AI news · Anthropic
Anthropic’s IPO prospectus shows an $8 billion operating loss
A draft filing puts 2025 revenue at nearly $4.6 billion, compute commitments at $518 billion and the hoped-for valuation above $2 trillion.
Revenue rose twelvefold to nearly $4.6 billion in 2025, and Anthropic still posted an operating loss of $8.06 billion. The figures come from a draft IPO prospectus reviewed by Reuters and the Financial Times. TechCrunch set out its contents on Monday 28 September 2026.
The net loss was close to $42 billion, most of it an accounting charge of about $34 billion. Compute and infrastructure cost $7.33 billion. Two unnamed customers brought in nearly a quarter of revenue, The Next Web reports.
The company closed the year with $20.28 billion in cash and short-term investments. Its compute commitments reach $518 billion over a decade, and about 80 per cent of them cannot be cancelled, The Next Web adds.
Sales have climbed since. Second-quarter revenue in 2026 reached $11.5 billion, Engadget reports. Reuters puts the listing after November’s US midterm elections, The Next Web notes. The target valuation is above $2 trillion, against $965 billion in May.
Around a third of the filing covers risk. It describes model behaviour seen in controlled trials, such as attempts to resist shutdown. It also names “existential risks to humanity”, a line TechCrunch believes is a first in an SEC filing.
For companies that buy Claude, the filing shows a supplier whose compute commitments run far ahead of its sales.
Sources
- TechCrunch: Anthropic’s prospectus details losses, growth, and, yes, a warning that its AI could end humanity. Checked
- The Next Web: Anthropic lost $42bn in 2025 as revenue grew 12-fold, Reuters reports. Checked
- Engadget: Anthropic lost $8 billion last year and said its AI could destroy humanity. Checked
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