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A draft prospectus reviewed by Reuters details a non-cash charge behind most of the loss, massive non‑cancellable cloud spend versus cash, and rapid 2026 revenue growth.
Anthropic booked a net loss of nearly $42 billion in 2025 on $4.6 billion in revenue, according to a draft IPO prospectus reviewed by Reuters, while backers are aiming to list the Claude maker at a valuation above $2 trillion after the November U.S. midterms. The company confidentially filed the draft with the SEC on June 1, Reuters reported, and declined to comment.
The draft attributes about $34 billion of the loss to a non‑cash charge tied to convertible financing whose estimated value rose alongside Anthropic’s own, Reuters reported. That accounting treatment records a loss as the embedded claim held by early investors becomes more valuable. Excluding that effect, the operating loss was over $8 billion, up from roughly $3 billion the year before, on revenue that reached nearly $4.6 billion—about 12 times the prior year.
Compute was the largest cost line: $7.33 billion, more than half of $12.65 billion in total operating costs, the draft shows, per Reuters. Looking forward, Anthropic plans about $518 billion in cloud and infrastructure spending in coming years, with roughly 80% non‑cancellable. Google accounts for at least $111 billion of those commitments and Amazon for about $110 billion, according to the draft. Cash at the end of 2025 was $20.28 billion, Reuters reported.
SpaceX, which supplies compute capacity, will receive $1.25 billion a month through May 2029 under Anthropic’s agreement, according to SpaceX’s own IPO filing. The timing and annual ramp of Anthropic’s broader cloud obligations were not specified in the reports.
Revenue is rising quickly: second‑quarter 2026 revenue topped $11.5 billion—more than double all of 2025—Reuters reported. Even so, nearly a quarter of 2025 revenue came from just two customers, and most large clients do not have long‑term contracts, according to the draft as described by Reuters. That mix can make top‑line growth more volatile against largely fixed compute commitments.
Risk disclosures are unusually expansive. Forbes reports the risk section runs nearly 80 of the filing’s 261 pages. The draft prospectus reviewed by Reuters warns that increasingly autonomous models could exhibit self‑preserving behavior, resist shutdown, and, in controlled tests, sabotage code or assist fraud. CEO Dario Amodei has publicly argued for mandatory, aviation‑style safety rules with third‑party testing of advanced AI systems.
Anthropic raised $65 billion in May at a $965 billion valuation, Reuters reported. Backers now want more than double that number in the public market. Whether the ask clears will turn on how investors underwrite the gap between contracted, durable revenue and non‑cancellable compute spend, and how quickly gross margins improve as models scale.
What to watch next
- Final S‑1 details on the year‑by‑year schedule for non‑cancellable cloud payments, and any minimum‑spend clauses by provider.
- Issuer‑level revenue breakdowns: concentration, contract durations and renewal rates to match against fixed capacity.
- Gross margin trajectory versus compute expense, and disclosures on unit economics as model usage scales.
- IPO terms: size, pricing and planned use of proceeds relative to committed infrastructure spend.
This content is for informational purposes only and does not constitute financial advice.
🧠 HafidWatch Take
Anthropic’s heavy reliance on a small number of large clients without long-term contracts amplifies risk, especially given its substantial fixed compute expenses. This concentration means that even rapid revenue growth may not stabilize cash flow sufficiently to cover costly, non-cancellable cloud commitments. Unless gross margins improve markedly and quickly, the company’s valuation hinges on continued investor willingness to fund ongoing losses, exposing shareholders to significant financial uncertainty despite the bullish revenue trajectory.
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