Anthropic Lost $42 Billion in 2025: Report

Anthropic reported a net loss of nearly $42 billion in 2025, according to its initial public offering (IPO) prospectus seen by Reuters. 

The loss included a roughly $34 billion accounting charge linked to the increased estimated value of financing instruments that could eventually convert into Anthropic shares, rather than money the company spent. 

Excluding those accounting effects, Anthropic’s operating loss widened to $8.06 billion in 2025 from $2.98 billion a year earlier. At the same time, revenue grew roughly 12-fold to nearly $4.6 billion. 

The company spent $7.33 billion on computing and infrastructure during the year, about three times its 2024 spending and more than half of its $12.65 billion in total operating expenses.

AIM has reached out to Anthropic for a comment.

The prospectus also reportedly shows the scale of Anthropic’s planned infrastructure commitments. 

The company expects to spend $518 billion on cloud, computing, and infrastructure obligations in the coming years. 

It had $20.28 billion in cash, cash equivalents, and short-term investments as of December 31, according to the filing.

Anthropic is reportedly seeking a public-market valuation of more than $2 trillion, more than double its estimated $965 billion valuation in May. 

Its IPO follows OpenAI’s confidential filing for a US listing in June, and the report added that Anthropic’s offering could be delayed until after the November US midterm elections.

The filing also flags customer concentration as a risk. Nearly a quarter of Anthropic’s revenue came from two customers in 2025, while the company said many of its largest customers were not bound by long-term contracts and could reduce or stop spending.

The financial disclosure comes as Anthropic faces a parallel debate over the risks of increasingly capable AI systems. CEO Dario Amodei recently called for greater caution around the pace of AI development and recently told the UN Security Council that poorly managed AI could pose a risk to humanity.