Anthropic posted a $42 billion net loss for 2025 while revenue grew 12-fold to nearly $4.6 billion, according to the prospectus for an IPO that could value it above $2 trillion, which Reuters reviewed. About $34 billion of the loss is an accounting charge tied to financing that may later convert into shares, and the operating loss was $8.06 billion, up from $2.98 billion in 2024. Compute and infrastructure cost $7.33 billion last year, three times the 2024 figure and more than half of all operating expenses. On top of that, Anthropic has committed to $518 billion in future spending on cloud, compute, and infrastructure. The filing also warns that two customers account for nearly a quarter of revenue and that many large clients aren’t locked into long-term contracts.
