The company reported a net loss of $42 billion in 2025, including a $34 billion accounting charge tied to financing liabilities. Operating losses exceeded $8 billion, even as revenue surged 12-fold to nearly $4.6 billion. The company spent $7.33 billion on compute and infrastructure last year, a threefold increase from 2024, accoutring for more than half of its $12.65 billion operating expenses. Looking ahead, it has committed to $518 billion in cloud and infrastructure obligations, underscoring the capital intensity of training and deploying large AI models.
AI giant Anthropic has disclosed some staggering financial figures in its IPO prospectus, seen by Reuters. Anthropic’s filling highlight the enormous cost of scaling AI.
Yet even as he makes that case, Anthropic rolled out its new Opus 5.5 model just last week to keep pace with the momentum OpenAI built following the launch of GPT-6 Astra — underscoring the tension between Amodei’s safety advocacy and the competitive pressure Anthropic faces heading into its own IPO. CEO Dario Amodei has publicly called on the global AI community to slow the pace at which new capabilities are released in order to address these concerns.
Anthropic’s public debut is likely to be pushed to after the November US midterm elections, according to Reuters’ earlier reporting. The listing would bring public market investors into an AI investment race that, until now, has largely been underwritten by venture capital firms, sovereign wealth funds, and major tech companies.
The offering follows SpaceX’s blockbuster IPO, which valued Elon Musk’s company at $1.77 trillion. SpaceX shares surged 19% on their June 12 debut to $160, though they currently trade around $147 — still above the $135 IPO price, but a performance that could give investors pause as they weigh the lofty valuations attached to high-growth companies like Anthropic. Even so, the listing is positioned to cap one of the strongest years for US IPOs since 2021, despite elevated interest rates and economic uncertainty.
Recent sell-offs in AI and chip stocks add another layer of uncertainty, making Anthropic’s listing a real test of whether enthusiasm for the broader AI trade can withstand closer scrutiny of its ambitious growth projections.
OpenAI confidentially filed for its own IPO in June and is expected to go public by early 2027, according to media reports. Anthropic’s most significant rival remains OpenAI, with the two companies locked in fierce competition for enterprise customers, top talent, and influence in Washington. Anthropic also competes with Elon Musk’s xAI, Alphabet’s Google, and Meta in the broader race to build out AI infrastructure.