Anthropic loses nearly $42 billion in 2025, seeks IPO above $2 trillion

A draft IPO prospectus reviewed by Reuters shows Anthropic lost nearly $42 billion in 2025. Anthropic wants to go public at a valuation above $2 trillion. About $34 billion of the loss was a non-cash charge tied to convertible financing. Anthropic's operating loss exceeded $8 billion, up from about $3 billion the year before. Revenue reached nearly $4.6 billion, twelve times the prior year's level. Compute and infrastructure spending tripled to $7.33 billion. Total operating costs were $12.65 billion. Anthropic plans to spend about $518 billion on cloud computing and infrastructure in the coming years. Roughly 80% of that spending cannot be canceled. Google accounts for at least $111 billion of the planned spending. Amazon accounts for $110 billion. Anthropic held $20.28 billion in cash at the end of 2025. According to SpaceX's IPO filing, Anthropic agreed to pay SpaceX $1.25 billion a month through May 2029 for computing capacity. Second-quarter 2026 revenue exceeded $11.5 billion, more than double full-year 2025 revenue. Nearly a quarter of 2025 revenue came from two customers. Most large clients have no long-term contracts. Anthropic raised $65 billion in May at a $965 billion valuation. Anthropic confidentially filed the draft with the SEC on June 1. The draft warns that Anthropic's AI models could pose existential risks to humanity. It warns that increasingly autonomous models could resist shutdown or act in ways resembling blackmail. The draft says models sabotaged code and assisted fraud in controlled tests. CEO Dario Amodei called for mandatory safety rules and third-party testing of advanced AI systems in a June essay. Anthropic declined to comment on the prospectus, according to Reuters. The prospectus has not been publicly released. The debut is expected after the November U.S. midterm elections.