Anthropic prospectus details growth, losses and $518B obligations

Anthropic’s IPO prospectus describes a business growing rapidly while carrying substantial losses and infrastructure obligations, setting out the financial picture behind a potential public offering that has not yet taken place. The company reported nearly $4.6 billion in revenue in 2025, a twelvefold increase, alongside a net loss of about $42 billion, according to accounts of the prospectus. The reported net loss included an approximately $34 billion accounting charge related to financing that could eventually convert into shares. Separately, Anthropic recorded an operating loss exceeding $8 billion in 2025, excluding liability writedowns mostly tied to earlier fundraising. The prospectus figures therefore distinguish the total net loss from costs associated with running the business. Anthropic also reported spending $7.33 billion on computing and infrastructure in 2025, three times its 2024 spending and more than half of its $12.65 billion in operating expenses. The prospectus describes $518 billion in cloud, computing and infrastructure obligations in coming years.