Brief

Anthropic’s IPO Prospectus Reveals $42 billion Losses and $4.6 billion Revenue

A draft of Anthropic’s $2 trillion IPO filing shows steep losses, rapid revenue growth and a $518 billion cloud spend plan.

By Felo News Desk · Published Tue, 29 Sep 2026 13:46:39 GMT

A draft of Anthropic’s $2 trillion IPO prospectus, leaked to Reuters, has revealed the AI lab’s financial position ahead of its planned public listing. The filing shows the company posted a net loss of $42 billion in 2025 while generating $4.6 billion in revenue, according to the leaked documents reviewed by Fortune.

Revenue rose 1,088% in 2025, but operating expenses climbed to $13 billion, widening the operating loss to more than $8 billion. The prospectus also notes that Anthropic spent $7.33 billion on computing and infrastructure last year, up threefold from 2024, and has committed to $518 billion in future cloud, computing and infrastructure obligations.

Cash and cash equivalents on hand were $20.28 billion at the end of December 2025. Two customers accounted for almost a quarter of the company’s 2025 revenue, a concentration risk highlighted in the filing. The prospectus also warns of existential risks to humanity from advanced AI models, echoing concerns raised by CEO Dario Amodei.

Anthropic has secured investment from Amazon and Google, which also supply much of the cloud infrastructure it uses to train and run Claude. The company has struck computing deals with SpaceX and other providers to meet the capacity demands of future models.

Earlier Felo coverage noted Anthropic’s ambition to reach a $100 billion annualised revenue run rate by the end of 2026 and its plans to launch a new model to counter OpenAI’s GPT‑6 Astra. The IPO could value the company at $2 trillion, making it one of the most valuable publicly traded firms.