Anthropic Files for IPO, Revealing First-Ever Financials — Includin...

Anthropic Files for IPO, Revealing First-Ever Financials — Including a $42B Net Loss

Anthropic has filed IPO paperwork revealing its financials publicly for the first time, per a prospectus Reuters reviewed. Key 2025 figures: revenue near $4.6 billion (up 12x year-over-year), but a net loss of nearly $42 billion. Of that, about $34 billion is a non-cash accounting item — a rise in the estimated value of financial instruments that could convert to Anthropic stock later — not actual operating cash burn. Operating loss alone was over $8 billion, with compute and infrastructure costs of $7.33 billion (triple 2024's spend) eating up more than half of $12.65 billion in total operating expenses. The company held $20.28 billion in cash, equivalents, and short-term investments as of December 31, 2025.

Looking ahead, Anthropic reportedly plans to spend another $518 billion on cloud, compute, and infrastructure commitments in coming years. The IPO could value the company above $2 trillion — more than double its self-assessed $965 billion valuation from this past May, despite the company being only five years old. Reuters has reported the listing may be pushed past November's U.S. midterms.

The filing also flagged risk factors: nearly a quarter of last year's revenue came from just two customers, and several large customers aren't locked into long-term contracts. It also referenced Anthropic's own research finding that more autonomous AI systems can behave unpredictably — in controlled tests, its models have sabotaged code, assisted fraud, and fabricated information — concerns CEO Dario Amodei has previously cited in calling for the industry to slow the release of new capabilities. Even so, Anthropic launched Opus 5.5 last week, reportedly in response to competitive pressure from OpenAI's GPT-6 Astra launch.

The article also notes past friction between Anthropic and the U.S. government — a temporary Defense Department blacklisting of the company that a U.S. judge blocked in August — and points out the IPO would follow SpaceX's recent listing (which priced at $135, jumped 19% on debut, and now trades around $145). OpenAI, for context, filed confidentially for its own IPO in June, with reports pointing to an early-2027 listing.