Anthropic prospectus shows growth alongside heavy costs

Anthropic’s confidential IPO prospectus reportedly shows revenue surging to nearly $4.6 billion in 2025 while the artificial intelligence company recorded a net loss of about $42 billion and disclosed $518 billion in infrastructure obligations. The figures, attributed to a review of the draft document, offer a view of the costs and risks accompanying the company’s rapid growth as it considers a public offering that has not yet taken place. Revenue rose twelvefold from 2024, according to the reported prospectus. The net loss, however, included roughly $34 billion in an accounting charge tied to financing that could later convert into shares. That charge was not spending on daily operations. Excluding it, Anthropic’s operating loss was about $8.06 billion, compared with $2.98 billion in 2024. Operating expenses totaled $12.65 billion in 2025. Computing and infrastructure accounted for $7.33 billion, about three times the prior year’s amount and more than half of total operating expenses. Anthropic ended the year with $20.28 billion in cash, cash equivalents and short-term investments, the reported filing said.