Anthropic's S-1 shows an $8 billion operating loss as backers eye a $2 trillion valuation

Anthropic's IPO prospectus discloses 2025 revenue of $4.6 billion, an operating loss of $8.06 billion, and a backer target valuation above $2 trillion.

The Financial Times and Reuters reviewed the prospectus; per Reuters' September 28 report, revenue grew twelvefold in 2025 to nearly $4.6 billion, while the operating loss widened from $2.98 billion to $8.06 billion. Compute and infrastructure spending alone reached $7.33 billion, more than half of total operating costs, and the company has committed $518 billion in total future spending on cloud, compute and infrastructure.

About $34 billion of the roughly $42 billion net loss is an accounting charge from revaluing convertible financing, not cash spent. In the second quarter of 2026 Anthropic brought in $11.5 billion in revenue and is on track for its second straight quarter of operating profit on an adjusted basis. The prospectus also discloses that two customers made up nearly a quarter of 2025 revenue, and many large customers are not locked into long-term contracts.

The valuation target is more than double the $965 billion figure from May, and the debut is expected in November after the US midterm elections. Reuters reports analysts expect the first listed frontier AI lab to set valuation benchmarks for the whole industry, including OpenAI, which confidentially filed in June.