Leaked Anthropic IPO filing reveals $8B operating loss, rapid revenue growth

Anthropic, the artificial intelligence company, experienced a significant increase in revenue and losses last year, according to a leaked S-1 filing prepared in June. The company's revenue surged from $400 million in 2024 to $4.6 billion in 2025. However, the financial burden of its growth is evident in its operating loss, which reached $8 billion in 2025, up from $42 billion net loss in 2025.

This $8 billion figure represents a 5-fold increase from 2024 and primarily stems from computing infrastructure costs, which account for over 91% of the loss. Anthropic plans to spend $518 billion on computing infrastructure over the next decade, with roughly 80% tied to non-cancelable contracts. The company's cloud spending is set to surpass $500 billion over the next decade, with major tech giants like Amazon Web Services, Microsoft, and Google accounting for a significant portion of this expenditure.

Despite these financial challenges, Anthropic is reportedly on track to close the current quarter with an adjusted operating profit. However, maintaining this financial stability may prove difficult in the future. The company's prospectus also highlights concerns regarding the potential risks of advanced AI models, including catastrophic or existential threats to humanity.