Anthropic is betting that artificial intelligence could transform the global economy on a scale comparable to industrialization, electricity and the internet, according to its newly disclosed IPO prospectus. But the company’s ambitious expansion comes with rapidly rising costs and substantial financial losses.
The AI company reported nearly $4.6 billion in revenue in 2025, a roughly 12-fold increase from the previous year. At the same time, Anthropic recorded a net loss of about $42 billion, including a large non-cash accounting charge tied to the valuation of financing instruments. Its operating loss exceeded $8 billion.
Computing and infrastructure are among the company’s biggest expenses. Anthropic spent approximately $7.33 billion on compute and infrastructure in 2025, more than three times its spending in 2024. The prospectus also outlines $518 billion in planned cloud, computing and infrastructure obligations over the coming years.
The filing highlights both the opportunity and risks surrounding Anthropic’s growth. Nearly a quarter of its 2025 revenue came from two customers, while many major clients were not committed to long-term contracts. Anthropic also acknowledges concerns surrounding increasingly autonomous AI systems, including findings from its research into potentially harmful or unexpected model behavior.
The potential IPO could value Anthropic at more than $2 trillion, according to Reuters’ reporting on the prospectus. If completed, the listing would give public-market investors direct exposure to one of the world’s leading AI developers while providing a major test of how investors value the industry’s enormous growth ambitions and infrastructure requirements.
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