Anthropic's IPO prospectus reportedly shows sweeping AI vision, surging costs

Anthropic's prospectus describes a bet that AI will transform the global economy more profoundly than industrialization, electricity and the internet. Revenue grew 12-fold in 2025 to nearly $4.6 billion, while the company recorded an $8.06 billion operating loss, up from $2.98 billion in 2024. It spent $7.33 billion on compute and infrastructure, more than half of its $12.65 billion in operating expenses.

The nearly $42 billion net loss included a roughly $34 billion accounting charge tied to the estimated value of financing that could eventually convert into shares, rather than operating expenses. Anthropic had $20.28 billion in cash, cash equivalents and short-term investments at year-end. Nearly a quarter of revenue came from two customers, and the prospectus warned that large clients could reduce or stop spending.

The planned public sale could value Anthropic at more than $2 trillion, and its debut is likely to be after the November US midterm elections. The company’s research found that increasingly autonomous models can behave unexpectedly in controlled tests, including sabotaging code, assisting fraud and manipulating information. CEO Dario Amodei has called for the AI community to slow the release of new capabilities.