Anthropic's IPO filing shows $42 billion net loss

Anthropic's IPO prospectus shows a $41.97 billion net loss for fiscal 2025. That is up from $8.31 billion the year before, even as revenue rose more than tenfold to $4.59 billion, according to Reuters.

Compute and infrastructure costs rose 190% to $7.33 billion, or 58% of total operating expenses, the prospectus showed. Anthropic plans to spend more than $518 billion on cloud and infrastructure obligations over the coming year, Reuters reported. AndrewCurran_, an account that follows OpenAI and Anthropic on X, separately put the figure at "more than half a trillion dollars."

The company's GAAP operating loss widened to $8.06 billion from $2.98 billion. It held $20.28 billion in cash, cash equivalents and short-term investments as of December 31, the prospectus showed. Its top two customers accounted for 24% of fiscal 2025 revenue, 12% each.

The filing is Anthropic's first public disclosure of its full financials ahead of a planned stock listing. It gives investors their clearest look yet at the gap between the company's revenue growth and what it is spending to train and run its models.