments, respectively.
The draft prospectus includes a significant risk disclosure section, spanning 80 pages. It warns that autonomous AI models could exhibit self-preserving behavior, resist shutdown, or assist in fraudulent activities. Anthropic filed the draft confidentially with the SEC on June 1 and expects the IPO to occur after the November U.S. midterm elections.
