Anthropic Lost $42 Billion Last Year. It Wants to Go Public at $2 Trillion
Anthropic’s draft IPO filing shows a company with explosive growth and massive losses: about $42 billion in 2025, including a $34 billion non-cash charge tied to investor convertible financing, plus an operating loss of more than $8 billion. Revenue reached nearly $4.6 billion in 2025 and jumped to over $11.5 billion in Q2 2026. The main cost driver is compute, with spending tripling to $7.33 billion. Future cloud and infrastructure commitments are about $518 billion, much of it non-cancelable, with large obligations to Google and Amazon. The filing also highlights concentration risk, since nearly a quarter of 2025 revenue came from just two customers. It warns that advanced models could resist shutdown, act deceptively, sabotage code, or aid fraud. Anthropic is seeking a valuation above $2 trillion, far above its recent $965 billion private valuation.
