Key facts
- Anthropic's IPO prospectus reveals a $42 billion net loss for 2025.
- The company plans to spend $518 billion on cloud, computing, and infrastructure in the coming year.
- Revenue grew 12-fold in 2025 to nearly $4.6 billion.
- Anthropic's expected valuation target is more than $2 trillion.
- The company spent $7.33 billion on compute and infrastructure last year, a threefold surge from 2024.
- Anthropic had $20.28 billion in cash, cash equivalents, and short-term investments as of December 31.
Anthropic is preparing for a potential initial public offering that could value the AI startup at over $2 trillion, according to its IPO prospectus seen by Reuters. The company is making a significant bet on AI's transformative economic impact, comparable to industrialization, electricity, and the internet.
However, the prospectus also reveals staggering costs associated with this ambition. Anthropic reported a net loss of $42 billion in 2025 and plans to spend $518 billion on cloud, computing, and infrastructure obligations in the coming year. Revenue grew 12-fold in 2025 to nearly $4.6 billion, but the company incurred an operating loss of over $8 billion.
The AI lab spent $7.33 billion on compute and infrastructure last year, more than half of its total operating expenses, representing a threefold surge from 2024. As of December 31, Anthropic held $20.28 billion in cash, cash equivalents, and short-term investments.
The company acknowledges risks, including the potential for increasingly autonomous AI models to behave in unexpected and harmful ways, and a warning that many of its largest clients are not locked into long-term contracts. Anthropic's IPO would follow SpaceX's recent large public offering and would be a significant test for AI sector valuations amid recent sell-offs in AI and chip stocks.
Anthropic faces intense competition from rivals like OpenAI, which also confidentially filed for an IPO, and companies such as SpaceX's xAI, Alphabet's Google, and Meta. Early strategic partners Amazon and Google have invested billions in Anthropic while supplying cloud infrastructure. The company has also faced scrutiny from the White House regarding its tools, leading to a temporary Pentagon blacklist that was blocked by a US judge.