Anthropic IPO Prospectus: Revenue jumps 1,050%, but posts $42 billion loss, $518 billion infrastructure commitments and AI risks

Anthropic’s revenue grew more than 1,000% in 2025, but the artificial intelligence (AI) company still posted a net loss of nearly $42 billion as it ramped up spending on computing infrastructure, according to its IPO prospectus reviewed by Reuters. The company is betting that AI will transform the global economy “more profoundly than industrialisation, electricity and the internet”, even as its financial disclosures highlight the cost of building increasingly capable AI systems.

The Claude maker’s revenue grew 12-fold to nearly $4.6 billion in 2025, from about $400 million in 2024, an increase of roughly 1,050%. However, its net loss reached nearly $42 billion, including a roughly $34 billion accounting charge reflecting an increase in the estimated value of financing that could eventually convert into Anthropic shares. Excluding write-downs of various liabilities, mostly tied to previous fundraising, the company lost more than $8 billion on an operating basis, according to the prospectus.

Anthropic is also planning to spend $518 billion on cloud, computing and infrastructure obligations in the coming years. The company spent $7.33 billion on compute and infrastructure in 2025, a threefold increase from 2024, accounting for more than half of its total operating expenses of $12.65 billion.  Infrastructure spending accounted for more than half of those operating expenses, highlighting how computing requirements are shaping the company's cost structure. The commitments also reflect Anthropic's dependence on external cloud and computing providers as it expands its AI operations.

The company had cash, cash equivalents and short-term investments totalling $20.28 billion as of December 31, according to the prospectus. Its planned infrastructure obligations, however, extend well beyond its current cash holdings.

The proposed IPO could value Anthropic at more than $2 trillion, more than double its estimated valuation of $965 billion in May. The offering would provide public-market investors with exposure to one of the world's leading AI developers, while bringing greater scrutiny to its spending plans and growth projections.

Anthropic warns of customer concentration and contract risks

Nearly a quarter of Anthropic’s revenue in 2025 came from just two customers, according to its IPO prospectus, exposing the company to the risk of losing a significant share of its business if either customer cuts spending. The company also warned that many of its largest customers were not bound by long-term contracts and could reduce or stop spending, potentially affecting its revenue growth and ability to meet its substantial infrastructure commitments.

The disclosure is significant given Anthropic’s planned $518 billion in cloud and infrastructure obligations. While the company’s revenue grew 12-fold to nearly $4.6 billion in 2025, its dependence on a small number of customers means that this growth could be vulnerable to changes in purchasing decisions. The prospectus highlights the possibility that customers could reduce spending even as Anthropic continues to incur substantial costs to develop and operate its AI systems.

Anthropic warns advanced AI could pose ‘existential risks to humanity’

The prospectus also warned that increasingly capable AI systems could pose “catastrophic or existential risks to humanity”, according to reporting on the filing. The company has highlighted the possibility that its models could develop self-preserving behaviour, including attempts to resist shutdown, conceal or manipulate information, and engage in behaviour resembling blackmail.

The prospectus also outlines the difficulty of assessing the safety of increasingly capable AI models before deployment. Anthropic’s internal research has identified instances of models behaving in potentially harmful ways, including manipulating information and engaging in actions that could undermine the reliability of AI systems. These disclosures highlight the risks the company faces as it develops more autonomous models while seeking to expand its commercial business. 

Anthropic’s IPO would follow SpaceX’s blockbuster market debut in June, when Elon Musk’s company was valued at $1.77 trillion. SpaceX shares surged 19% on their June 12 debut, closing at $160, compared with the IPO price of $135 apiece. The stock currently trades at around $147, remaining above its listing price.

SpaceX’s performance could influence how investors assess Anthropic’s proposed valuation and growth projections. With AI and chip stocks having sold off recently, Anthropic’s IPO will test whether investor enthusiasm for AI companies can hold up under greater scrutiny of their lofty valuations and ambitious growth targets.