Anthropic reported a net loss of nearly $42 billion in 2025. The figure comes from the company’s IPO prospectus, seen by Reuters.
Why the Loss Looks So Big
Most of that loss isn’t cash Anthropic actually spent. About $34 billion of it came from an accounting charge. This charge reflects the rising estimated value of financing instruments that could later convert into Anthropic shares. It’s a paper loss, not money out the door.
Set that charge aside, and the real picture looks different. Anthropic’s operating loss still grew, from $2.98 billion in 2024 to $8.06 billion in 2025. But revenue grew much faster. It jumped roughly 12-fold, reaching close to $4.6 billion.
Where the Money Is Going
Anthropic spent $7.33 billion on computing and infrastructure in 2025. That’s about three times what it spent the year before. It also made up more than half of the company’s total operating expenses, which came to $12.65 billion.
The spending isn’t slowing down. Anthropic expects to spend $518 billion on cloud, computing, and infrastructure in the years ahead. As of December 31, it had $20.28 billion in cash, cash equivalents, and short-term investments on hand.
A Bigger Bet on Its Own Value
Anthropic is reportedly seeking a public-market valuation above $2 trillion. That’s more than double the roughly $965 billion valuation it held in May.
The IPO follows a similar move by rival OpenAI, which filed confidentially for a US listing in June. Reports suggest Anthropic’s own offering could slip until after the November US midterm elections.
A Risk Buried in the Numbers
The filing also flags a real risk: customer concentration. Nearly a quarter of Anthropic’s revenue in 2025 came from just two customers. Many of its biggest customers also aren’t locked into long-term contracts. That means they could cut spending, or stop entirely, with little warning.
The Bigger Picture
This financial disclosure lands alongside a separate, ongoing debate. Anthropic CEO Dario Amodei has called for more caution in how fast AI development moves. He recently told the UN Security Council that poorly managed AI could pose a risk to humanity.
So Anthropic is in an unusual spot. It’s spending huge sums to build more powerful AI, while its own CEO argues that the pace of that progress needs a check.
