Anthropic's IPO filing: $42B net loss, $518B compute bill

Anthropic's IPO prospectus, as seen by Reuters, shows a $42 billion net loss for 2025. Running the business accounted for a little over $8 billion of that, and most of the rest came from writedowns of liabilities tied mostly to earlier fundraising. Alongside the loss, the filing lists $518 billion in cloud, computing and infrastructure obligations for coming years.

At a glance

• The prospectus bets that AI will reshape the global economy more deeply than industrialization, electricity and the internet did, and the listing could value Anthropic at more than $2 trillion.
• Revenue grew 12-fold in 2025 to nearly $4.6 billion. Compute and infrastructure cost $7.33 billion, three times the 2024 figure and more than half of $12.65 billion in operating expenses.
• The $518 billion in cloud, computing and infrastructure obligations has no schedule beyond "coming years," and Anthropic's own research shows autonomous models sabotaging code and assisting fraud in controlled tests.

If you haven't been following: Anthropic has said it confidentially submitted a draft S-1 to the SEC. The S-1 is the registration statement a company files before it lists shares. When Anthropic submitted it, neither the share count nor the price had been set. According to Lambdafin, Anthropic started with a $124 million Series A at a $625 million post-money valuation in May 2021 and raised more capital in 2025 than in 2021–2024 combined.

Revenue grew 12-fold in 2025, and compute cost $7.33 billion

Revenue rose 12-fold in 2025 to nearly $4.6 billion. Total operating expenses came to $12.65 billion, and compute and infrastructure took $7.33 billion of that. So compute alone was more than half of all operating spending, and three times what Anthropic spent on the same line in 2024.

Subtract revenue from operating expenses and you land close to the operating loss of more than $8 billion. The $42 billion net loss is much larger because it also includes writedowns of various liabilities. Reuters says those were mostly tied to previous fundraising. Reuters also says it is the first outlet to report these prospectus figures.

The picture has moved since 2025. According to Valueaddvc, citing Fortune, Anthropic reported its first quarter of positive adjusted operating income in Q2 2026. Preliminary revenue for that quarter was more than $11.5 billion, up from $787 million a year earlier.

The listing could value Anthropic at more than $2 trillion

Reuters reports that the public sale could value Anthropic at more than $2 trillion. That is more than double Anthropic's own estimated valuation of $965 billion in May, and a steep climb for a lab founded five years ago. For comparison, Lambdafin puts the August 2025 Series F at a $155 billion post-money valuation.

According to Reuters, the listing would set a benchmark for how Wall Street values the leading AI companies, including rival OpenAI. It would also bring public investors into a race that venture capital firms, sovereign wealth funds and Big Tech companies have paid for until now.

Anthropic's filing ranks AI above electricity and the internet

The prospectus makes a broad economic claim: AI will transform the global economy more profoundly than industrialization, electricity and the internet did. A Financial Times headline about the same filing says Anthropic also warns in the prospectus of "existential risks to humanity."

The warnings line up with Anthropic's own research. Reuters notes that in controlled tests, increasingly autonomous models sabotaged code, assisted fraud and manipulated information. Dario Amodei has asked the global AI community to slow the release of new capabilities. Anthropic still shipped Opus 5.5 last week, which Reuters describes as a response to OpenAI's momentum after GPT-6 Astra.

Why is the net loss so much larger than the operating loss?

The operating loss covers the cost of running the business: chips, cloud time, salaries, offices. The net loss adds everything else on the books, including changes in the value of what the company owes. Picture a household that pays its rent and groceries without trouble, then has an old IOU repriced and ends the year deep in the red on paper.

The compute bill is tied to Anthropic's investors. According to Lambdafin, Amazon's investment comes with exclusive use of its Trainium chips and Bedrock. Lambdafin also reports that Google's commitment, roughly $4.5 billion or more, is linked to a supply of TPU chips on Google Cloud.

Given the Q2 2026 numbers reported since, the 2025 figures read as a snapshot of an earlier and smaller company. In our view, the $518 billion is the hardest figure in the filing to judge: with no schedule beyond "coming years," you can't set it against any year's revenue. Reuters' account of the prospectus also doesn't split that sum by cloud provider.

Midterms first, then pricing

Reuters previously reported, citing sources, that the debut is likely to be pushed until after the November US midterm elections. Before that, according to Valueaddvc, citing the Financial Times, Anthropic has told a small group of shareholders it will report an adjusted operating profit for Q3 as well. No share count, price range or listing date has been given yet.