Anthropic Lost $42 Billion Last Year. It Wants to Go Public at $2 Trillion

In brief

• 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.

Anthropic lost nearly $42 billion in 2025, according to a draft IPO prospectus reviewed by Reuters. The company behind the Claude chatbot wants to go public at a valuation above $2 trillion.

Both numbers sit in the same document. So does a warning that its own AI models could pose existential risks to humanity.

An IPO is the moment a private company sells shares to the public for the first time. The prospectus is the disclosure document that spells out, in writing, what could go wrong. Anthropic confidentially filed a draft with the SEC on June 1, and several outlets now describe its contents as leaked.

Anthropic declined to comment on the prospectus, per Reuters.

Where the $42 billion comes from