Operating loss, excluding such writedowns, was $8.06 billion, up from $2.98 billion in 2024. Revenue rose twelvefold to nearly $4.6 billion. Compute and infrastructure spending reached $7.33 billion, more than half of total operating expenses. The prospectus also describes $518 billion in cloud, compute and infrastructure obligations in coming years; this is not presented as a 2027-only spend figure. Anthropic reported $20.28 billion in cash, equivalents and short-term investments at year-end. Reuters says the company’s potential IPO could target a valuation above $2 trillion. The company declined to comment.
Raw SignalSep 29, 20261 min read1 source
EXCLUSIVE: Anthropic's IPO prospectus shows sweeping AI vision, surging costs
In one minute
Reuters reports that Anthropic’s IPO prospectus disclosed a $42 billion net loss for 2025, including an approximately $34 billion accounting charge tied to financing that could convert into shares.