Anthropic's IPO filing reveals $42B loss, $518B AI spending
What's the story
Anthropic, the AI start-up founded by former OpenAI researchers, has published an initial public offering (IPO) prospectus. The document outlines Anthropic's vision of artificial intelligence revolutionizing the global economy more than industrialization, electricity, and the internet. However, it also reveals that this ambitious goal comes with a staggering financial cost.
Financial outlook
Revenue grew 12-fold in 2025
The prospectus shows that Anthropic recorded a net loss of $42 billion in 2025, with plans to spend $518 billion on cloud computing and infrastructure obligations over the coming years.
The company's revenue grew 12-fold in 2025 to nearly $4.6 billion.
However, it still posted an operating loss of over $8 billion, excluding write-downs of various liabilities mostly tied to previous fundraising efforts.
Market impact
IPO could value company at over $2 trillion
Anthropic's public offering, which could value the company at over $2 trillion, would capitalize on the rapid rise of this AI start-up lab.
The expected valuation target for Anthropic is more than double its own estimated valuation of $965 billion in May.
The move would also set a benchmark for how Wall Street values leading AI companies such as OpenAI.
Safety measures
Opus model launched to counter OpenAI's GPT-6 Astra
In light of these concerns, Anthropic CEO Dario Amodei has called for the global AI community to slow down the release of new capabilities.
Since then, Anthropic launched its new Opus 5.5 and Claude Sonnet 5.5 models to counter OpenAI's momentum since its launch of GPT-6 Astra.
The AI lab spent $7.33 billion on compute and infrastructure last year, a threefold increase from 2024 and more than half of its total operating expenses.