Anthropic reported a net loss of $42 billion in 2025 and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming years, according to its IPO prospectus reviewed by Reuters.
The company is making a substantial bet that artificial intelligence will transform the global economy more profoundly than industrialization, electricity and the internet, the prospectus states.
Revenue grew 12-fold in 2025 to nearly $4.6 billion, even as the company posted an operating loss exceeding $8 billion, excluding write-downs of various liabilities mostly tied to previous fundraising rounds.
The prospectus details how Anthropic has expanded sharply over the past year while simultaneously recording wider losses. The company's public market debut is likely to be pushed to after the November U.S. midterm elections, according to sources familiar with the matter.
The infrastructure spending plan reflects the capital-intensive nature of developing and deploying large-scale AI systems. The company's financial disclosures reveal the substantial resources required to support its operations and future growth in the competitive artificial intelligence sector.