A report published September 28 described a confidential Anthropic IPO draft that put the company’s 2025 net loss at about $42 billion. Roughly $34 billion was described as a non-cash accounting charge linked to financing instruments that could convert into shares. A separate reported measure put operating loss above $8.06 billion, excluding fundraising-related write-downs.
The accounting charge means the $42 billion net loss is not equivalent to $42 billion of cash spent running the business. Anthropic’s reported revenue grew sharply in 2025, while its future cloud, computing and infrastructure obligations were put at $518 billion.
What the reported 2025 loss includes
The reported net loss and operating loss are separate measures. The roughly $34 billion financing-related charge was described as non-cash; the operating-loss figure was reported at more than $8.06 billion after excluding fundraising-related write-downs.
| Measure | Reported figure | Period or scope |
| Net loss | About $42 billion | 2025 |
| Financing-related accounting charge | About $34 billion | Non-cash; included in the reported net loss and linked to financing instruments that could convert into shares |
| Operating loss | More than $8.06 billion | 2025; excluding fundraising-related write-downs |
| Revenue | Nearly $4.6 billion | 2025; compared with about $400 million in 2024 |
| Compute and infrastructure expense | $7.33 billion | 2025; about three times the 2024 amount |
| Total operating expenses | $12.65 billion | 2025 |
| Future cloud, computing and infrastructure obligations | $518 billion | Obligations in coming years |
| Amazon Web Services obligations | About $110 billion | May 2026 through April 2036; part of the reported $518 billion total |
Revenue growth and future infrastructure obligations
Anthropic’s reported revenue rose from about $400 million in 2024 to nearly $4.6 billion in 2025—roughly 12 times as much. Reported compute and infrastructure expense also climbed: the $7.33 billion figure for 2025 was about three times the 2024 amount and represented more than half of $12.65 billion in total operating expenses.
The reported $518 billion figure covers future cloud, computing and infrastructure obligations. About $110 billion of that total was attributed to Amazon Web Services for the period from May 2026 through April 2036.
Customer concentration and possible IPO terms
Two customers reportedly accounted for about one-quarter of Anthropic’s 2025 revenue. Separately, about $2.16 billion, or 47% of that year’s revenue, was reported as sales routed through Amazon and Google cloud marketplaces. The customer figure measures revenue from buyers; the marketplace figure describes a sales channel.
A potential IPO valuation above $2 trillion and a possible listing after the November 2026 U.S. midterm elections were also reported. NeoTeo previously covered the reported valuation target for Anthropic’s possible IPO: Anthropic’s reported $2 trillion IPO valuation.
