Anthropic IPO docs reportedly reveal over $40 billion in losses last year

Anthropic, one of the biggest AI companies in the world, is currently gearing up to go public. As the Claude-maker prepares for a potential blockbuster IPO later this year, Reuters has got its hands on the company's prospectus, which lays out Anthropic's financials and risks for investors.

According to the prospectus obtained by Reuters, Anthropic made $4.6 billion in revenue in 2025. That's twelve times its growth in the previous year.

But there's bad news, too: The AI company lost more than it brought in last year, Reuters reported. A lot more.

Anthropic reportedly lost a whopping $42 billion in 2025. Of that net loss, $8.06 billion was spent on operating costs in 2025, far higher than its 2024 operating costs of $2.98 billion, according to Reuters. In addition, the documents Reuters reviewed stated that compute and infrastructure costs from Anthropic's AI lab amounted to an additional $7.33 billion. 

Anthropic is hardly alone in spending more than it takes in, however. In July, after pouring money into AI development, Google reported its first quarter of negative cash flow since the company went public.

The AI industry is in the midst of a massive infrastructure build-out, with an estimated trillion dollars being spent on AI data centers, energy, and other resources in 2026 alone. Axios recently reported that the industry as a whole is expected to spend $10 trillion through 2032.

So, it's hardly surprising that Reuters reported that Anthropic's capital expenditures will only balloon in the years ahead. The IPO prospectus seen by Reuters stated that the company plans to spend $518 billion on "cloud, computing and infrastructure obligations" over the next few years. To make matters even more concerning for potential investors, about 80 percent of that $518 billion is allocated to non-cancelable deals.

Anthropic is currently eyeing a public offering that would put the company at a $2 trillion valuation.