Anthropic’s draft IPO prospectus shows a net loss of nearly $42 billion in 2025 on $4.59 billion in revenue, according to Decrypt, which reviewed the document along with Reuters. The company behind the Claude chatbot is seeking a valuation above $2 trillion in a listing expected after November’s midterm elections.
The same filing warns that Anthropic’s own AI models could pose existential risks to humanity. Anthropic confidentially submitted a draft with the SEC on June 1 and declined to comment on the prospectus, per Reuters. The documents have not been publicly released.
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Key facts
- Anthropic posted a net loss near $42 billion in 2025, of which about $34 billion was a non-cash charge tied to convertible financing; its operating loss topped $8 billion.
- Revenue reached $4.59 billion, roughly twelve times the prior year, but compute and infrastructure costs tripled to $7.33 billion out of $12.65 billion in total operating costs.
- The prospectus lists about $518 billion in cloud, compute and infrastructure commitments, roughly 80% of which cannot be canceled, against $20.28 billion in cash held at the end of 2025.
- Risk factors run about 80 of the filing’s 261 pages, longer than the 48 pages covering the business itself, per Forbes.
News.bitcoin, citing Reuters’ Sept. 28 report, notes that the “Anthropic files for IPO” posts circulating online ran ahead of the paperwork. The outlet also reports that in May, Anthropic raised $65 billion at a $965 billion valuation, topping the $852 billion OpenAI last disclosed.
Where the money goes
The $42 billion headline figure is dominated by an accounting item, not cash leaving the company. Convertible financing—money raised from investors that can later convert into shares—grew in estimated value as Anthropic’s own worth rose, and the books recorded that increase as a loss.
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The operating result tells a different story. Anthropic’s operating loss grew to more than $8 billion from $2.98 billion a year earlier, Decrypt reported. Revenue climbed from about $386 million in 2024.
The forward commitment is larger still. Google accounts for at least $111 billion of the $518 billion planned spend and Amazon for $110 billion. SpaceX, which now owns Elon Musk’s xAI, is a supplier: Anthropic agreed to pay it $1.25 billion a month through May 2029 for computing capacity, per SpaceX’s own IPO filing.
Second-quarter 2026 revenue topped $11.5 billion, more than double all of 2025. Nearly a quarter of 2025 revenue came from just two customers, and most large clients have no long-term contracts—a concentration that News.bitcoin flags as a business risk.
Why it matters
The gap between $20.28 billion in cash and $518 billion in commitments drew open skepticism. Equity analyst Ross Hendricks asked on X whether anyone believes the plan, questioning where the remainder would come from once equity and debt markets are tapped. AI critic Ed Zitron pointed out that the company spent $12.6 billion to make $4.6 billion in revenue in 2025, calling it a “total dog of a company.”
For crypto markets, an offering this size competes for the same risk capital that moves bitcoin’s price. News.bitcoin reports the prospectus landed as bitcoin slipped below $83,000 and “Big Short” investor Michael Burry warned the AI bubble may burst sooner than later.
Separately, a federal appeals court upheld the Pentagon’s supply chain risk designation for Anthropic on Sept. 25, a 2-1 ruling that added a legal setback ahead of the listing.
What to watch
The listing itself, expected after November’s midterm elections, is the next scheduled event, with the offering expected to raise up to $100 billion. Whether Anthropic makes the prospectus public before then, and how the Pentagon designation affects institutional demand, are the open questions.
None of this is financial advice; markets for AI equities, crypto and private-company shares are volatile, and prices can fall as well as rise.
Sources: Decrypt, News.bitcoin
