Anthropic lost $42bn in 2025 as revenue rose 12-fold to nearly $4.6bn, its IPO prospectus shows, Reuters reports

Anthropic's revenue grew about 12-fold to nearly $4.6bn in 2025, and it made a net loss of $42bn, according to its IPO prospectus, which Reuters reviewed, as carried by The Next Web and investingLive. The prospectus has not been made public, so every figure here is Reuters'. Anthropic declined to comment to Reuters.

Most of the loss is accounting rather than cash. About $34bn was a non-cash charge reflecting a rise in the estimated value of financing that could later turn into Anthropic shares, Reuters reported. The operating loss, which leaves that charge out, widened to $8.06bn from $2.98bn in 2024, according to The Next Web's account of Reuters.

Computing is the main cost. Operating expenses were about $12.7bn, and about $7.3bn of that went on compute and infrastructure, Reuters reported. The prospectus lists $518bn of planned cloud, compute and infrastructure obligations; The Next Web describes them as running over a decade, investingLive as “in coming years”. Anthropic ended 2025 with about $20.3bn in cash, cash equivalents and short-term investments, and two customers, not named, brought in nearly a quarter of its revenue.

The Switchboard reported on 22 September that Anthropic had pushed its IPO to November, and on 29 September noted in one line that Reuters had seen the prospectus, without figures, because no public filing existed. Under the rule for exclusives from Reuters, Bloomberg, the Wall Street Journal, the FT and The Information, the figures can now run as Reuters'.

• Reported Anthropic's 2025 revenue grew 12-fold to nearly $4.6bn, with a net loss of $42bn, Reuters reported, according to The Next Web. The Next Web
• Reported About $34bn of the loss was a non-cash accounting charge, Reuters reported, according to investingLive. investingLive
• Reported The prospectus lists $518bn in planned cloud, compute and infrastructure obligations, Reuters reported. investingLive