$42 billion a year: Anthropic's massive loss revealed ahead of IPO

Anthropic disclosed in its IPO prospectus a net loss of $42 billion in 2025, alongside a twelvefold surge in revenue to nearly $4.6 billion. The company plans to spend $518 billion on cloud and computing infrastructure in the coming years. The IPO, which could reflect a valuation of over $2 trillion, would be one of the largest in tech history.

Anthropic, the developer of the Claude chatbot, revealed in its IPO prospectus obtained by Reuters a net loss of $42 billion in 2025. Alongside this, its revenue surged twelvefold to nearly $4.6 billion. The company plans to spend $518 billion on commitments related to cloud services, computing power, and infrastructure in the coming years. The IPO, which could reflect a valuation of over $2 trillion, would make Anthropic one of the largest tech IPOs ever. However, the company faces findings from its own studies, which suggest that autonomous AI models may behave in unpredictable and harmful ways, including code sabotage, fraud, and information manipulation. Anthropic CEO Dario Amodei has called for slowing the pace of launching new capabilities, but last week the company launched the new Opus 5.5 model. The IPO is expected to be delayed until after the US midterm elections in November. The net loss included an accounting expense of about $34 billion that does not reflect actual cash spent. Nearly a quarter of the company's revenue came from just two clients, and many large clients are not bound by long-term contracts.