Anthropic's IPO prospectus reveals 12-fold revenue surge and an $8 billion operating loss

Anthropic's leaked IPO prospectus reveals significant financial details ahead of its upcoming public listing. The company has experienced steep losses, with a $42 billion loss in 2025, while generating $4.6 billion in revenue, according to the leaked filing reviewed by Reuters. The prospectus highlights the rapid growth of Anthropic, with revenue increasing by 1,088% in 2025.

However, the company's operating loss widened to $8.06 billion, up from $2.98 billion the previous year. Computing and infrastructure expenses reached $7.33 billion last year, a threefold increase from 2024. In order to secure more compute resources, Anthropic has committed to $518 billion in future cloud, computing, and infrastructure obligations.

Major tech companies like Amazon and Google have invested billions in Anthropic and provide much of the cloud infrastructure needed for their AI models. The company maintains a cash reserve of $20.28 billion at the end of December 2025. However, it also disclosed that two customers accounted for nearly a quarter of its 2025 revenue, though the companies remain unnamed.

Anthropic acknowledged that a significant portion of its largest customers lack long-term contracts, which could lead to reduced or stopped spending. The lab aims for a valuation of over $2 trillion in its IPO, projected to occur after the U.S. midterm elections in November. This valuation would be more than double the company's estimated $965 billion valuation in May.

Anthropic's prospectus also addresses the risks associated with the AI technology it creates and sells. The company expresses concerns about unexpected behavior from autonomous AI systems, potential security issues, fraud, and information manipulation. Additionally, Anthropic has warned about potential "existential risks to humanity."

The company, founded in 2021 by former OpenAI employees, including CEO Dario Amodei, positions itself as a more safety-conscious alternative to other AI labs, aiming to win enterprise customers. Anthropic has also advocated for a potential AI slowdown, with executives and engineers warning about AI's potential to lead to the end of humanity.

Despite these concerns, Anthropic continues to launch new and more powerful AI models. The company's listing will provide investors with direct exposure to a leading frontier AI lab, but the prospectus reveals the unusual cash burn and risk factors associated with the business.