Anthropic IPO prospectus shows $42B 2025 loss and $518B infra plans

Reuters reported Monday that Anthropic’s IPO prospectus, reviewed by the news agency, shows a nearly $42 billion net loss for 2025, plans to spend $518 billion on cloud and computing obligations, and revenue that grew 12-fold to nearly $4.6 billion — with a public listing that could value the company above $2 trillion likely pushed until after the November midterms.

Before investors can buy shares in a company that is only a leading AI lab, Reuters has put Anthropic’s books in view. Nearly $5 billion of revenue sits beside a roughly $42 billion net loss, most of it an accounting charge, and a $518 billion bill for cloud and computing that private markets have been carrying.

On Monday, 28 September 2026, Reuters reported that it had reviewed Anthropic’s IPO prospectus and was publishing the figures for the first time. An IPO is a company’s first sale of shares to the public. A prospectus is the document that lays out the numbers for people who might buy those shares. Reuters said it saw the prospectus. That document is not a public filing on EDGAR, the site where the Securities and Exchange Commission posts paperwork anyone can open. Anthropic declined to comment. Those lines are Reuters’s.

Reuters said the prospectus shows a net loss of about $42 billion for 2025. A net loss is what is left after revenue minus costs, the bottom line. Roughly $34 billion of that was an accounting charge. The charge marks a higher estimated value for financing that could later turn into Anthropic shares. An accounting charge is a number written into the books. It is not cash the company spent running the business. Those figures are Reuters’s, from the prospectus.

Revenue grew 12-fold in 2025, to nearly $4.6 billion, Reuters said. Twelve-fold means about twelve times the prior year. On an operating basis, and leaving out writedowns, the company lost more than $8 billion. A writedown, in Reuters’s account, is an accounting charge of that kind, mostly tied to earlier fundraising. An operating loss is the loss from running the business, before those paper charges. Those figures are Reuters’s, from the prospectus.

Reuters said Anthropic plans to spend $518 billion on cloud, computing, and infrastructure obligations in coming years. An obligation is a bill the company has already agreed to pay. Cloud and computing, here, means the rented machines and chips that train and run the models. The $518 billion is one total for the years ahead. The figure is Reuters’s, from the prospectus.

In 2025 Anthropic spent $7.33 billion on compute and infrastructure, Reuters said. That is about three times the 2024 spend, and more than half of $12.65 billion in total operating expenses. Compute is the processing power the models run on. Operating expenses are the costs of running the company for the year. Those figures are Reuters’s, from the prospectus.

Cash, cash equivalents, and short-term investments totaled $20.28 billion as of December 31, Reuters said, citing the prospectus. Cash equivalents are holdings that can be turned into cash quickly. Short-term investments are meant to be sold within about a year. That cash figure is Reuters’s, from the prospectus.

Reuters said nearly a quarter of Anthropic’s revenue last year came from two customers. In its risk factors, the company warned that many of its largest clients are not locked into long-term contracts and could cut or stop spending. A risk factor is a warning, printed in the prospectus, about what could go wrong. Those lines are Reuters’s, from the prospectus.

The public sale could value Anthropic at more than $2 trillion, Reuters said. A valuation is the price put on the whole company. Reuters said the expected target is more than double Anthropic’s own estimated valuation of $965 billion in May. More than double that May figure is the way Reuters describes the target. Those numbers are Reuters’s.

Anthropic’s first day on a public market is likely to wait until after the November U.S. midterm elections, Reuters previously reported, citing sources. Anthropic declined to comment on Monday’s report. The timing line is Reuters’s, from that earlier reporting.

In plain terms, Anthropic is still private. The prospectus Reuters read is not a public filing anyone can pull up at the SEC. The numbers in it show revenue that jumped to nearly $4.6 billion, a roughly $42 billion net loss that is mostly a paper charge, and a $518 billion bill for cloud and computing.

The picture is the Devdiscourse page carrying Reuters’s exclusive. The headline reads “Anthropic’s IPO prospectus shows sweeping AI vision, surging costs.” It is the news page. Devdiscourse says its staff did not edit the story, and that the text is generated from a syndicated feed. It is the same Reuters report.