Anthropic lost $42 billion in the year revenue grew 12-fold

Reuters has seen Anthropic’s IPO prospectus. Revenue grew 12-fold in 2025 to nearly $4.6 billion, while the net loss hit $42 billion. Even without writedowns, which mostly trace back to earlier fundraising, the operating loss was more than $8 billion.

Compute is the heaviest line. Anthropic spent $7.33 billion on it last year, a threefold jump from 2024 and more than half of its $12.65 billion in operating expenses. On top of that, the prospectus lists $518 billion in cloud, computing and infrastructure obligations for the coming years.

The listing could value Anthropic at more than $2 trillion, over double the $965 billion it estimated in May. Anthropic declined to comment.

Earlier Reuters reporting, citing sources, said the debut will likely slip past the November US midterm elections.