LOS ANGELES, Sept. 29 (World Daily Times) — Anthropic, the company behind the Claude AI assistant, is considering an initial public offering. Its prospectus presents two sides of the business: fast-growing revenue and the steep cost of computing power needed to build and run AI systems.
The prospectus, reviewed by Reuters, also sets out Anthropic’s belief that AI could transform the global economy more profoundly than industrialization, electricity or the internet. That is the company’s vision, not an established forecast.
What do the financial figures show?
Anthropic reported nearly $4.6 billion in revenue for 2025, about 12 times its revenue the previous year, according to the prospectus figures reported by Reuters. But it also reported an operating loss of more than $8 billion, excluding specified liability writedowns.
Compute and infrastructure accounted for $7.33 billion of its $12.65 billion in operating expenses. That compute and infrastructure spending was three times its 2024 level. It shows why rising sales alone do not establish that the business is profitable.
Why was the reported net loss nearly $42 billion?
About $34 billion of that 2025 net loss was an accounting charge tied to the estimated value of financing that could convert into shares, according to the prospectus figures reported by Reuters. The charge was not cash spent on day-to-day operations. The operating loss is a separate measure that helps show the cost of running the business without treating that accounting charge as operating spending.
What other risks does the prospectus describe?
Nearly a quarter of Anthropic’s 2025 revenue came from two customers, Reuters reported from the prospectus. Anthropic warned that many large clients did not have long-term contracts and could cut or stop their spending.
The prospectus also describes $518 billion in planned cloud, computing and infrastructure obligations. Obligations are not the same as money already spent. The available accounts do not establish a clear payment schedule, so the figure should not be read as a single year’s cash expense.
Does filing a prospectus mean an IPO is certain?
No. Anthropic said in June 2026 that it had confidentially filed an IPO prospectus with the U.S. Securities and Exchange Commission. In a statement quoted by CNBC, the company said a proposed offering would depend on market conditions and other factors. The supplied accounts do not establish an offering date, share price or final valuation.
