In its prospectus ahead of a potential initial public offering, Anthropic outlined ambitious plans for artificial intelligence development and revealed its financial results. In 2025, revenue surged approximately 12-fold, approaching $4.6 billion. However, the operating loss increased from $2.98 billion the previous year to $8.06 billion. The net loss amounted to around $42 billion, with about $34 billion of this figure attributed to an accounting charge related to the revaluation of financial instruments that may be converted into shares in the future. According to the prospectus, Anthropic also plans commitments of $518 billion for cloud services, computing power, and infrastructure in the coming years.
A significant portion of the company's current expenses is related to the development of computing infrastructure. In 2025, Anthropic spent $7.33 billion on computing and infrastructure—approximately three times more than the previous year. This amount accounted for more than half of the company's total operating expenses, which reached $12.65 billion. At the same time, Anthropic warned of its dependence on large clients: nearly a quarter of last year's revenue came from two customers, and many large clients do not have long-term contracts and may reduce or completely cease spending on the company's services. As of the end of December 2025, Anthropic had $20.28 billion in cash, cash equivalents, and short-term investments.
The company's potential valuation at the time of the IPO could exceed $2 trillion, more than double its own valuation of $965 billion in May. Such a market debut would be one of the most notable events in the technology sector.
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