It Wants to Go Public at $2 Trillion
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★ Tier-1 Source
Anthropic lost nearly $42 billion in 2025, according to a draft IPO prospectus reviewed by Reuters.
Key facts
- In May, Anthropic raised $65 billion at a $965 billion valuation, topping the $852 billion OpenAI last disclosed
- Second-quarter 2026 revenue topped $11.5 billion, more than double all of 2025
- Strip that out and the operating loss—what the business lost by running—was over $8 billion, up from about $3 billion the year
- Google alone accounts for at least $111 billion of it and Amazon for $110 billion
Summary
Anthropic posted a net loss of nearly $42 billion in 2025 on $4.6 billion in revenue, though about $34 billion of it was a non-cash charge tied to convertible financing. Its operating loss topped $8 billion, and the company plans about $518 billion in cloud and computing spending in coming years, against $20.28 billion in cash at the end of 2025. The prospectus warns its AI models could pose existential risks to humanity, while backers eye a valuation above $2 trillion for an IPO expected after November's midterms. An IPO is the moment a private company sells shares to the public for the first time.