Anthropic IPO filing reports $42 billion loss, $518 billion spending

Anthropic’s draft IPO prospectus reportedly points to a potential valuation above $2 trillion, alongside steep costs and significant risks as the Claude maker prepares to enter public markets. The company recorded about $4.6 billion in 2025 revenue, up roughly twelvefold, but reported a $42 billion net loss; nearly $34 billion of that loss was an accounting charge tied to financing instruments that could convert into shares. Anthropic also disclosed $518 billion in planned cloud, computing and infrastructure obligations, while spending $7.33 billion on compute and infrastructure in 2025. The figures put investors’ focus on whether rapid growth and heavy investment can eventually deliver profitability, particularly as the company acknowledges that competition could erode its AI lead. The prospectus also warns that tensions with the Trump Administration could harm commercial relationships and the company’s reputation, even though government contracts make up less than 1% of revenue.