What smart people are saying about Anthropic's leaked IPO prospectus numbers

The AI lab Anthropic revealed eye-opening figures in its IPO prospectus, revealing a staggering amount spent on computing and infrastructure as well as future commitments. Business Insider compiled insight from industry experts regarding the numbers. Anthropic generated nearly $4.6 billion in revenue in 2025, nearly 12 times its 2024 total, while also recording a $42 billion net loss.

The company spent $7.33 billion on compute and infrastructure in 2025, with $518 billion in future cloud, computing, and infrastructure obligations. The prospectus could value the company at $2 trillion, with an IPO expected after the November midterm elections. Anthropic's IPO prospectus is 80 pages long, filled with risk factors according to the Financial Times.

The company dedicated significant space to address potential pitfalls. Employees, including CEO Dario Amodei, have raised concerns about AI labs' ability to control autonomous systems. Anthropic dedicated 80% of its IPO prospectus to risk factors. Experts commented on the company's financials. Lale Akoner, a global market strategist at eToro, noted that while revenue growth is impressive, the company is far from turning that growth into sustainable profits.

Gary Marcus, a professor emeritus of psychology at NYU, expressed concern over Anthropic's proposed valuation, arguing that the more the company loses, the more it potentially gains. Ross Hendricks, an equity analyst at Porter & Company, pointed out that a significant portion of the $34 billion in losses was due to noncash accounting charges, which means it did not affect the company's bank balance.

Jake Williams, a cybersecurity risk expert, raised a question about the concentration of revenue from a few customers.