Anthropic lost $42bn in 2025 as revenue grew 12-fold, Reuters reports

Anthropic lost $42bn in 2025, while its revenue grew 12-fold to nearly $4.6bn, Reuters reported on Monday. Echo Wang, who reviewed the draft filing, reported that nearly a quarter of that revenue came from just two customers. Reuters did not name them.

Anthropic’s IPO prospectus has not been made public, and TNW has not seen it. Anthropic filed confidentially with the US Securities and Exchange Commission in June. It declined to comment to Reuters.

Most of the loss was an accounting charge

About $34bn of the net loss was an accounting charge, according to Reuters. It reflected a rise in the estimated value of financing that could later turn into Anthropic shares. It was not money spent on running the business.

The operating loss, which leaves that charge out, widened to $8.06bn from $2.98bn in 2024. Operating expenses reached $12.65bn. Compute and infrastructure took $7.33bn of that, three times the 2024 figure.

Anthropic ended 2025 with $20.28bn in cash, cash equivalents and short-term investments. The filing warns that many of its largest customers have no long-term contracts and could cut or stop spending.

$518bn of compute that is hard to cancel

Anthropic expects to spend at least $518bn over a decade on infrastructure with six partners, Echo Wang and Sabrina Valle reported for Reuters on Tuesday. Anthropic cannot cancel about 80% of that sum, or must pay it whatever its usage, the filing says.

The biggest commitments are $111.1bn with Google, $110bn with Amazon and $31.4bn with Microsoft, over seven to 10 years. Anthropic also carries about $161.2bn in equipment leases tied to Broadcom, which has sought $60bn in debt to fund its chips.

“If our actual spend falls short, we must pay Google the difference,” Anthropic said in the filing, according to Reuters.

Other deals are easier to exit. Agreements with Elon Musk’s xAI could bring up to $84.5bn of Nvidia-based capacity through 2029. Anthropic can cancel most of them with 90 days’ notice. AMD has committed to buy up to $5bn of Anthropic stock and to supply computing capacity expected to exceed $20bn.

Demand for AI will be “limited principally by the availability of compute,” Anthropic said in the filing, according to Reuters.

A $2tn target

Anthropic is aiming for a valuation of more than $2tn, Reuters reported. That is more than double its $965bn valuation in May. The listing is likely to come after the US midterm elections in November, Reuters has reported, citing sources. The same filing gives the seven co-founders 50.1% of the votes through a new Founder LLC.

The 2025 figures come before this year’s growth. Anthropic’s revenue reached $11.5bn in the second quarter of 2026, CNBC reported in August. It expects a second straight quarter of adjusted operating profit, CNBC reported this month.

The filing gives roughly 80 of its 261 pages to risk factors, Reuters reported separately.

Advanced AI could pose “catastrophic or existential risks to humanity,” Anthropic warned in the filing, according to Reuters.