Anthropic IPO Filing Leaked: $42B Losses, $2T Valuation

The Anthropic IPO filing obtained by Reuters late Monday contains the kind of numbers that make even Wall Street veterans blink. The maker of the Claude AI assistant is expected to go public this autumn on Nasdaq at a valuation above $2 trillion, which would make it the biggest initial public offering in history. But the 261-page document also lays out the full cost of building frontier AI, and it is staggering.

According to a Reuters report on the Anthropic IPO filing, revenue grew nearly twelvefold last year to $4.6 billion, up from just $386 million the year before. The catch: the company posted an operating loss of more than $8 billion in the same period, widening from $2.98 billion in 2024. Its reported net loss reached $42 billion, though the filing says roughly $34 billion of that was an accounting adjustment tied to the estimated value of financing that could convert into shares, not cash leaving the door.

Where the money actually goes

Computing power eats most of it. Anthropic spent $7.33 billion on compute and infrastructure in 2025, more than half of its $12.65 billion in total operating expenses, according to the report. The company rents the processing capacity it needs to train and run its models, and those bills are only growing. The Anthropic IPO filing also discloses about $518 billion in future cloud, computing and infrastructure commitments over the coming years, a figure that dwarfs the revenue of almost every company on Earth.

The Financial Times, which confirmed the filing's contents with multiple people who have seen it, reports that nearly one-third of the prospectus is devoted to risk factors. Eighty pages out of 261 warn about what could go wrong, including the possibility that advanced models could manipulate or blackmail people, behave unpredictably, or pose what the filing calls "catastrophic or existential risks to humanity." The document also notes that just two customers generated close to a quarter of Anthropic's 2025 revenue.

The pitch: AI on the scale of electricity

The Anthropic IPO filing does not just sell numbers. It reportedly presents artificial intelligence as a technology that could reshape the global economy on a scale larger than electricity or the internet, according to a report on the prospectus. The company has expanded fast since its founding five years ago, and demand for its AI products keeps climbing. The filing is an argument that the infrastructure bills are worth it, because the technology on the other side is a once-in-a-century shift.

The valuation math has moved fast too. Internal documents now place the company at double the roughly $1 trillion estimate from earlier this year, according to the reporting, a number that would make this the most valuable debut in stock market history. That premium is the bet: that a company burning billions on compute today owns a piece of the infrastructure every business will pay for tomorrow.

What it means if you want in

There is something surreal about the pitch: a company asking for a record-breaking valuation is telling investors, in its own legal documents, that its core product could threaten humanity. Chief executive Dario Amodei has been saying as much publicly, calling earlier this month for the industry to "pace" the development of frontier models. Anthropic launched its newest model, Claude Opus 5.5, just last week, so the pacing is relative.

For young investors watching the biggest listing of all time, in a year when equity funds pulled in record money on AI optimism, the Anthropic IPO filing reads like two different companies. One is a revenue rocket that went from under half a billion in sales to several billion in a year. The other spends nearly thirteen billion to do it, owes hundreds of billions in future computing bills, and needs dozens of pages of warnings to explain what could go wrong. Anthropic declined to comment on the document, according to Reuters, which reviewed the prospectus after the company circulated it to a small group of partners. Planned marketing for the listing has reportedly been pushed to at least mid-October.