Anthropic has filed for an initial public offering, revealing the scale of its investment in artificial intelligence and the costs of competing at the frontier of AI development.
The prospectus reports a net loss of $42 billion in 2025. Revenue grew twelve-fold to nearly $4.6 billion.
Anthropic plans to take on $518 billion in cloud, computing, and infrastructure obligations over the coming year. A significant portion is expected to go to Amazon and Google, its key cloud partners and major investors.
The net loss includes a non-cash charge of approximately $34 billion tied to previous financing rounds.