Anthropic IPO prospectus reveals surging costs, $42B 2025 net loss: report
Anthropic IPO prospectus reveals surging costs, $42B 2025 net loss: report
1 min read
Anthropic 
ANTHROPIC reported a net loss of $42 billion in 2025, and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming years, according to its IPO prospectus seen by Reuters.
The prospectus details how the company has grown sharply in the last year — while also posting wider losses. Revenue grew 12-fold in 2025 to nearly $4.6 billion, even as the company lost more than $8 billion on an operating basis, excluding writedowns of various liabilities mostly tied to previous fundraising, the report said, citing documents.
Anthropic CEO Dario Amodei has called for the global AI community to slow the pace of releasing new capabilities to address those concerns. Still, Anthropic rolled out its new Opus 5.5 model last week to counter OpenAI’s momentum since its launch of GPT-6 Astra, ahead of its own expected IPO.
The AI lab spent $7.33 billion on compute and infrastructure last year, a threefold surge from 2024, accounting for more than half of its $12.65 billion in total operating expenses, the report said.
Anthropic had cash, cash equivalents and short-term investments totaling $20.28 billion as of December 31, the prospectus shows. Anthropic's debut would follow SpaceX's IPO that valued Elon Musk's company at $1.77 trillion.
Anthropic's biggest challenger remains OpenAI 
OPENAI, which confidentially filed for an IPO in June. The ChatGPT maker is expected to list by early 2027, according to media reports.
Anthropic competes with OpenAI, SpaceX’s 
SPCX xAI, Alphabet’s Google 
GOOG GOOGL and Meta 
META in AI.
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