4 minBusiness
Anthropic IPO Filing Reveals $42 Billion Loss, 1,088% Revenue Growth, and AI Existential Risk Warning
A leaked IPO prospectus shows Anthropic lost $42 billion in 2025 on $4.6 billion in revenue, with operating losses widening to $8.06 billion. The filing also warns of existential risks from AI as the company seeks a valuation above $2 trillion.
Anthropic, the artificial intelligence company behind the Claude chatbot, is preparing for a public listing that would give investors their first detailed look at its finances — and at the unusual risks the company itself acknowledges. A leaked IPO prospectus reviewed by Reuters shows the lab lost $42 billion last year while generating $4.6 billion in revenue, a stark illustration of the costs involved in competing at the frontier of AI development.
The filing reveals both rapid growth and steep spending. Revenue rose 1,088 percent in 2025, but the company's operating loss widened to $8.06 billion from $2.98 billion a year earlier. Anthropic spent $7.33 billion on computing and infrastructure last year, more than triple its 2024 outlay, as it raced to secure enough capacity to train and run its models. The company had been scrambling for compute after products like Claude Code drove a sudden surge in users, creating a crunch that forced it to strike deals with multiple providers.
Those commitments now loom large. According to the prospectus, Anthropic has committed to $518 billion in future cloud, computing, and infrastructure obligations. Amazon and Google, both major investors in the company, supply much of the cloud infrastructure it relies on. Anthropic has also signed computing agreements with SpaceX and smaller providers as it tries to lock in capacity for future models. At the end of December 2025, the company held $20.28 billion in cash, cash equivalents, and short-term investments.
The filing also flags concentration risks. Two customers accounted for nearly one-quarter of Anthropic's 2025 revenue, though the companies were not named in media reports. The prospectus warns that many of its largest customers are not bound by long-term contracts and could reduce or stop spending, leaving revenue vulnerable to shifts in enterprise demand.
Anthropic is reportedly targeting a valuation of more than $2 trillion in an IPO that, after several delays, could take place after the U.S. midterm elections in November. That would be more than double the company's estimated $965 billion valuation in May and would rank among the largest public debuts in history. For public investors, the listing would offer one of the first direct ways to invest in a leading frontier AI lab.
Alongside the financial disclosures, the prospectus sets out the company's views on the risks posed by the technology it is building. Anthropic warned that more autonomous AI systems could behave in unexpected ways, create security problems, be used for fraud, or manipulate information. It also referred to the potential for «existential risks to humanity».
That warning is consistent with Anthropic's public positioning. Founded in 2021 by former OpenAI employees, including chief executive Dario Amodei, the company has long presented itself as a more safety-conscious alternative in the AI race, aiming to win enterprise customers who value that stance. Recently, the company has lobbied for an AI slowdown, with several executives and prominent engineers publicly warning that the technology could lead to the death of all humanity. Yet Anthropic continues to launch products, debuting a new and more powerful version of its Opus model last week.
The tension between the company's risk warnings and its commercial ambitions is likely to draw scrutiny as the IPO moves forward. The early filing lays bare the unusual nature of the business: enormous cash burn, rapid revenue growth, heavy dependence on a handful of customers and cloud partners, and a stated fear that the technology it sells could one day threaten humanity itself.
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