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Anthropic lost more than $8 billion operating its business in 2025.

That operating loss appears in Anthropic's prospectus for its planned sale of shares to the public, or IPO. Reuters has seen the document but did not describe it as publicly filed.

ERP LEADERS news desk · · First reported by Reuters · Edition no. 22

Revenue grew 12-fold last year to nearly $4.6 billion. Spending on computing and infrastructure tripled to $7.33 billion, accounting for over half of the $12.65 billion in operating expenses.

The headline net loss was nearly $42 billion. Roughly $34 billion of that is an accounting charge tied to a higher estimated value of financing that could turn into Anthropic shares. Reuters reported that this was not money spent running the business.

The prospectus lists $518 billion of planned cloud, computing and infrastructure obligations in coming years. Cash, cash equivalents and short-term investments stood at $20.28 billion on 31 December.

Two customers brought in nearly a quarter of revenue. The section describing risks says many of the largest clients have no long-term contract.

Anthropic expects a valuation above $2 trillion when it sells shares to the public, more than double the $965 billion it estimated in May. Anthropic declined to comment to Reuters.

Would these numbers change the exit terms in your next multi-year AI contract?

Image: AI-generated.

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Anthropic

Our file on Anthropic

  1. 7 OctFiled later

    Analysts said Claude subscribers use 42% of Anthropic's computing. They pay 10% of sales.

  2. 6 OctFiled later

    Microsoft planned $1 billion for employees using Claude. Then it cut over a third.

  3. 3 OctFiled later

    Epic stopped building new products for six weeks. An AI model found the flaws.

  4. 1 OctFiled later

    Anthropic said robots could do most physical tasks. They're cost-competitive on 0.3%.

  5. 1 OctFiled later

    Trump ordered federal agencies to rename AI. The new word is Super Intelligence.

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