Reuters reveals Anthropic's $42bn loss from IPO prospectus

On 29 September, Reuters revealed that Anthropic recorded a net loss of nearly $42bn in 2025, according to an IPO prospectus seen by the news agency. The report was published shortly after midnight in the UK. The prospectus figures also show nearly $4.6bn in revenue and $518bn in cloud, computing and infrastructure obligations in the coming years. Anthropic submitted its confidential IPO paperwork on 1 June.

A $34bn charge drove most of the reported loss

About $34bn of Anthropic’s near-$42bn net loss in 2025 was an accounting charge, Reuters reported. It reflected the higher estimated value of financing that could eventually turn into Anthropic shares. Anthropic’s operating loss was $8.06bn, excluding liability writedowns mostly tied to earlier fundraising, compared with $2.98bn in 2024. Its 2025 revenue rose about twelvefold to nearly $4.6bn.

Cloud and computing obligations reach $518bn

Anthropic’s prospectus sets out $518bn in cloud, computing and infrastructure obligations in coming years, according to Reuters. The company spent $7.33bn on compute and infrastructure in 2025, more than half its $12.65bn in total operating expenses. The future obligations show the scale of Anthropic’s commitments as it expands Claude.

Anthropic submitted its IPO draft in June

Anthropic announced its confidential draft Form S-1 submission to the US Securities and Exchange Commission on 1 June 2026. In its announcement, the company said the number of shares and their price had yet to be set. Reuters’ newly reported prospectus figures provide the financial detail behind that earlier submission.

Anthropic last announced a private valuation of $965bn after raising $65bn in May, according to its funding release. Reuters says the proposed public offering could value the company at more than $2tn. That prospective IPO figure will depend on the terms Anthropic ultimately offers investors.