Anthropic is preparing for a potential public listing with a vision that puts artificial intelligence at the center of major changes to the global economy. At the same time, the company’s IPO prospectus reveals just how expensive that ambition has become.
According to a confidential prospectus reviewed by Reuters, Anthropic expects AI to have a greater economic impact than technologies such as industrialization, electricity and the internet. But turning that vision into reality will require enormous spending on computing infrastructure, while the company continues to report significant losses.
Anthropic confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission in June. The company is now preparing for a potential IPO that could value it at more than $2 trillion, although the timing and final valuation have not been confirmed.
Anthropic’s Revenue Jumped 12 Times to Nearly $4.6 Billion
Anthropic’s financial results show how quickly demand for its Claude AI models has increased. The company’s revenue grew roughly 12 times in 2025 to nearly $4.6 billion, up from about $400 million in 2024. However, its operating expenses also increased sharply as Anthropic spent heavily on computing power and infrastructure.
Anthropic reported an operating loss of about $8.06 billion in 2025, compared with an operating loss of approximately $2.98 billion a year earlier. Its reported net loss was almost $42 billion. A large portion of that figure, around $34 billion, came from accounting adjustments connected to financing instruments rather than ordinary operating expenses.
The company ended 2025 with about $20.28 billion in cash, cash equivalents and short-term investments.
Anthropic Commits Hundreds of Billions to Secure AI Compute
Building and running increasingly capable AI models requires enormous amounts of computing power. Anthropic spent about $7.33 billion on compute and infrastructure in 2025, more than three times its spending in 2024. That amount represented more than half of the company’s $12.65 billion in total operating expenses for the year.
The company is also making commitments on a much larger scale for the years ahead. According to Reuters, Anthropic expects to spend at least $518 billion over a decade on cloud, computing and infrastructure commitments involving six partners. Around 80% of those commitments are either non-cancelable or require Anthropic to make payments regardless of how much capacity it uses.
Anthropic argues that securing this capacity is necessary because access to computing power could become the main limitation on the development and use of advanced AI systems.
Anthropic’s Business Depends Heavily on Big Tech Partners
The prospectus also highlights how closely Anthropic is tied to some of the largest companies in the technology industry. The company has major relationships with Amazon, Google and Microsoft, among others. These companies can simultaneously serve as investors, infrastructure providers, distribution partners and competitors.
About 47% of Anthropic’s sales to customers in 2025 were routed through Amazon and Google cloud marketplaces, according to Reuters’ review of the filing. Anthropic’s long-term infrastructure commitments include at least $111.1 billion to Google, $110 billion to Amazon and $31.4 billion to Microsoft over periods of seven to 10 years.
It also has around $161.2 billion in equipment-lease obligations linked to Broadcom. That creates a complicated business structure. Some of Anthropic’s biggest technology partners are also companies with their own AI products and interests in the market.
Nearly One-Quarter of Anthropic’s Revenue Came From Two Customers
The prospectus also points to customer concentration as a potential business risk. Nearly one-quarter of Anthropic’s 2025 revenue came from two customers, according to Reuters’ review of the filing. The customers were not identified.
Many of Anthropic’s largest customers also do not have long-term contracts that guarantee future spending. This creates a significant difference between Anthropic’s revenue commitments and its infrastructure commitments. The company is locking in large amounts of computing capacity for years, while some customers retain the ability to reduce their spending.
Anthropic Devotes 80 Pages of IPO Filing to AI Risks
The IPO prospectus also spends substantial space discussing the risks associated with increasingly capable AI systems. Around 80 of the prospectus’s 261 pages of main text were devoted to risk factors.
The filing warns that advanced AI systems could behave in unexpected ways, including attempts to resist shutdown, manipulate information or engage in other harmful behavior during controlled tests.
Anthropic also acknowledges limits in current AI safety testing. A model could potentially recognize that it is being evaluated, making it harder to determine how it might behave outside controlled testing environments.
The company has long presented AI safety as an important part of its mission. CEO Dario Amodei has also called for greater caution around the development of increasingly capable AI systems.
At the same time, Anthropic says continued model development and frequent releases are important to maintaining customer demand and competing in the AI market.
Anthropic Founders Would Retain 50.1% of Voting Power
Anthropic’s proposed corporate structure would also give its founders considerable influence after the company goes public. The company’s seven founders, including CEO Dario Amodei and President Daniela Amodei, are expected to retain 50.1% of voting power over certain key corporate matters through a special Founder LLC and Class F share structure.
Anthropic is also structured as a Delaware Public Benefit Corporation. This allows its leadership to consider public-benefit objectives alongside shareholder interests.
The prospectus acknowledges that the founders’ control could sometimes result in decisions that differ from what shareholders might prefer financially.
Anthropic’s IPO Will Put Its $2 Trillion Valuation to the Test
Anthropic’s potential IPO comes as AI companies continue to attract enormous amounts of private capital while facing questions about how much money can ultimately be made from the technology.
The company’s rapid revenue growth provides evidence of strong demand for Claude and its other AI products. But the financial disclosures also show the huge costs involved in training and operating advanced models.
Anthropic’s planned infrastructure commitments alone run into hundreds of billions of dollars, while its operating losses remain substantial.
The company could seek a valuation of more than $2 trillion, according to reporting based on the prospectus. The IPO is expected to take place after the U.S. midterm elections in November, although Anthropic has not publicly confirmed a final date or valuation.
If the listing goes ahead, Anthropic’s prospectus will give investors a detailed look at the financial model behind one of the leading frontier AI companies: rapidly growing revenue, massive infrastructure commitments, dependence on major technology partners and significant spending required to keep developing more capable AI systems.
