San Francisco: Anthropic’s IPO filing has revealed the huge financial demands behind the rapid growth of its artificial intelligence business, including billions of dollars in losses and about $518 billion in future cloud, computing and infrastructure commitments.
The company reported revenue of $4.59 billion in 2025, but its operating loss reached $8.06 billion. Its reported net loss was much higher at $41.97 billion.
However, the net loss needs to be understood carefully. About $34 billion of the loss came from a non cash accounting charge linked to financing arrangements that could eventually be converted into Anthropic shares. The figure does not represent $42 billion in cash spending during 2025.
Anthropic spent about $7.33 billion on computing and infrastructure in 2025. Total operating expenses reached $12.65 billion. At the end of the year, the company had about $20.28 billion in cash, cash equivalents and short term investments.
The figures were disclosed in a confidential IPO prospectus reviewed by Reuters as Anthropic prepares for a possible public offering.
The filing also shows how heavily Anthropic expects to depend on computing capacity as it develops more advanced AI systems. Its future commitments for cloud services, computing and infrastructure total about $518 billion.
The figure represents future contractual commitments rather than money already spent. The arrangements extend over several years, and Anthropic may not use all of the capacity covered by them.
Despite the large losses and costs, Anthropic’s business has expanded sharply in 2026.
The company’s annualised revenue run rate was reported to have passed $65 billion by the end of July, according to people familiar with its finances. That was a major increase from about $47 billion in May and roughly $9 billion at the end of 2025.
Investor documents cited in recent financial reporting put Anthropic’s second quarter 2026 revenue at more than $11.5 billion. The company recorded $4.73 billion in revenue during the first quarter, according to those documents.
Anthropic has also attracted enormous amounts of private investment. In May, the company announced a $65 billion funding round that valued it at about $965 billion after the investment.
The company could seek a valuation of more than $2 trillion in a future stock market listing. However, that figure is not a confirmed valuation. The final value would depend on the terms of the offering and market conditions.
Anthropic confidentially submitted a draft registration statement to the US Securities and Exchange Commission on June 1. The company has not announced a final date for its public listing, and the timing remains subject to regulatory review and market conditions.
Earlier expectations had pointed to a possible listing around September or October. Recent reporting indicates that Anthropic is preparing for a listing after the November US midterm elections, although the timing could change.
The IPO documents also provide a detailed picture of the risks surrounding increasingly powerful AI systems.
Anthropic warns investors that advanced AI could create serious risks, including potentially catastrophic or existential risks. Its disclosures discuss the possibility of advanced models resisting shutdown, manipulating information or behaving in harmful ways under certain conditions.
These statements are risk disclosures rather than evidence that such catastrophic events have occurred. They describe potential risks associated with the development of increasingly autonomous AI systems.
The company continues to develop more powerful models while expanding its safety research. Anthropic released Claude Opus 5.5 on September 22, describing it as its latest model and saying that it had undergone external testing.
The prospectus also highlights commercial risks. Nearly one quarter of Anthropic’s 2025 revenue came from two customers, while the company said many major customers do not have long term contracts and could reduce or stop their spending.
Amazon and Google remain important partners and investors in Anthropic. Both companies have invested billions of dollars in the AI company and provide computing infrastructure used by its Claude services.
Another important disclosure concerns Anthropic’s future corporate structure. The company plans to establish a Founder LLC involving its seven co founders, including CEO Dario Amodei and President Daniela Amodei.
Under the proposed structure, a special Class F share would give the founders collectively 50.1 percent of voting power over certain major corporate matters.
Anthropic will continue to operate as a Public Benefit Corporation, reflecting its stated aim of balancing its business interests with its wider public benefit mission.
The co founders have also committed to dedicating 80 percent of their personal Anthropic equity to charitable causes.
The IPO filing therefore presents two sides of Anthropic’s rapid expansion. The company is generating revenue at a pace that has risen dramatically during 2026, while also facing high computing costs, major future infrastructure commitments and significant financial and technological risks.
The filing offers investors and the wider technology industry a detailed look at the financial demands of developing advanced AI systems and the risks Anthropic expects to face as it expands.