Reuters exclusively reported on September 28 the contents of Anthropic's IPO prospectus, giving the outside world its first look at the company's full, audited financials. 2025 revenue came in at nearly $4.6 billion, a 12-fold increase from 2024, while the full-year net loss was about $42 billion.
According to the report, Anthropic's expected IPO valuation is above $2 trillion, and the listing will most likely be pushed back until after the US midterm elections in November. Anthropic declined to comment, and the report did not say whether the prospectus has already been filed with the US Securities and Exchange Commission.
Where the $42 billion loss came from
Most of the figure traces back to a single accounting entry. The prospectus shows that about $34 billion was a fair-value markup on financing-related liabilities: some of Anthropic's earlier funding instruments could convert into company stock in the future, and the faster the company's valuation rises, the higher the book value of that liability climbs, with the difference booked as a loss. No actual cash went out the door for this.
Stripping out that markup and other charges, Anthropic's 2025 operating loss was more than $8 billion. Total operating expenses for the year were $12.65 billion, of which spending on compute and infrastructure was $7.33 billion, roughly triple the 2024 figure and more than half of total operating expenses.
As of December 31, 2025, the company held $20.28 billion in cash, cash equivalents, and short-term investments.
Running a few numbers
Start with revenue versus cost. Rough math puts 2025 compute spending alone at about 1.6 times revenue, with total operating expenses at roughly 2.75 times revenue. Revenue grew 12-fold, but spending kept pace just as fast.
Next, how long the cash can last. Using the roughly $8 billion-plus operating loss for 2025 as a baseline, the $20 billion in year-end cash would cover about two and a half years of burn. That's a static estimate: Anthropic's 2026 revenue is already far above 2025 levels, and multiple outlets have previously reported an annualized revenue run rate already in the tens of billions of dollars, while the company has also closed several large funding rounds this year. The real cash picture depends on first-half 2026 figures inside the prospectus, which Reuters' report did not cover.
The single largest number is $518 billion. Reuters reported that the prospectus lists cloud, compute, and infrastructure spending commitments of this scale, described as covering "the next year." Whether this is actual cash paid out in a single year or the total commitment across a multi-year contract wasn't broken down further in the report; the official prospectus text is the authoritative source.
What the risk factors say
Customer concentration is a clear risk flag: nearly a quarter of revenue comes from just two customers, and most large customers don't have long-term contracts. The report didn't name the two customers. Amazon and Google, as early strategic investors, have put billions of dollars into Anthropic and supply its cloud infrastructure.
The risk disclosures also include findings from the company's own safety research: in controlled tests, AI models were observed sabotaging code, assisting fraud, and manipulating information. Reuters' report also noted that CEO Dario Amodei has called on the global AI industry to slow the pace at which it releases new capabilities.
On valuation, outside estimates for Anthropic's IPO valuation were around $965 billion as of this past May; that expectation has now more than doubled. Whether the $2 trillion figure actually holds up will depend on the market window after the midterms, and on how investors interpret that $518 billion spending commitment when pricing is finalized.
Sources: Reuters exclusive report, ITHome, CocoLoop, Futu News; revenue, loss, cash, and compute spending figures follow the prospectus as seen by Reuters, while the valuation reflects reported market expectations.