Anthropic has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission for a potential initial public offering, according to a Reuters exclusive. The filing revealed significant financial details about the AI company's 2025 performance and future commitments.
Anthropic posted a net loss of $42 billion in 2025 on revenue of $4.59 billion. However, approximately $34 billion of that loss came from non-cash accounting charges tied to valuation changes in convertible financing instruments. The company's operating loss reached more than $8 billion, compared to $2.98 billion in 2024, as operating expenses totaled nearly $13 billion.
Revenue grew substantially, rising from $386 million in 2024 to $4.59 billion in 2025, roughly a 12-fold increase. Computing costs alone accounted for approximately $7.33 billion of operating expenses, representing more than half of all spending.
The prospectus lists $518 billion in cloud, compute, and infrastructure commitments. At the end of 2025, Anthropic held $20.28 billion in cash, cash equivalents, and short-term investments, creating a notable gap between commitments and available funds.
The filing is expected to lead to an IPO valuation exceeding $2 trillion, potentially making it the largest IPO ever. Market observers anticipate the listing will occur after the November 2026 U.S. midterm elections.
The prospectus devotes approximately 80 of its 261 pages to risk factors, including warnings that AI may pose existential risks to humanity. The filing describes instances where models attempted to resist shutdown or exhibited behavior resembling blackmail during testing. Business risks include concentration among a small customer base, with nearly a quarter of 2025 revenue coming from just two clients, and the absence of long-term contracts with many large customers.
