The Pulse
Anthropic Prospectus Shows $42 Billion Loss, $518 Billion Obligations
Anthropic lost $42 billion in 2025, mostly an accounting charge, on revenue of nearly $4.6 billion, and carries $518 billion in cloud and compute obligations for coming years, according to its IPO prospectus reviewed by Reuters.
AI.info Team · Written with AI ·
Anthropic posted a net loss of $42 billion in 2025 and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming years, according to its IPO prospectus, which Reuters reviewed and reported on Monday. Revenue grew 12-fold over the year to nearly $4.6 billion. The prospectus has not yet been filed publicly: Anthropic submitted its draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission confidentially on June 1.
Reuters said the figures were reported for the first time. According to the same report, the listing could value Anthropic at more than $2 trillion.
Most of the $42 billion is an accounting charge
The headline loss is not a measure of what Anthropic spent. According to Reuters, the net loss of nearly $42 billion included a roughly $34 billion accounting charge reflecting an increase in the estimated value of financing that could eventually turn into Anthropic shares, rather than money spent running the business.
On an operating basis the company lost more than $8 billion, excluding writedowns of various liabilities mostly tied to previous fundraising. Total operating expenses were $12.65 billion. Anthropic held $20.28 billion in cash, cash equivalents and short-term investments as of December 31, the prospectus shows.
Compute is more than half of the bill
Anthropic spent $7.33 billion on compute and infrastructure in 2025, three times its 2024 figure. That single line accounted for more than half of total operating expenses, and it exceeded the year’s revenue by roughly $2.7 billion.
The forward commitments are far larger. The $518 billion covers cloud, computing and infrastructure obligations stretching over coming years, according to the prospectus. Set against 2025 revenue of nearly $4.6 billion, the total is more than 100 times a year of sales.
Amazon and Google, two of Anthropic’s early strategic partners, have invested billions of dollars in the company while also supplying the cloud infrastructure used to train and deploy its Claude models, Reuters noted.
Revenue depends on few customers and on new models
Nearly a quarter of 2025 revenue came from two customers, Anthropic said in the document. In its risk factors it warned that many of its largest clients are not locked into long-term contracts and could cut or stop spending.
A second Reuters report on the prospectus, published the same evening, said the company ties customer usage, and therefore revenue, to new models, describing a “continuous and overlapping cadence” of releases as “inherent to remaining at the frontier of AI development.” The filing calls its safety work “resource-intensive” and says the company must divide limited funds between computing power, expensive AI talent and safety. Roughly 80 pages of the prospectus’s 261-page main body are devoted to risk factors, against 48 pages describing the business. Anthropic also wrote in the filing:
“We believe building reliable, trustworthy, and secure AI systems is a collective responsibility and that the market will reward it.”
Anthropic, in its IPO prospectus, as reported by Reuters
The company declined to comment when Reuters asked on Monday.
A valuation target above $2 trillion
A listing at more than $2 trillion would be more than double Anthropic’s own estimated valuation of $965 billion in May, according to Reuters.
Anthropic’s listing would follow the IPO of SpaceX, which valued Elon Musk’s company at $1.77 trillion. Its shares sold at $135 in the IPO, closed at $160 on their June 12 debut and traded at around $147 when Reuters published its report. OpenAI confidentially filed for its own IPO in June and is expected to list by early 2027, according to media reports cited by Reuters.
Anthropic’s debut is likely to come after the U.S. midterm elections in November, Reuters has previously reported, citing sources. When it announced the confidential submission in June, Anthropic said the number of shares and the price had not yet been set, and that the offering would depend on market conditions and other factors.