Anthropic, the company behind Claude AI, reported a $42 billion loss in 2025 and plans to spend as much as $518 billion on cloud computing and infrastructure in the coming years, according to its IPO prospectus seen by Reuters.
The filing highlights the enormous costs involved in building advanced AI models, while also warning that increasingly capable AI systems could pose “catastrophic or existential risks to humanity”.
Anthropic is targeting a valuation of more than $2 trillion through its planned stock market listing, more than double the $965 billion valuation it reached in its Series H funding round in May. The Financial Times has reported that investors believe the company could list at around that valuation.
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Revenue grew 12-fold in 2025 to nearly $4.6 billion. Operating losses widened to $8.06 billion from $2.98 billion in 2024, excluding writedowns of liabilities. About $34 billion of the net loss was an accounting charge reflecting a higher estimated value of financing that could convert into Anthropic shares, rather than money spent running the business.
Spending on computing and infrastructure tripled to $7.33 billion in 2025. Anthropic held cash and short-term investments of $20.28 billion at the end of December.
The prospectus flags a concentration risk. Nearly a quarter of 2025 revenue came from two customers, a point the Financial Times also highlighted, and many of the largest clients are not tied to long-term contracts.
Nearly 80 of the filing's 261 pages are devoted to risk factors, against 48 on the business. Anthropic cautioned that its models could show self-preserving behaviour, including resisting shutdown, concealing or manipulating information and acting in ways resembling blackmail.
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It also said returns on its safety spending are unclear, and it did not disclose how much it spends on such research.
The disclosures come as chief executive Dario Amodei has urged the AI industry to slow the pace of frontier releases. Anthropic released a new Opus model 10 days after he published that essay. The company says frequent releases are inherent to staying at the frontier.
The Financial Times first reported in December 2025 that Anthropic had hired the law firm Wilson Sonsini to prepare for a listing, when the company was valued at $183 billion.
The listing is likely to be pushed until after the November US midterm elections. It would follow SpaceX's IPO, which valued Elon Musk's company at $1.77 trillion. OpenAI filed confidentially in June and is expected to list by early 2027.
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