ANTHROPIC FILES FOR IPO, PROSPECTUS SEEN BY REUTERS Here’s everything you need to know: Anthropic could seek a valuation above $2 trillion. 2025 financials: Rev: $4.59B, up 1,088% YoY from $386M Oper loss: $8.06B, widening from $2.98B GAAP net loss: $41.97B, vs $8.31B in 2024 That headline $42B net loss needs some context. Roughly $34B came from an accounting charge tied largely to the rising value of financing instruments that could eventually convert into Anthropic shares, rather than cash spent running the business. Even excluding that, the underlying operating losses remain substantial. Anthropic spent $7.33B on compute and infrastructure in 2025, up 190% YoY and nearly 3x the prior year. That alone represented: • 58% of its $12.65B in total operating expenses • Roughly 1.6x its entire annual revenue And the spending is expected to keep climbing. The prospectus outlines roughly $518B in cloud, compute and infrastructure obligations as Anthropic continues building out its AI systems. Anthropic ended 2025 with $20.28B in cash, cash equivalents and short-term investments. Its two largest direct customers each accounted for 12% of revenue, meaning just two customers represented 24% of total 2025 sales. Anthropic also warned that many of its largest customers are not locked into long-term contracts and could reduce or stop spending. At the same time, the filing highlights risks around increasingly autonomous AI systems, including unexpected behavior, security concerns and potential misuse. Anthropic is competing in an increasingly expensive AI race with OpenAI, Google, Meta and xAI. Amazon and Google are also major strategic partners and investors in Anthropic, while supplying much of the cloud infrastructure needed to train and run Claude. The IPO could come after the November U.S. midterm elections and would give public-market investors one of their first pure-play ways to value a frontier AI lab. Source: Reuters